Common Financial Mistakes Made by Millenials

Millenials are facing the toughest job market in years, having to work harder than ever to get employed. Adding to this problem is the fact that they have heavy student loan debt with the average graduate carrying $24,000 in loans. But these aren’t the only problems this generation is facing. Many of them are making financial mistakes that hold them back even more.

Here are some of the more common financial mistakes made by Millenials:

  • Not making a budget. This is a bad idea because it leads to living beyond ones means. Making and sticking to a budget is important to help get ahead and have extra cash on hand to survive a financial emergency.
  • Abusing credit cards. A study has found that Millenials are having problems with paying credit card bills along with having high rates of card usage. It’s best to break the card spending habit now in order to avoid servicing debt in the future.
  • Making no attempt to save for retirement. Millenials expect to be able to retire by 65, but haven’t done much to secure their future. The younger the savings start, the better off one will be by the time retirement age rolls around.
  • Putting off getting a life insurance policy. There is no guaranteeing the future, and that includes personal health. A life insurance policy coverage is a hedge against the unknown, and getting one sooner than later can save money.

For help with getting an insurance policy for your personal need, contact Sagen & Associates, located in Brodhead.