Every generation has seen financial hardship in one way or another, but each generation always has different reasons for making financial mistakes.
The millennial’s (which includes myself) are struggling financially just like any other generation, however our common money mistakes will not be the same as say the Gen X’s.
To avoid recovering from these financial mistakes it is best to figure out what they are so that you can save yourself the trouble.
Related:
HOW TO MAKE A BUDGET IF YOU HATE BUDGETING
11 THINGS I QUIT BUYING TO SAVE MONEY AS A SAHM
30 HELPFUL TIPS FOR LIVING WITH LITTLE MONEY
Financial Mistakes People Make On The Daily
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1. Overpriced Phones
Millennial’s seem to flock to grab the newest I-phone, I get it, we all want the new shiny tech! However, even if you wait a couple months to a year you can grab that same phone second-hand for the fraction of the price.
2. Extended Warranties
Have you ever noticed when you buy almost anything at a store they always ask if you’d like extended warranty? That is because they make good money since most of the items don’t break until even after the extended warranty OR we don’t even bother taking the item in for exchange.
Opt out of getting the extended warranty unless you go through a lot of one item.
3. Expired Food
Let’s be real with ourselves we are far more picky when it comes to expiration dates on our food. Most even toss it in the trash instead of the freezer on the day it expires.
This is most definitely a modern finance mistake since I remember my grandparents NEVER wasting food.
4. Recurring Monthly Expense
When you think about all the recurring monthly expenses you have and then add them all up you will probably faint!
Do you really need each of Netflix, Hulu, Amazon prime, Disney+? One or two should get you through the day perfectly fine.
Then if you have children (like mine) I pay monthly for xbox live. This year I had a family member purchase him a year subscription for Christmas instead!
Find ways to cut back on this modern financial mistake and watch your savings grow a bit more.
5. Just Because It’s on Sale
Now this isn’t necessarily a bad financial mistake if you do it right! However, many people have a bad habit of buying things because it is on sale.
If you don’t NEED something simply don’t buy it.
Remember you are not saving that 10% you are spending 90% that you otherwise weren’t planning on spending.