Today we talk about 5 money traps that you absolutely need to avoid in your 20's! Look, we know that getting ahead in life is important, and I see way too many people put themselves behind, before they even have a chance to get ahead first. Don't make these mistakes

1) CARS. This HAS to be the first item on the list, because it is so crucial. Banks and Credit Unions, and even car companies are DYING to give you money for an expensive car that you really don't need... at least not at this point. A car is meant to get you from point A to point B, and every car is capable of this! There's no reason to overspend for an expensive car at this point in life. Wait until you have the income to actually support a higher car payment. Try to keep your payment under $250/month, until you are earning at least $50,000/year, and even then, try to keep your payment low since this will help you with your future investing endeavors

2) College. This is a touchy one, but it's worth considering. You need to make sure that if you are going to college, that it is for a specific degree. If you want to be a doctor, a lawyer, or some other professional, then yes, college is going to be necessary, but if you are just going for a "business" degree, then you may want to reconsider.

3) Highest quality item, or brand name items. You don't need always need the name brand item for everything you buy! The biggest example I can think of here, is groceries. There are many generic, non-name brand items that taste the exact same, or do the exact same thing as the original, but without the huge price tag.

4) A big house that you don't need. So many millennials these days see the homes that our parents and grandparents live in, and aspire to have the same thing, right off the bat once we get out of high school or college! And the reality is, you DON'T need this! It took mom and dad years and years of working and saving to get to that point, so you shouldn't expect to have it right away. Figure out what you realistically need in a home, and then find that place for as cheap as possible. The big home and luxuries will come later, and it will come much easier if you sacrifice a little bit now.

5) Clothes and shoes. This is a big one! Clothes and shoes are one of those items that has a wide spectrum of the cost of the item. You have shoes that cost $20, and you have shoes that cost $10,000 or more. You don't find this with soda for instance. Soda has a small range and can cost you anywhere from $0.50 to $5.00, but with clothes and shoes, the range is much greater, and brands take advantage of this! They will sell you a t-shirt for $50 just because it has their logo on it, when in fact it is actually the same exact shirt that another company is selling for $10! Find clothes and shoes that you like, that will last and are comfortable, but don't break the bank. I like to shop at Ross and H&M for these exact reasons. You can find quality clothes for less than $10-15.

THE BOTTOM LINE:

Figure out what really matters to you, and spend your money on that. If it doesn't really matter to you, but you have to have it, then find a way to spend as little money on this item as possible!

Hope you enjoyed!

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