Gen Z is diving headfirst into adulthood, and it’s a splash of cold water. Fresh out of school and into the real world, they're juggling everything from ramen to rent, while also dreaming of vacations and big purchases. Between building careers and enjoying the freedom of independence, finances often take a backseat.
Don't worry if you’ve been caught up in the excitement. It’s time to hit the reset button on your money game. Let’s dive into some common Gen Z money missteps and how to fix them.
Mistake #1: Saving? What's That?
New job, new you, right? But hold the champagne. Before you splurge on that dream wardrobe or epic vacation, build a financial safety net. An emergency fund is your lifeboat. Aim for even a small amount each month. Every dollar saved is a future worry erased.
Mistake #2: Ignoring Investment Potential
Think you're too young to invest? Think again. Even small, regular investments can grow into big bucks thanks to compound interest. It's like having money work for you while you sleep. Start small, learn the ropes, and watch your wealth grow.
Mistake #3: Living Beyond Your Means
Influencer lifestyles might look dreamy, but don't let them dictate your spending. Create a budget that's realistic and sustainable. Track your income and expenses. Every dollar has a job. Treat yourself, but prioritize saving too. Remember, it's okay to say no to FOMO.
Mistake #4: Missing Out on Side Hustles
Your passion could be your paycheck. From selling crafts online to driving for a ride-sharing service, side hustles can boost your income. Explore your talents and turn them into cash.
Mistake #5: Trusting Social Media Over Experts
Social media can be a financial minefield. While some influencers offer great advice, not everyone has your best interest at heart. Seek advice from qualified financial professionals. A personalized plan is key to long-term financial success.
Ready to turn things around? ABCU is here to help. From saving to investing, we've got your back. Reach out at 1-888-929-7511 or general@abcu.ca to start building a brighter financial future.
Remember, small steps lead to big changes. It's never too early (or late) to take control of your finances.
Need to get in touch?
