In parts one and two of this multi-part blog series, we’ve gone over the various mistakes that are sometimes made by millennials as they manage their money. People in this age range are often making big financial decisions that will impact their entire lives, and knowing how to avoid pitfalls here is very important.

At 1st Choice Money Center, we’re here to help if things do go a bit sideways. We offer a variety of short-term loan options to clients around Utah and Idaho, including title loans, signature loans and others, to help you get quick cash to meet financial obligations. Today’s final entry in our series will go over a few other common errors millennials tend to make with their money, plus how to steer clear of them.

Not Tracking Your Budget and Spending

One sadly common mistake millennials make is not keeping track of their budget and spending. Whether you’re living on your own or with roommates, this can be a recipe for disaster if too much money is going out and not enough is coming in.

Even if you do keep tabs on your spending, it’s still possible to lose track of where everything goes – especially when using debit cards or other digital payment options. The best way to stay on top of things is to write down everything that’s coming in and going out each month, make sure it all adds up, and adjust accordingly if there are any discrepancies.

Relying on Social Media Advice or Goals

While it might seem harmless, relying too much on social media advice or financial goals can be dangerous. While there’s nothing wrong with taking inspiration from others, blindly following the path of another or expecting to achieve their level of success is a mistake that could cost you money in the long run.

Everyone’s situation is different and what works for someone else may not be right for you. When it comes to financial advice, make sure you’re getting it from a trustworthy source. Better yet, explore all of your options and create a plan that works best for you before taking any big steps.

Ignoring Credit

Finally, one of the single largest mistakes millennials make is ignoring their credit. This is especially true for those who are just starting out and don’t have any kind of credit history to speak of.

Having a good credit score opens up a whole world of possibilities, from getting approved for loans or mortgages at lower rates to taking advantage of reward programs and other perks. Building your credit takes time, but it’s well worth the effort in the end.

At 1st Choice Money Center, we’re here to help you navigate your financial journey with confidence. With our short-term loan options and other services, you’ll be able to get back on track and take control of your money. Contact us today for more information!