Here, we discuss 5 financial regrets you should avoid in your 20s and 30s.
Do you struggle to save money?
Do you find yourself overspending?
Financial regret is common in your 20s and 30s, which is why we’ve compiled a list of what not to do…
5 financial regrets to avoid
1. Not investing early
Open a Lifetime ISA (LISA) & receive a 25% bonus off the government, that’s up to £1,000 per tax year for free! Visit www.gov.uk/lifetime-isa for more info.
2. Impulse buying
Before you rush into buying something you’re unsure of, wait 24 hours to see if you still want it the next day. Don’t regret wasting money, this financial regret can be easily avoided.
3. No emergency fund
Make sure you put money aside for an emergency fund. This is to cover unexpected costs such as car repairs, job loss etc. It can help avoid going into debt in unforeseen circumstances.
4. Excessive debt
Avoid putting too much on finance and be mindful of the amount you spend on buy-now-pay-later services, i.e. Klarna and Clearpay. Overspending can quickly lead to unbearable debt and will likely be the biggest financial regret in your 20s and 30s if you were to find yourself in this situation.
5. Missing out on discounts
Still paying full price for everything? Be savvy with your spends and make the most of discount codes that aren’t publicized. Rather than having to manually enter them each time, there’s even web browsers add-ons that find all promos or cashback such as Quidco. Don’t let this simple way to save be a financial regret!
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Get in touch today for your free consultation with our financial service specialist, Liam Coker.
