- Over Spending
If you’re a young adult, unfortunately that puts you in the age group most guilty of over spending. Why? Because once you hit your 20’s and start earning some decent money, the first instinct to kick in is to spend it and do the things you always wanted to do! Sometimes it can take a few yearsto really learn the value of saving, but the sooner you learn, the better.
- No financial plan
Young people generally like to live in the moment and enjoy life, which is great, but that doesn’t mean you shouldn’t still be thinking ofand planning for the future. One thing many wealthy people have in common is a solid financial plan. This is something an independent financial planner can assist you with.
- Paying too much in rent
Before purchasing your first home, young adults are either still at home with Mum and Dad or renting. The most common financial mistake you can make at this age is spending so much in rent that you cannot afford to save for a home deposit. The goal should really be to pay as little in rent as possible and throw as much money as you can towards saving for a home deposit.
- Forgetting about super
Thinking that your super is a small detail that has no real effect on your life is an all too common mistake made by young adults. The fact is, even a tiny detail with your super, has the ability to dramatically affect your financial future. Super isn’t just about retirement, it’s about giving yourself the ability to live comfortably later on in life and even access your super for things like purchasing an investment property.
For expert independent financial advice in Berwick (also including Melbourne and South Melbourne), contact our certified financial planners today.