3 Money Mistakes You Shouldn’t Make in Your 20’s

3 Money Mistakes You Shouldn’t Make in Your 20’s
0 comments, 16/10/2014, by , in Health, Personal Finance

Life after college is hard. You have to deal with student debt, as well as expenses for health, housing and transportation. And what’s worse, these expenses are getting more costly.

However, making sure you avoid many mistakes associated with your money will surely help you out in the future. That said, here’s a list of money mistakes you should avoid:

Avoiding salary negotiations.

When it comes to an entry-level job, there might not be much chance to negotiate your salary. However, it’s not wrong to ask a manager if you can negotiate with regards to your salary.

When salary is negotiable, make sure you come prepared and not just demand a certain value. You need to have an idea about the typical pay is in your position in the city you live in. Data like this is available through sites such as Glassdoor.com, Payscale and Salary.com.

However, when salary cant be negotiated, try negotiating non-finance related issues such as having more vacation days or telecommuting on certain occasions.

Abusing credit cards.

The beauty of credit cards is that you can swipe at will. The disastrous thing about it is when you finally receive your bill and sob at the amount you have to pay.

Credit cards do offer a lot of convenience – buying items when you don’t have enough or no cash at all, online purchases, etc. However, the impulse to swipe needs to be curbed.

When you desperately want to buy an item using your credit card, make sure that you can pay it in the fastest possible time. Even better, resist the urge to swipe while you’re still paying for a previous debt. This way, the money you owe your bank won’t pile up.

Moving to an expensive town.

There’s absolutely nothing wrong with living with your parents for a few months while you save so you can move to your dream destination.

But if you’re really desperate to move out and tackle things on your own, make sure you’re well prepared to do so. Research about the cities that are affordable, have ample job opportunities and provide affordable rent. If you don’t want to live with a roommate, you might have to suck it up for a while until you can find a place of your own. Finding a job within walking distance from your apartment might be good move too as you can save on car and transportation expenses. Apart from all these things, don’t forget to set aside money from your paycheck – even the smallest amount – for your future.

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