Everybody makes mistakes, even the most affluent! So don’t be too upset if you’re not doing as financially well as your parents. They probably made plenty of mistakes themselves when they were younger. Actually, it might even be better that you make mistakes right now so that you can learn a whole lot more. That’s better than having disasters while you’re over 30 years old! Your twenties is when you need to take risks because this stage of your life is about setting the financial foundations for the years to come. Hence, don’t worry too much about the financial problems that might come with those risks. There are many ways to remedy the financial problems that you have created for yourself. We’re going to give you a brief overview of what mistakes you typically do in your 20s.
Mistake #1: Not Taking Advantage of Free Gift Cards For Shopping
It turns out your receipts might not be as worthless as you think. How? Well, take a look at the free app Fetch Rewards. Having a partnership with many of America’s biggest retailers including Amazon and Walmart, Fetch Rewards turns your receipts into points and you’ll have great offers with their gift cards. The process is simple. Just shoot an image of your receipt, send it to Fetch, and they handle the rest. There’s no need to scan barcodes or any of that complicated stuff.
Mistake #2: Not Building On Your Savings
If your savings are just standing around, you’re not saving. You’re actually losing! We live in an economy where inflation gradually chips away at your wealth. If you have X in the bank account now, that X is going to be pretty worthless ten years from now. Therefore, you’ve got to find ways to expand your wealth. Financial experts also recommend that you use the Aspiration debit card! With it, you can earn 5% cashback. Take note that it’s important that you read about their services carefully before signing up. You can also look into other solutions for building your wealth, such as investing and taking up side gigs.
Mistake #3: Not Getting Rid of Credit Card Debt
Credit cards are addictive. If you don’t take control of them, they’ll take control of you. Soon, you’ll hit a brick wall when you get an overwhelming credit card debt. And here’s the cherry on top: everybody’s happy except you. Retailers are happy because you spent a fortune shopping with them. Credit card companies are happy because they’re making extra off of high-interest rates. Finally, the banks might be happy because that means you might have to sign up for a loan! However, their happiness will be short-lived when you look for a nice loan offer on AmOne. Take a look at the offers that you can get to see if you can repair your credit card debt.
Mistake #4: Not Investing Because You’re Not Warren Buffet
If you think you’re going to get anywhere without investing, then you’re wrong! You’ve got to start investing early so that you can begin to save up for your retirement. Though it may be difficult at first, you’ll find that it’s easy to transition into life as an investor if you begin educating yourself about it from now.
Additionally, it’s great to know that there are user-friendly apps out there that can help you with the learning process. First, Robinhood is a great investment app to start out with. Check it out and take your time to learn as much as you can. Second, Stash is also a great place to take a dive into the investment world. There’s no need for you to go to expensive stockbrokers or those who might not have your best interests in mind.
