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What financial mistakes should I avoid as a young adult?

Understanding how to manage your money is crucial for saving more effectively. Here’s how you can improve your financial habits and keep your savings on track:

Watch out for overspending
Credit and store cards can be tempting. It’s easy to swipe them without thinking but this can lead to overspending. By the end of the month, you might find you have little left to save.
 

Imagine you use your store card to buy several smaller items throughout the month such as clothes, shoes and a jacket. These might seem minor at the time but they add up quickly. If you’re not careful, you might spend more than you planned, leaving you with no money to save.
Track what you spend and set limits for yourself. Stick to your budget to avoid overspending and make sure you have money left for savings.

Avoid impulse buys
Impulse buys are another common trap. You’re in a shop and spot a trendy new gadget, it looks cool and you buy it without thinking. While it may not seem like a big deal, these small, unplanned expenses can add up.

Before buying something, ask yourself if it’s something you really need or just a “nice to have.” If it’s not essential, consider waiting before buying. Often, you’ll find you can do without it.
 

Stick to your budget 

Creating a budget is just the first step. The real challenge is sticking to it. Many people set up budgets but do not follow them, which can lead to overspending and missed savings goals.
Regularly review and adjust your budget as needed. Use budgeting tools or apps to help you keep track and make adjustments when necessary.

Being mindful of these habits can significantly reduce financial stress and keep your savings healthy. By avoiding overspending, controlling impulse buys and sticking to your budget, you can build a stronger financial foundation.

Remember, managing your money wisely today will lead to a more secure and stress-free financial future. Start by tracking your spending, resisting impulse buys and sticking to your budget. Your bank balance –  and your peace of mind – will thank you.

Check out our TikTok money series here for helpful tips and resources about all things money.
 

_{^{Kindly note that this does not constitute financial advice the information provided is purely informational. In terms of the Financial Advisory and Intermediary Services Act an FSP should not provide advice to investors without an appropriate risk analysis and thorough examination of a client’s particular financial situation. The information, opinions and communication from the PPS Group or any of its subsidiaries, whether written, oral or implied are expressed in good faith and not intended as investment advice, neither do they constitute an offer or solicitation in any manner. PPS Ltd a licensed insurer conducting life insurance business, a licensed controlling company and an authorised FSP.}}