In part one of this multi-part blog series, we went over some of the common money mistakes we see made by people who fall within millennial age ranges. Many millennials are at important financial stages in their lives, such as owning a home or having children, but may also fall victim to certain financial errors that set them back – but are also avoidable.

At 1st Choice Money Center, we’re happy to offer simple, instantaneous financial assistance through several loan formats to clients around Utah and Idaho, including millennials and all other age ranges. We offer everything from car title loans to personal loans, installment loans and more to help you with any need you may have. Today’s part two of our series will go over a few other mistakes that millennials sometimes make financially, plus how to steer clear of them.

Failure to Account for “Small” Costs

In some cases, millennials will be completely on top of their major purchase needs like homes, cars, and other large items. However, they often fail to take the “small” costs into account – like furniture to fill a new home, everyday bills that may not have been incurred prior to owning a house or car, etc.

It’s important to remember that even small costs can add up over time and should be taken into consideration when budgeting. Try to lay out your monthly expenses, including the larger ones like rent/mortgage and car payments, plus “smaller” costs like toiletries, food, clothing, entertainment and more. This will help ensure you’re budgeting realistically and have accounted for all potential needs.

Renting When You Should be Buying

Another common mistake we see millennials make is renting when it’s more often than not better to buy. For example, if you are consistently in need of a car to get around but aren’t ready to commit to buying one just yet, long-term leasing or short-term rentals can be enticing options.

In some cases, this might even make sense – such as if you’re only in need of a car for a few months or so. However, if you find yourself repeatedly needing to rent a car and are consistently throwing away money on rental fees and deposits, it may be more sensible to look into purchasing a quality used vehicle that fits your budget.

Using Shortcuts

As with any financial endeavor, shortcuts often come with the promise of quicker results but usually turn out to be a bad decision. Many millennials today are skipping out on factors such as credit checks, budgeting and saving before making certain purchases – leading them into more debt than necessary.

We can’t stress enough how important it is to take all the steps necessary when considering a purchase, loan or investment. It’s very tempting to take shortcuts that seem easier and faster, but taking the time to budget properly and make sure you can handle the financial responsibility can save you from a lot of future stress.

We hope that this brief series has been informative and helpful – 1st Choice Money Center is always here to provide you with financial assistance, whether it be through loans of any kind or sound advice. Feel free to contact us anytime for more information about our loans for clients around Utah and Idaho.