Let’s be honest. Being an adult isn’t always fun. In fact, sometimes it’s just downright hard. Not only are you tasked with forging a successful career and handling real-life responsibilities, but you also need to get the hang of the ins and outs of managing your own finances. Successfully managing your own money can be a little overwhelming, especially if you aren’t armed with the right knowledge and training. Sure, you probably had an allowance as a kid. But, deciding between purchasing that S Club 7 CD or those pink glitter jelly shoes isn’t quite the same as understanding interest rates and planning for retirement.

So, you may just be thrown into the world of overseeing your own finances, all while feeling like you don’t quite know what you’re doing. Money management is a learning process, and you’re bound to hit a few bumps in the road. But, there are a few things you should definitely avoid doing in your young adulthood, in order to set yourself up for a successful financial future. Here are seven money mistakes to avoid making in your twenties, at all costs (pun intended).

1. DISREGARDING THE FUTURE
I’m totally in favour of the “live for today” mentality that encourages adventure and spontaneity. But, do you ever think about what comes after today? Tomorrow. Planning your financial future sounds like something only old people need to worry about. However, you absolutely need to think about your long-term goals and financial strategy in order to successfully manage your funds for the long haul. Do you want to purchase a home soon? Do you ever want to retire? What are you going to do if you unexpectedly lose your job?

Sit down and determine your future plans. If you’re aiming to purchase a home soon, start setting aside money to make that happen. If you worry about job security, start contributing to an emergency fund that can cover a few months of your expenses if you find yourself in unfortunate circumstances. It’s never too early to start thinking about retirement, so begin contributing to a 401(k) or an IRA. Whatever your future goals are, you need to make sure that your finances can support them. So, be proactive and start planning now...Read More at https://www.virtuedigest.com/7-money-mistakes-to-avoid-making-in-your-twenties/