At Unlocked.Me we understand just how stressful your late teens and early twenties can be! From navigating school, uni, your love life, the party circuit and your job to learning how to manage your money and parallel-park. It can be hella exhausting!
Here are our first four money faux pas and how to tell them 'Bye, Felicia' for good!
Mistake #1: Spending more than you make
'What is the secret to building wealth?' you ask. Well, living within your means! It can be a difficult concept to wrap your head around, but we have to learn how to be happy with what we have to invest in a debt-free and sustainable future. Spending within our personal limits will empower us to find financial freedom.
Mistake #2: Not keeping track of your spending
Tracking your spending gives you full control over your life, and with great power comes greater responsibility. You have a responsibility to yourself and your future to do everything you can to spend wisely and save! Believe it or not, but those fancy lattes do add up. So, do scour the details of your spending! Stay woke, yo!
Mistake #3: Not setting attainable money goals
Becoming a mean, green money-saving machine is no easy feat! It takes time, effort, sacrifices and planning! Setting up financial goals helps you take control of your budget and gives you realistic targets for you to focus on.
Set out your financial hurdles, such as needing to buy a new laptop or paying off debt. Look at your finances and work out a plan that will allow you to buy that laptop or pay off that debt in the best and most affordable way for you!
Mistake #4: Not having an SOS fund
Tis life, boo – our worlds can change in just a heartbeat. That is why an emergency fund is so important. This ray of sunshine is the difference between paying rent and being evicted. Money experts suggest keeping a nest egg of at least three months' salary. Your SOS fund should be included in your financial planning until it is fully funded.
Stay tuned to this series for more!