8 Money Mistakes to Avoid in Your 20s

Sourced from https://www.thesimpledollar.com/financial-wellness/eight-money-mistakes-to-avoid-in-your-20s/

There’s a lot to figure out in your 20s as you transition to independence — but we’d argue that money management is one of your top priorities. The education system doesn’t always do a great job preparing young adults to understand fiscal responsibility (and frankly, without the right teacher, finance can be pretty dull.)

As the COVID-19 pandemic tanks the economy into a recession, it’s more important than ever to be financially aware at an early age. Don’t stress too much — your 20s are all about slip-ups and going back to the drawing board. But in this economy, let’s avoid these eight money mistakes if we can.

1. Sign up for way too many credit cards

Having a few credit cards can help you build up your credit score, but too many can lead to a cycle of compounding interest and debt. If you can’t pay off the amount you spend every month, you’ll be buried in the snowball effect. Financing vacations or a new wardrobe on credit card debt is an unhealth… Read More

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