Here are the financial mistakes young adults should avoid
Welcome to my blog, I'm Michelle Marquez. I'm an accounting student and an aspiring financial advisor. Having a job with a nice pay and a budding career can make a person feel like he or she is on top of the world. However, to be financially secure as an adult, one must learn to live within his or her means. Here are some of the financial mistakes young adults usually commit:
Deep credit card debt
Following the trends, peer pressure and living for the moment might push young pros to live beyond their means. Millions of young professionals have credit card debts that they're struggling to pay off. Before making an impulsive purchase with your credit card, think if you have the budget and the need for that thing.
Spending without a budget
There are so many young adults who barely make it through the next payday because they don't have a budget prepared. Before going on a shopping trip or an impromptu vacation, be sure to plan where your money will go for the next weeks. Create a budget for food, expenses, important purchases, other payables, and savings. Once you have planned how you'll use your income, you'll know what to expect before the next payday.
It's alright to treat yourself every once in a while. Indulging in good food after a stressful week is a good reward. However, you should also consider the more important things you need. If something is not really an urgent necessity such as a new gadget or new clothes, perhaps you can take your time and save for it.
Hi! My name is Michelle Marquez, and my dream is to become a Certified Public Accountant. I’m currently attending UCLA and working on my accounting degree. For more updates about accounting, check out this blog.
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Image source: Pixabay.com
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Following the trends, peer pressure and living for the moment might push young pros to live beyond their means. Millions of young professionals have credit card debts that they're struggling to pay off. Before making an impulsive purchase with your credit card, think if you have the budget and the need for that thing.
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Image source: Pixabay.com
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There are so many young adults who barely make it through the next payday because they don't have a budget prepared. Before going on a shopping trip or an impromptu vacation, be sure to plan where your money will go for the next weeks. Create a budget for food, expenses, important purchases, other payables, and savings. Once you have planned how you'll use your income, you'll know what to expect before the next payday.
It's alright to treat yourself every once in a while. Indulging in good food after a stressful week is a good reward. However, you should also consider the more important things you need. If something is not really an urgent necessity such as a new gadget or new clothes, perhaps you can take your time and save for it.
Hi! My name is Michelle Marquez, and my dream is to become a Certified Public Accountant. I’m currently attending UCLA and working on my accounting degree. For more updates about accounting, check out this blog.
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