She Strengthens

Financial Regrets: 25 Mistakes to Avoid in Your 20s

As a young adult, making financial mistakes is inevitable. However, learning from those mistakes can set you up for long-term financial success. Here are 25 financial regrets to avoid in your 20s.

Accruing Student Loan Debt

Taking out student loans without understanding the implications can lead to financial stress. Be aware of the amount you’re borrowing and make informed decisions about taking out loans. Remember, it’s not just a distant version of yourself paying it off – it’s you.

Not Paying Off Student Loans Immediately

Regret not paying off your student loans sooner? You’re not alone. Prioritize paying off your loans to avoid accruing interest. Trust us, your future self will thank you.

Failing to Save Money During Your Part-Time Job

Get a part-time job as a teenager and save money if you can. Don’t waste the opportunity to build a safety net. As Lil Dicky and Fetty Wap would say, “Save dat money!”

Ignoring the Importance of a Side Hustle

Having a side hustle can provide financial security and freedom. Don’t underestimate the power of making extra money. Learn to make money outside of your primary job, and you’ll be glad you did.

Not Listening to Your Parents’ Advice

Your parents may not be financial experts, but they’ve lived through their own financial struggles. Listen to their advice, even if they’re not perfect. They might just teach you a thing or two about money management.

Loaning Money to Friends

Loaning money to friends can lead to financial disaster. Only lend money if you can afford to lose it, and even then, think twice. Remember, shit happens, and people will promise to pay you back but often can’t.

Picking Up the Check and Expecting Others to Return the Favor

Don’t expect others to have the same financial etiquette as you. Spend money only when you can afford to, and don’t assume others will reciprocate.

Neglecting Your Health

Taking care of your health is crucial to avoiding costly medical bills. Don’t neglect your well-being, and prioritize preventive care. You’ll save money in the long run.

Buying Discount Gym Memberships

Don’t throw money at a problem hoping it’ll solve itself. Take care of your health without breaking the bank. You can run outside, buy weights, or take a class without committing to an expensive gym membership.

Not Using Your Parents’ Health Insurance

If you’re lucky enough to be on your parents’ health insurance, use it! Don’t be a hero when you’re sick – go to the doctor. Get tested, get screened, and fix any health issues before they become costly problems.

Buying Tickets to Music Festivals

Music festivals can be expensive. Don’t waste your money on multiple tickets. Go once, and then realize that it’s not worth the cost.

Not Going to Community College

Going to community college can save you money. Don’t dismiss the idea – it’s often a smarter financial decision than going straight to a four-year university.

Buying or Leasing a Nice Car

You haven’t earned a nice car unless you can pay for it in full. Get a safe, pre-owned car, and avoid debt.

Spending Half Your Paycheck on Clothes

Don’t waste your money on cheap clothes. Learn from others’ fashion tragedies and prioritize saving.

Viewing Any Income as Disposable

Save money! Don’t view any income as disposable, and prioritize building a safety net.

Turning 21 and Being a Casual Alcoholic

Keep track of how much you’re spending on alcohol and weed. If you can’t keep track, you might have a problem.

Purchasing Decor at Urban Outfitters

Avoid overpriced, low-quality decor. Opt for eBay, Craigslist, or second-hand stores instead.

Having Unprotected Sex

Protect yourself from STDs and unwanted pregnancies. It’s not just about your health – it’s also about avoiding costly medical bills.

Going Out to Eat Instead of Cooking

Learn to cook and avoid eating out. It’s not just about saving money – it’s also about taking control of your health.

Living Alone and Spending a Ton on Rent

Don’t ball out with your living situation. Save money by having roommates, whether it’s your parents, friends, or kind strangers.

Moving in with Someone Too Early

Don’t rush into co-mingling your finances with someone. Think about the consequences of breakups and living with someone you hate.

Opening Multiple 0% APR Credit Cards

Don’t accrue credit card debt by opening multiple 0% APR credit cards. Pay off your bills on time, and avoid debt.

Taking a Job You’re Unsure About

Think carefully before taking a job just for the salary. Make pros and cons lists, and consider the impact on your mental and financial health.

Not Taking a Job with a Good Salary

However, don’t dismiss a job with a good salary if it aligns with your goals. Weigh the pros and cons, and make an informed decision.

Not Getting a 0% APR Credit Card Sooner

Build credit by getting a 0% APR credit card with a bank you trust. It may seem backwards, but a little debt paid off to zero every month can go a long way.

Remember, financial mistakes are inevitable, but learning from them can set you up for long-term success. Take control of your finances, and avoid these 25 regrets in your 20s.