Top 5 Money Mistakes Made By

Millennials

Money mistakes are easy to make but hard to

overcome. What might seem like a little bit of fun can

come to bite you back later.

Here are the top 5 money mistakes that are

commonly made by the Millennials :

1: Not Building an

Emergency Fund

Nobody is immune to emergencies. Disasters can strike

anywhere and anytime. Without a proper emergency fund

even a well off guy can face a crisis of money.

Tip: Emergency fund can

help you differentiate

from the ones who are

sinking financially.

Always have an

emergency fund to

cover at-least 6 to 9

months of your

expenses.

2: Not Having A

Budget

Unplanned expenditure can be a huge problem. If you don’t

keep track of your expenditures, you can never determine how

much you can spend on things.

Tip: Not setting up any budget is one of the biggest

mistakes, most businesses make. So, it is important to make and

set budget expectation right from the beginning.

3: Neglecting Cash

Flow

The more you earn, the more you’ll spend. However most

people spend on worthless things and end up broke because

they fail to recognize the cash flow.

Tip: Control on the Cash can help

you achieve financial success.

Never neglect cash flow, it would

help you know how the your money

is moving and where.

4: Spending more than the income

Most of us spend because it makes them feel happy . However,

money and emotions don’t go hand in hand.

Tip: If you want your accounts to be in the right shape, avoid

shopping just to uplift your mood. Save for the long term and

get out from the momentary satisfaction of retail therapy.

5: Getting Hung Up On Small Things

Don’t get caught up in saving

money on the small stuff and

ignoring the bigger expenses.

You may save $100 in a

month by ditching latte but

might be missing out on saving

$400 on refinancing your

home.

Tip: Keep little things from taking over your time and money.

Money is hard to build and easy to lose. Avoid

making money mistakes and have a happier future.

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References:

Millennials: Their Top 5 Money Mistakes – The Self Employed