1. Never learning to budget.
Every dollar earned does not need to be spent. Have a financial plan and rigorously stick to it. Budgeting also means having a regular saving plan in place.
- Buying a new car and thinking it’s the most important thing in your life right now.
Most 20 year olds will try and move heaven and earth to have that new car, but when the novelty has worn off and the bills start arriving, most wish they had settled for something more affordable. Payments of a new car lasts for years while the car drops in value every year, not always a smart thing to do when you are just starting off in life
- Thinking that retirement is to far away and not planning for it now.
Many young, give absolutely no thought to retirement, as 65 is so far away. Yet if we start early by taking an interest in Superannuation and personally contributing to it, even in small amounts, the benefits will speak for themselves down the track. It will make all the difference between having a comfortable one as opposed to struggle street. And think of the compound interest over the next 40+ years!
- Trying to keep up with your friends.
Having the latest gadget every time one comes out or the newest iPhone is a never-ending pursuit. Your phone is already outdated the day you buy it so think carefully and maybe try waiting just that little while longer before updating your hardware.
- Not paying off your student loan.
This debt can hand around your neck for many years. Try paying it off as soon as possible, financial freedom will soon follow.
6. Not having a plan for post university life.
Think carefully about your chosen career, how much will the debt bill be at the end of your student days? How easily will you find a job? Always have a plan and then have a plan B as well.
October 20, 2026 
