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What not to do with your money when you're young

25 September 2017

Forewarned is forearmed

Most of us have made a few good financial decisions - things we’ve spent our money on that we don’t regret – but what about our regrettable ones, and were they avoidable?

According to The Cusp there are at least 10 money regrets you can avoid when you’re young.

Don’t ignore the side-hustle - making a little cash while studying. Work doesn’t have to be in a bar or in retail. Try coaching/teaching, selling your stuff online or at a market, dog walking, or, do you have an idea for a project you can set up and develop into an income stream?

Think about free trial periods at a gym to see if you will use it and that it fits your schedule rather than buying a discount pass and then never using it?

Know that your income is not disposable. Saving a percentage after you’ve dealt with your must-pay bills, rent, etc., will mean you have money for any emergency – and they will happen. (One day those savings, which will grow, especially if you put them somewhere where they earn interest, might finally become disposable income.)

Teach yourself to cook, rather than getting takeaway or going out, and try cutting back on your alcohol spend. Online stories about how much money people have saved not drinking alcohol are inspiring. It can be significant.

Don’t ignore the advice of your parents. They really do have experience – both good and bad – when it comes to managing money.