My top spending pitfalls in my early 20′s

Most people have some weakness when it comes to spending money. There are things that tempt us a lot to spend money on even if we do not really need them. These spending urges can also put us in debt if you decide to use borrowed money. Here are my weaknesses:

  • Gadgets: Most men love their toys and can spend a fortune on them. I specifically like cameras and phones. I am an amateur photographer but a semi-pro videographer (my undeclared side hustle). Technology changes fast and companies like Sony, Nikon and canon release cameras frequently. It is very expensive to keep up and have the latest gear.
  • Snickers : The very first time I wore a pair of Jordan’s, I fell in love with them and since then they are my favorites. It was hard for me to control my urges to get new kicks once in a while but now that I am wiser financially, I have better control.
  • Websites : This is not my first website to make. I  made other websites before and even made some money advertising. I just love making websites. In my early 20′s I was spending lots of money trying to make websites
  • Road trips : The joy of being young is few responsibilities and freedom. There are days my friend and I could just wake up and decide to drive to Atlanta, Chicago or Texas or some other destination just for fun. However, it was not free.Renting a car, hotel (motel), food, gas and all that.
  • Parties : My week was never complete without hitting a party on Friday or Saturday evening. Most of these places we had to pay $30 to enter and then buy drinks.We also had parties every public holiday in different states not forgetting Spring break.
  • “Philanthropy”: There is a time I used to give money to people just like that. I had tried to stay in touch with my friends and some of them kept asking me for a hand in various things and I did not have the guts to say no.

As we age, we become wiser and so far I have overgrown all these except gadgets. I still love my electronics but I buy them responsibly now. I have a younger brother and cousins and I will be guiding them not to make the same mistakes I made. It will be up to them though. Once you are told, the ball is on your court and you do what you want with it. I know the priorities of people in the early 20′s are different from people like me in the late 20,s but if one get to know early what I know now, it would be very beneficial.

Meanwhile, I am continuing to build my emergency fund and pay my debt on this journey to financial independence.

What were your weaknesses with money when you were younger?

21 Responses to My top spending pitfalls in my early 20′s

  1. I don’t have any of the above-mentioned in my list of spending money weaknesses but I do have one major weakness and it is my children. While I do my best to maintain frugality at home, when any of my kids asks for something and I know they want it so bad, I just can’t say “no”.
    Jen @ Frugal Rules recently posted…When Being Frugal Embarrassed MeMy Profile

    • demaish says:

      It is always good to treat children well but the love people have for their children can make them have such a weakness. As long us you are not taking credit card debts and loans it’s good to give the children a treat.

  2. Good luck with your journey – my weaknesses are completely eating out and going on vacations – I can justify pretty much anything when it comes to those two types of spending.
    Well Heeled Blog recently posted…Give the gift of experience this ChristmasMy Profile

    • demaish says:

      Thank you. I know many of my friends who eat out regularly too. It can become expensive. Vacations are always good but they are expensive too but worthwhile if you have money.

  3. Now that I’m not in my early 20s, I don’t have these spending weaknesses. I was pretty frugal even in my early 20s and didn’t get the latest gadgets and sneakers, but I did go out with friend on the weekends. We tried not to hit up places that had a $30 admission fee (though sometimes we did), but the drinks were pretty expensive. Actually I still have friends in their early 30s still spending on the things you listed!
    Andrew@LivingRichCheaply recently posted…The Low Monthly Payment TrapMy Profile

    • demaish says:

      I am happy I no longer do that. Even if I go out with friends, it is occasionally. Paying $30 at the door and then buying drinks can be very expensive especially if it is done regularly.

  4. When I was younger I used to get pressured into spending money a lot more- either through friends, stores, sales people, etc. Now that I’m older and my goals are clearer, I’m much better about spending money in MY best interest.
    Stefanie @ The Broke and Beautiful Life recently posted…Giving On a BudgetMy Profile

    • demaish says:

      Peer pressure is a factor in how young people spend their money. That’s why those who surrounded themselves with financially wise friends are doing better. Like I now value surrounding myself with great personal finance bloggers. I learn something everyday.

  5. I wasted a ton of cash in my 20′s as well. I wish I could have it all back now!
    Holly@ClubThrifty recently posted…5 Ridiculous Gifts I’m Not Getting My KidsMy Profile

  6. My weaknesses in my 20s were clothes, watches, electronics and eating out. They are still weaknesses, I’ve just learn to control them better.
    Brian @ Luke1428 recently posted…Beauty and Function From a BeastMy Profile

  7. Hmmm I think student loans actually were my biggest pitfall! They certainly are hurting me now (though at the same time they motivate me to work on a side hustle). I spent a lot of money on eating out during college and I probably could have saved at least some money by being more intentional about grocery shopping and packing lunches/dinners.
    DC @ Young Adult Money recently posted…$1,100 Holiday Cash GiveawayMy Profile

  8. Michelle says:

    Mine is friend-philanthropy too. If a friend was running a 5K, I was there with a buck for the random cause. If someone’s mother’s uncle’s aunt’s sister was ill, I chipped in for the hospital fees. Dont get me started on chip-in campaigns.

    Now, I have a handful of charities that mean something to me and an idea of how much I am going to give each year. If someone asks me for money, I ignore them unless the cause falls in line with what I actually want to support and the administration costs are not too high that it dilutes my money.
    Michelle recently posted…Surviving the Crappy Job- My Career ProgressionMy Profile

  9. Moneycone says:

    I used to be an electronics junkie too… but as you rightly point out, we get wiser with time. Now I have a rule, I won’t upgrade a gadget till I manage to sell what I have!

    The pain of trying to sell puts me off to upgrade and if I do sell the old one, I don’t pay the full price on it! Win-win!
    Moneycone recently posted…Optimize Your Asset AllocationMy Profile

  10. I feel you here, and I would say that I wish I had avoided many of these things in my late teens. 17-18-19 was full of waste for me. Those years could have been spend accelerated my success now. Oh well, just have to improve moving forward and never stop improving!
    Cash Cow Couple recently posted…Barclaycard Arrival World MasterCard Review – Pros and ConsMy Profile

  11. […] @ Borrowed Cents writes My top spending pitfalls in my early 20′s – In my early 20′s, I made a lot of mistakes financially like other young people do and […]

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