8 common financial mistakes of millennials
First off, we’re not so naive as to think millennials are the first generation to make financial mistakes, but they’re worth noting because there’s still plenty of time to achieve a healthy financial future.
Though studies find millennials consider themselves financially savvy, there are a few mistakes popping up that add up over the long run.
1. No budget
Knowing how to budget is absolutely essential for financial success, and yet it’s rarely taught in schools, or even by parents. As Kamika Smith wrote for Miss Millennialmagazine, “Budgeting allows you to tell your money where to go instead of looking back and wondering where it went.” It helps you to live within your means, while allocating money to other important areas of your life.
2. Living off student debt
You may have to live off student debt to some extent while in school, but the key is not to rack up any more debt than is absolutely necessary. Take only what you need. A loan should cover tuition, textbooks, and (possibly) living costs, but beyond that, it’s better to squeeze in a part-time job to pay for the rest of your lifestyle.
Full story at Treehugger.
Personal finance 101.Posted by Kate Rinsema