{"id":1301,"date":"2019-12-06T19:52:00","date_gmt":"2019-12-06T19:52:00","guid":{"rendered":"https:\/\/www.lendnation.com\/5-common-money-mistakes-you-make-in-your-20s\/"},"modified":"2025-07-30T17:35:33","modified_gmt":"2025-07-30T17:35:33","slug":"5-common-money-mistakes-you-make-in-your-20s","status":"publish","type":"post","link":"https:\/\/www.lendnation.com\/blog\/article\/5-common-money-mistakes-you-make-in-your-20s\/","title":{"rendered":"5 Common Money Mistakes You Make In Your 20s"},"content":{"rendered":"\n<article class=\"wp-block-group alignfull p-post-single is-layout-flow wp-block-group-is-layout-flow\">\n<header class=\"wp-block-group alignfull p-post-single-hero is-style-theme-subtle-light has-backgrounds-subtle-light-background-color has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"padding-top:0;padding-right:0;padding-bottom:0;padding-left:0\">\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacing-80\"><\/div>\n\n\n\n<div class=\"wp-block-columns are-vertically-aligned-center l-container is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center has-global-padding is-layout-constrained wp-container-core-column-is-layout-1f86b309 wp-block-column-is-layout-constrained\" style=\"flex-basis:50%\">\n<div class=\"wp-block-group p-post-single-hero__content has-global-padding is-layout-constrained wp-container-core-group-is-layout-a4fd459e wp-block-group-is-layout-constrained\"><div style=\"text-transform:uppercase; margin-top:0;margin-bottom:var(--wp--preset--spacing--60);\" class=\"theme-color-secondary t-date wp-block-post-date\"><time datetime=\"2019-12-06T19:52:00+00:00\">December, 2019<\/time><\/div>\n\n<h1 class=\"wp-block-post-title has-display-x-large-font-size\">5 Common Money Mistakes You Make In Your 20s<\/h1>\n\n<div style=\"margin-top:var(--wp--preset--spacing--60);margin-bottom:0\" class=\"taxonomy-category wp-block-post-terms\"><a href=\"https:\/\/www.lendnation.com\/blog\/article\/category\/loans\/\" rel=\"tag\" class=\"cat-item\"><i class=\"cat-item__color cat-item__color--green\" aria-hidden=\"true\"><\/i><span class=\"cat-item__label\">Loans<\/span><\/a><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center has-global-padding is-layout-constrained wp-container-core-column-is-layout-a209ae40 wp-block-column-is-layout-constrained\" style=\"flex-basis:50%\">\n<div class=\"wp-block-group p-post-single-hero__media has-global-padding is-content-justification-center is-layout-constrained wp-container-core-group-is-layout-587a7eb1 wp-block-group-is-layout-constrained\"><figure style=\"margin-top:0;margin-bottom:0;\" class=\"is-style-image-featured s-aspect-ratio-1-1 wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"500\" src=\"https:\/\/www.lendnation.com\/wp-content\/uploads\/2019\/12\/avoiding-money-mistakes-in-your-20s.jpg?w=1000\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Avoid these common money mistakes people have made in their 20s\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.lendnation.com\/wp-content\/uploads\/2019\/12\/avoiding-money-mistakes-in-your-20s.jpg 1000w, https:\/\/www.lendnation.com\/wp-content\/uploads\/2019\/12\/avoiding-money-mistakes-in-your-20s.jpg?resize=300,150 300w, https:\/\/www.lendnation.com\/wp-content\/uploads\/2019\/12\/avoiding-money-mistakes-in-your-20s.jpg?resize=768,384 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacing-80\"><\/div>\n<\/header>\n\n\n\n<div class=\"wp-block-group p-post-single-body has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacing-80\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-display-small-font-size\">Tips to Avoid these Common Money Mistakes<\/h2>\n\n\n\n<p>Between 20 and 30 years old, you experience dozens of life changes. From graduating college, to figuring out your place in the world, there are crucial turning points that can have rippling effects long into the rest of your life. And your financial choices are one of them.<\/p>\n\n\n\n<p>Whether you\u2019re carrying a load of college debt or looking to reach big money milestones, the money mistakes you make during this decade will follow you for years to come. Learn the five common poor spending choices people make in their 20s and how to avoid the same fate.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-display-small-font-size\" id=\"h-1-delaying-retirement-savings\"><strong><span style=\"font-size: 16px;\">1. Delaying Retirement Savings<\/span><\/strong><\/h3>\n\n\n\n<p>For a lot of us, saving for retirement beginning in our 20s seems like a wasteful thing to do. After all, we have bills to pay and a life to start, all on a meager income. \u201cSaving what money?\u201d is often the mentality.<\/p>\n\n\n\n<p>Most of us don\u2019t think we need to worry about it until&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/abrambrown\/2013\/01\/29\/a-guide-to-jumpstarting-a-retirement-plan-in-your-20s\/\" target=\"_blank\" rel=\"noopener\">around 29 years old<\/a>. But here\u2019s the truth: Start saving for retirement now, and you\u2019re only looking at putting aside around 20 percent of your paycheck. Wait a while, and you\u2019ll have to triple that &#8211; something that is not doable for most.<\/p>\n\n\n\n<p>Consider, too, the rainy-day fund you will be building by putting money into savings &#8211; whether that\u2019s strictly for retirement or can double as an emergency safety net. This fund can potentially help you towards costly items like a house or provide a comfortable cushion should you find yourself out of a job or strapped with medical bills.<\/p>\n\n\n\n<p>So, where should you put the money you save? Well, the experts say: Diversify. Put some into your company sponsored 401(k) because most companies, more than 70 percent, will match up to a certain percentage. That\u2019s free money, folks. The other upside to a 401(k) is that the contributions are tax-free; just remember that when it\u2019s time to withdraw the money,&nbsp;<a href=\"https:\/\/www.finra.org\/investors\/insights\/beginners-guide-401ks\" target=\"_blank\" rel=\"noreferrer noopener\">it will be taxed then<\/a>.<\/p>\n\n\n\n<p>Another option to focus on is a personal Roth IRA. These types of retirement accounts aren\u2019t taxed when you withdraw from them, but the money contributed has already been taxed, so it\u2019s a balanced supplement to a 401(k).<\/p>\n\n\n\n<p>Here\u2019s the thing, though. It\u2019s expensive and\/or difficult to easily access the money from your 401(k) and IRA if you are in a time of need &#8211; so it\u2019s also important to look at more easily accessible savings accounts to stash rainy day money away. All in all, putting that 20 percent savings towards all three, 401(k), IRA, and personal savings, will ensure you are stashing for both the near future and long term.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-display-small-font-size\"><strong><span style=\"font-size: 16px;\">2. Not Paying Towards Your Debt<\/span><\/strong><\/h3>\n\n\n\n<p>When you graduate college and start out in the real world, life can sometimes smack you in the face. Your first job doesn\u2019t pay as much as you hoped. Your rent is higher than you planned. And eating out is adding up. But it doesn\u2019t stop there, especially when you\u2019re looking towards the future to buy that new house and own that new car.<\/p>\n\n\n\n<p>This mentality is why people under 35 are in an average of&nbsp;<a href=\"http:\/\/time.com\/money\/5233033\/average-debt-every-age\/\" target=\"_blank\" rel=\"noopener\">around $67,000<\/a>&nbsp;worth of debt. Most of that goes towards their education, housing, and vehicle. And because these cash-strapped 20-somethings don\u2019t have much to put towards their debt, interest rates from loan extensions and making minimum payments adds up into the thousands.<\/p>\n\n\n\n<p>It can be tempting to brush your debt to the side, but if the pile becomes big enough, you could drown in it. Use your youth to pay down your debt now, before you begin the next phase of your life &#8211; like having kids.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-display-small-font-size\"><strong><span style=\"font-size: 16px;\">3. Living Beyond Your Means<\/span><\/strong><\/h3>\n\n\n\n<p>In the Insta-glam world we live in, it\u2019s easy to contract a case of the FOMOs (fear of missing out).<\/p>\n\n\n\n<p>And let\u2019s face it, going from relying on your parents to relying on yourself takes adjusting to a new lifestyle. No matter what your reasons are for spending, it can quickly become too easy to overspend.<\/p>\n\n\n\n<p>So how do you know if you are overspending? There are a few&nbsp;<a href=\"https:\/\/www.fool.com\/retirement\/2017\/09\/09\/3-signs-youre-living-beyond-your-means.aspx\" target=\"_blank\" rel=\"noopener\">clear-cut signs<\/a>&nbsp;to look for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>You have a low credit score.<\/strong>&nbsp;It isn\u2019t uncommon for young people in their 20s to have a lower score, as they\u2019re usually just starting out building their credit. But as you creep towards 30, that credit score should be creeping up, as well. If it\u2019s not, that\u2019s a clear sign that you\u2019re not paying your bills on time or at all, leading to negative impacts on your score.<strong><\/strong><\/li>\n\n\n\n<li><strong>You are paying way too much for housing<\/strong>. A good indicator that you\u2019re overspending in the housing arena is when your housing costs take up 30 percent or more of your paycheck. Whether you\u2019re renting or you\u2019re one of the lucky few 20-somethings that can afford a down payment on a house, if expenses including rent or mortgage, insurance, and taxes are beyond that 30 percent threshold, you might need to scale back.<\/li>\n\n\n\n<li><strong>You\u2019re unable to save.&nbsp;<\/strong>We have all felt the paycheck crunch, especially as we get our first real jobs. But being unable to put even a little bit away each month is a clear sign of living beyond your means.<\/li>\n<\/ul>\n\n\n\n<p>It\u2019s a hard lesson to learn, but curbing your lifestyle by making adjustments to food purchases, clothing, entertainment, and electronics will go a long way in helping you avoid money mistakes common during this decade. Creating and sticking to a monthly budget will help you do just that.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-display-small-font-size\"><strong><span style=\"font-size: 16px;\">4. Overspending on Big Ticket Items<\/span><\/strong><\/h3>\n\n\n\n<p>You\u2019ve made it through college and landed your first job. Rewarding yourself with those big milestone possessions to prove you\u2019ve \u201cmade it\u201d can be very tempting. Whether that\u2019s a car, a house, or traveling to exotic places, when the bill comes due, you may not be able to cough up the cash.<\/p>\n\n\n\n<p>Despite the fact that the<a href=\"http:\/\/time.com\/money\/4777074\/college-grad-pay-2017-average-salary\/\" target=\"_blank\" rel=\"noopener\">&nbsp;average college grad nets<\/a>&nbsp;a smidge under $50,000 a year&nbsp; starting out, overspending on big ticket items can have a lasting impact. This is especially true for the travelers, who, in this generation, are&nbsp;<a href=\"https:\/\/www.theatlantic.com\/international\/archive\/2014\/06\/how-millennials-are-changing-international-travel\/373007\/\" target=\"_blank\" rel=\"noopener\">23 percent more likely<\/a>&nbsp;to make it a priority than previous generations. In fact, this generation is the fastest growing segment in travel spending.<\/p>\n\n\n\n<p>While we\u2019re not suggesting you just stay home, there\u2019s a balance to be found when making these costly purchases. That starts with prioritizing what is important to you.<\/p>\n\n\n\n<p>Do you want those nice wheels or those experiences to be had? Do you want the nice house or a nice wedding? Figure out what\u2019s important to you, focus your spending in that area, and trim out the rest.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-display-small-font-size\"><strong><span style=\"font-size: 16px;\">5. Not Building Your Net Worth<\/span><\/strong><\/h3>\n\n\n\n<p>Are you aware of your net worth? It\u2019s quick to figure out. Just add up your assets (everything you own outright), add up your liabilities (all that you still owe), and subtract your liabilities from your assets. That number in your 20s ends up being much closer to zero &#8211; or even in the negative. Doing this may cause you to sweat the debt.<\/p>\n\n\n\n<p>Before you go pouring every penny into lowering your liabilities, consider the other side of the equation: Increasing your net worth.<\/p>\n\n\n\n<p>Here\u2019s an example of the value of investing now, from&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/jrose\/2017\/08\/23\/financial-advisors-share-their-best-tips-on-how-to-invest-in-your-20s\/#5ee282ad6807\" target=\"_blank\" rel=\"noopener\">Forbes<\/a>:<\/p>\n\n\n\n<p><em>\u201cLet\u2019s say you invest $300 per month starting at age 20 and don\u2019t stop until you\u2019re 60-years-old. If you managed an 8 percent return during that time, you would have more than $1 million dollars in that account alone. Now let\u2019s say you waited until you were 30 to get started. By the time you reached 60-years-old, you would only have $440,445 in your account. Those first ten years you missed out on would cost you more than $550,000 in returns \u2013 even though you only skipped $36,000 and ten years of deposits!\u201d<\/em><em>\n<\/em><\/p>\n\n\n\n<p><em><\/em>In just one decade, you\u2019re missing out on over half a million dollars; that\u2019s more than a little eye opening. Goes to show that paying yourself first offers major benefits in the long run.<\/p>\n\n\n\n<p>When you\u2019re just starting out in your 20s, it can be tough to get through the day with any cash left over. But by focusing on avoiding these money mistakes, such as putting towards your retirement, paying off debt, keeping your spending in check, and investing in yourself, you\u2019ll set yourself up for a solid financial future.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.lendnation.com\/MyAccount\/#!\/registration\">LendNation<\/a> is here to help you get the cash you need any time with a title loan, installment loan, or payday loan online or in-store!<\/p>\n<\/div>\n\n\n\n<aside class=\"wp-block-group p-post-single-related has-global-padding is-layout-constrained wp-container-core-group-is-layout-07747ed5 wp-block-group-is-layout-constrained\" style=\"padding-bottom:var(--wp--preset--spacing--80)\">\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" style=\"margin-top:var(--wp--preset--spacing--60);margin-bottom:var(--wp--preset--spacing--60)\"\/>\n\n\n\n\n\n<h2 class=\"wp-block-heading has-display-small-font-size\" 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is-layout-flex wp-container-core-buttons-is-layout-62083a6e wp-block-buttons-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--50)\">\n<div class=\"wp-block-button is-style-tertiary\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.lendnation.com\/blog\/\">Visit Blog\n\t\t\t                                                                                                  Homepage<\/a><\/div>\n<\/div>\n<\/aside>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>Discover common money mistakes people make in their 20s. These tips can help save you cash in the long run. Trust LendNation for your lending needs.<\/p>\n","protected":false},"author":18,"featured_media":1302,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40],"tags":[140,142,141,76,57,74],"class_list":["post-1301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loans","tag-common-money-mistakes","tag-financial-tips","tag-lendnation","tag-managing-money","tag-saving-money","tag-tips-to-save-money"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>5 Common Money Mistakes You Make In Your 20s - LendNation<\/title>\n<meta name=\"description\" content=\"Read this blog to learn about the common money mistakes people make in their 20s. 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