For most people, their twenties are when they lay down the foundations for the rest of their lives. From career goals to personal aspirations, the journey of achievement begins in these young days. Though everyone would love to have a guide-map for navigating through these crucial times, life is not quite that kind. Many a mistake is made along the way, and if related to your finances, such mistakes can set a bad precedent for the rest of your life. Thus, you must be financially precocious in your youth to secure your future. Here are 8 money mistakes you need to avoid in your twenties.
1. Not Undertaking Financial Planning
A lot of youngsters are negligent of the need for financial planning. They do not realize exactly how fundamental that is to leading a stable life. Some don’t even take charge of their own finances and let others, such as their partner or parents, handle it all. However, when you’re this lackadaisical vis-a-vis money matters, you will mismanage your funds, and end up losing money in the bargain. Therefore, you must determine what kind of bank accounts, investments, etc. you want to make in your twenties itself.