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Top 5 Money Mistakes Young People Should Never Make

Posted by | March 23, 2015 | Scholarships_CareerTips

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Money Mistakes that Young People should Avoid

Many young people lack the knowledge of what it takes to handle big financial responsibilities. But there comes a time when they find themselves with the responsibility of having to pay for things like accommodation, food, transport and other expenses which they didn’t worry about in the first place.

The reality is that life is expensive and many young adults find themselves being brought down to earth with a bump when they discover just how pricey it can be

Here are some tips and thoughts on becoming more money savvy

Failing to Stick to a budget
Having and sticking to a budget is always key. If you don’t know how much you have and how much you’re spending, you’re heading for trouble. Start by noting down your monthly costs and income.

Be honest about what constitutes a necessity or an indulgence. Ultimately, if you know exactly how much you are earning and how much you are spending and on what, half the battle will be won.

Do you want it, or do you need it?
The temptation to indulge and buy the latest gadget, phone or outfit is hard to resist for many, let alone young adults branching out into life for the first time

Either way, chances are it’s not really worth putting yourself in a financially vulnerable position.

Don’t do debt
Many countries are in an awful lot of trouble because of debt and the same is true with many people.

While debt has its uses, such as in the context of a first car purchase, it can quickly become a serious problem if used for non serious expenses

Failing To Save is a Money Mistake Most Young People Make

Kenyans are known for their bad saving habits so the sooner you start to save, the longer your money has to grow.

There are a variety of options for short, medium and long term savings and a number of saving options available to young people. It depends on your requirements, including how long you want to save for and also how quickly you want access to your money.

Investing is “not for me”

While retirement and investment portfolios may seem like things that you don’t need to worry about right now, the sooner you begin to save for your old age or to put away money for a property deposit, the better.

By putting into practice these tips, you will be able to avoid any financial burden in the future.