5 Money Mistakes Single People in Their 20s Should Avoid

Published: July 1, 2021 | Updated: July 12, 2021 | Posted by: Ricky Publico | Lifestyle


money mistakes to avoid in your 20s

Contrary to popular belief, marriage isn’t the be-all and end-all in life. Being single rocks! If you haven’t found “the one” just yet, don’t sweat it and just enjoy your freedom. Don’t enjoy it too much though, or you’ll end up making terrible financial decisions. If only there was a list of money mistakes to avoid in your 20s that you can reference anytime. 

And yet here it is! If you’ve been single for a long time, you’re probably guilty of these mistakes. Being single doesn’t equate to being irresponsible when it comes to money. In fact, you should take this opportunity to improve the way you handle your finances. Start by recognizing your financial mistakes from the list below.

Money Mistakes to Avoid in Your 20s, Especially If You’re Single

Living on Takeouts and Food Deliveries

money mistakes to avoid in your 20s

Food delivery apps may have been the best invention since sliced bread, but did it occur to you that you’re bleeding money because of it? Think about it: if you spend at least PHP 200 per meal from restaurants and you eat at least twice a day, you’ll end up spending PHP 12,000 a month. That’s a lot of dough. Good luck scoring a date when you’re broke af. 

Imagine turning that dough into a cookie by learning how to cook meals for yourself. It’s not rocket science anyway, all you need is a little practice and a good eye for grocery shopping. You’ll end up saving more money than half of what you spend eating out at restaurants. And if you’re good at it, you’ll end up enjoying dinners a lot more, even if you’re by yourself.

Saving Your Credit Card Details to Your Device

money mistakes to avoid in your 20s

Online shopping made everyone’s lives easier, especially during the pandemic. It also allowed everyone, especially single people usually with no responsibilities, to commit one or two money mistakes to avoid in your 20s. All you have to do is save your credit card information on your browser or phone’s autofill and boom, shopping for unnecessary stuff in a few clicks. 

Admit it, you’re guilty of this one. The obvious countermeasure is to delete your credit card information and disable your device’s autofill feature[1]. This will allow you to second guess the most mundane of purchases, now that you have to type your credentials manually. Save your money instead and focus on growing your wealth, not your collection of impulse buys.

Apply for a credit card at Moneymax today!

Keeping Your Spending Habits to Yourself

money mistakes to avoid in your 20s

“But I’m single and I don’t have that many friends. I’m not wasting money,” you’re probably thinking. The fact that you don’t have anyone to talk to about your spending habits is the perfect fuel to make money mistakes to avoid in your 20s. After all, most unplanned purchases[2] happen when your judgment is clouded, either by sadness, loneliness, or anger.

No matter how introverted you think you are, you should still strive to make meaningful connections with others. This will help you improve your mental health and will then lead to better financial decisions. Remember that having negative feelings is okay, but committing money mistakes to act on them is never okay.

Having a “Do It For the Money” Mentality

money mistakes to avoid in your 20s

It’s common for anyone to consider getting rich as their top goal in life, especially if you’re single and obligation-free. While it’s not a bad goal, making decisions solely to get rich will also get you nowhere. You probably took your current job right now because it pays well, but is it worth the long overtime hours, the stressful office politics, or the lack of promotions or positive reinforcements?

Aside from the salary, consider other things like career growth, working environment, and your own passion in choosing a career. Don’t overwork yourself trying to get rich. You won’t enjoy the money you make anyway if you let your health deteriorate on the job. Remember: It’s possible to make money out of things you’re passionate about. If you can afford it, go do it.

Believing that Love Will Fix All Your Problems

money mistakes to avoid in your 20s

Some even believe that having a girlfriend or getting married will magically inspire them to stop making money mistakes to avoid in your 20s. In reality, you’ll just end up passing the burden to your potential partner. What if he or she is the same financial wreck as you? What if the relationship didn’t work out? You shouldn’t base your financial decisions on your emotions.

Isn’t it better to build your wealth before searching for “the one?” Work on improving yourself first, especially on the financial side. After all, a financially independent person is more attractive than a carefree, come-what-may type of person. It’s not other people’s responsibility to take care of you. Give yourself some respect and do the fixing yourself.

Final Thoughts

Being single shouldn’t give you an excuse to spend like a millionaire. You may not have a love interest at the moment, but you still have your immediate family and close friends, right? If you think about it, no one is truly alone in this world. You’ll always have people in your life you can talk to and pamper with your efforts.

So if you don’t want to get your life in order, at least do it for the people who truly care for you. Don’t let your list of money mistakes to avoid in your 20s get longer by the minute. Start changing your ways while you still can. You deserve a financially healthy life, with or without a significant other to share it with.

This article also appeared in The Manila Times.

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