In school or even in college, we always dream about a proper adult life. Freedom of purchasing anything you want by your own money, going out for trips, spending on branded clothes etc. But, let’s just give you a quick reality check and pop up the bubble that you’re living in. Adulthood is hard and rather than just earning and spending, it’s much more than that. It’s the time when you grow as well as get to know how much money matters and how had it is to manage everything in a strict budget considering your lifestyle expenses.
Well, if you’re someone who simply finished their teenagers/ college and all set to earn, then my friend a hardcore adult life is waiting for you. But before you start exploring and having experiences, there are some things you ought to be careful about, especially when it comes to money.
Like we mentioned before, money matters in every aspect of your life. Sure, it’s your initial period and you’re allowed to make mistakes as many as you can because that’s how you learn. But if we being honest, 20’s is a quite vulnerable time and chances are that some of the money related mistakes you make this time can end up haunting the rest of your life.
The best and the awful part about being a twenty-something is that each choice you roll out can change the rest of your life. Once you’re in your 30’s or 40’s, it gets increasingly hard to reinvent yourself. Let’s just give you a quick heads up about few financial decisions you need to avoid in 20’s.
#Not contributing to your retirement
Starting saving money for your retirement in your 20’s influences self-multiplying dividends to work to support you, which implies even a couple of rupees now could mean tens or even countless thousands at the time of your retirement. It’s particularly vital to begin saving your job offers a retirement design. It’s good living at the moment but just keep in mind that the bills won’t stop even after you retired.
#Buying more than you can afford
Who doesn’t want to live a luxurious carefree life, but sometimes you have to be patient towards what you actually want. You may have heard the phrase ‘Jitni chadar ho utne hi pair failane chaiye’ which means limit your expenses according to your earnings. Spending more than you earn may give you a pinch of satisfaction now but it will haunt you later on.
#Not starting an emergency fund
In your mid-20’s, you likely haven’t needed to face money related crises firsthand so you may not think about putting something aside for them. However, getting hit with a surprising expense, (for example, a doctor’s visit or car repair) can hit your current spending plan. Just make sure you have some portion or saving that you can use for future because life is unpredictable.
#Living on credit cards
The main slip-up is giving your credit card a chance to get out of control, regardless of whether this is on the grounds that you use your credit card for each purchase or in light of the fact that you aren’t viewing your budget total every month. So, don’t do that!
#Not setting financial goals
You may not think about how life will be 10 years from now, but we can assure that if you start thinking and setting financial goals for future then it only gives you positive outcomes. Goals are what encourage you to accomplish more and grow more and being financially secured even after 10 years is what everyone wishes for.
It’s true that your 20s are intended to be a fun and carefree time. You’re intended to explore and even commit a few errors, however, consider these points and avoid committing huge money related mistakes that will remain a regret in the future. It’s very important to adjust your present needs and future needs and settle on the best choices. Let us know what you think about the points we have mentioned above.
24| Writer | Journalism Student| New Delhi