Do Not Make These Money Mistakes!
Starting life fresh out of college can be a huge reality check. One of the hardest parts of entering into the real world is getting your finances under control. To ensure that your bank account does not go into the red, make sure to avoid these common millennial money mistakes.
- Not setting up a budget – if you do not know where all of your money is going, you will never be able to make good financial decisions. When you are deciding on your budget, make sure that you know which expenses will be fixed and which will be variable. Fixed expenses, such as your phone bill, are much easier to budget for since they will stay the same. Variable expenses, such as your grocery bill, can be harder to budget for since you do not know exactly how much you will need each month.
- Being too much optimistic – it can be easy to assume that with your degree you will be able to land your dream job in no time. Unfortunately, the current economy will most likely not allow for that. While it is good to set goals and have dreams, it is also important to be realistic.
- Not having a savings account – even if you can only put a few dollars away each paycheck, having a savings account is one of the most vital parts of being financially stable. Knowing that you have money stored away in case of hard times can ensure that you do not have to max out your credit cards.
- Not checking your credit report – once a year, you have the opportunity to get a free copy of your credit report. Order a copy and check for any issues that could be affecting your credit rating.
For all of your financial consulting needs and to get your finances on track, contact Phocus Companies in Phoenix, Arizona.
