Did you just graduate from university? Are you moving out and living on your own for the first time? Being a young adult, you are bound to make some mistakes.
In this article, we share some common pitfalls of young adulthood, and tips to avoid them. Let’s take a look.
Just because you graduated from university, doesn’t automatically mean you know everything. Learning continues into your 40s, 50s, 60s and beyond. So take an interest in the world around you. Read books, listen to podcasts, take courses and keep on learning as much as you can.
It’s great that you’re starting to learn how the world works. But you’ve seen only so much of it. When it comes to life advice, push your ego aside and listen to your parents and other trusted adults. We’re not saying that they’re always right. But give them a chance to help you out once in a while. Being an adult is very much about knowing when you need help and accepting it.
It’s easy to end up borrowing to finance a luxury lifestyle. There’s nothing wrong with luxury – unless you are driven into debt to fund it. Know your financial limitations, and start with a lifestyle you can afford. Keep working hard, and you’ll get where you want to be in time.
Are you living from pay to pay? There’s nothing glamorous about being young and broke. If you want to have a stress-free financial future, it’s crucial to start saving as soon as you can. Set a specific amount to save every month, and stick to it. It’s important to look for ways to lower your monthly expenses as well. Switch to cheaper electricity plans, avoid unnecessary shopping and develop healthy spending habits. If you’re searching for an affordable energy plan, check out Origin Energy rates.
Not Having a Budget
It’s not easy to get your finances in order without a budget. Create a reasonable budget and follow it.
Holding on to Relationships
In your early 20s, you’ll face the stark reality that not all relationships and friendships last forever. Maybe you outgrow someone or you don’t have anything in common any more. Whatever the reason might be, it’s important to recognise when it’s time to let go. It won’t be easy, but it might be better for your mental health in the long run.
Not Investing in your Career
It’s important to continue your professional development. Dedicate time and effort to learning new skills to open doors to better job opportunities.
Developing Unhealthy Habits
From eating junk food to heavy drinking, the newfound freedom of being a young adult can quickly turn sour. It’s imperative to look after your physical and mental health. Eat nutritious meals, exercise regularly and work on your mental wellbeing. Making these simple efforts will benefit you in the long run.
Not having an Emergency Fund
Whether your car unexpectedly breaks down or you lose your job, an emergency fund is necessary in the event of a rough financial situation. Otherwise, you risk having to borrow money and ending up in debt. Ideally, you should have three to six months of living expenses saved up in an emergency fund. Don’t touch this fund for anything other than genuine emergencies.
Instead of sticking your savings in a savings account, start investing. Investing has the potential to become an additional source of income. Just make sure you get professional advice on where to invest your money.
Some mistakes are going to be blessings in disguise. However, other blunders can have a negative impact on your life. We hope our tips help you transition smoothly into stress-free adulthood and avoid some of the common pitfalls.