6 Major Common Financial Mistakes Almost Every Adult Makes

Stop these 6 things ASAP

1. Living without a budget

If you often shop without a budget, then it’s hard to tell what you can afford and what you cannot afford. You can end up spending so much money and regretting later. A budget gives you somewhat of a clear direction on what you need, what you can afford, and what to save.

Major common financial mistakes almost every adult makes

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2. “No rainy day” funds

Set aside money for emergencies in case something happens and you need money to cover those expenses. No one knows about tomorrow; you could lose your job or your car could break down. You can start saving a little every month but ensure you have money for the rainy days.

Major common financial mistakes almost every adult makes

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3. Having no future plans

We all want to own a home, travel the world, and catch the sunset by the beach. But how do you do this if you don’t have a plan? Begin by making a plan for the future and everything will fall into place.

Major common financial mistakes almost every adult makes

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Also read:8 Reasons Why You Are Always Broke Before Payday

4. Loan for a wedding

Don’t ever mix emotions and money. Having a wedding leaves a considerable dent on the pocket as a young adult. Ensure that you have saving while planning for your wedding; don’t borrow from the bank to finance a wedding. If you want a simple and moderately priced wedding you could do an invites-only wedding and try to cut costs where you can.

Major common financial mistakes almost every adult makes

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5. Not having health insurance

Medical treatment is very expensive; especially if you don’t have insurance. Health insurance covers most of the expenses in the hospital; so ensure that you start paying for your health insurance.

Major common financial mistakes almost every adult makes

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6. Rushing to pay Government student loan

People rush to pay their student education loans; which is actually a good thing but you could end up having no loan and having no savings as well and this is not a good thing. Wait until you are sure you have enough money to pay your student loan especially if you don’t have a stable job. Pay during waivers to make your work easier.

Major common financial mistakes almost every adult makes

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If you can count your money, then you’ve not made enough money.

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