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?