never yourself suddenly not plan ahead financially or to make purchases that you regretted later?
You 're not alone.
It is easy to make some missteps when you're new and still learning how to stick to a budget.
Although there are a few things other generations can learn millennium, here's a look at four errors money all-too-common make the millennium, as well as advice on what to do instead.
error # 1 :. Disclaimer Health Insurance
The Affordable Care Act (ACA) has expanded access to health insurance for people who can not have plans sponsored by employers
However a 2014 survey (by Princeton survey Research Associates International) found that adults about one in four aged 18 to 29 do not have health insurance, twice the rate of all other adults.
uninsured Americans may face penalties come tax time, but more importantly, a single accident or illness could cost them tens of thousands of dollars in medical expenses out of the poached.
This is a gamble most people can not afford to take.
If you are under 26, you may be eligible for insurance coverage your parents, even if you received a university degree and live on your own.
If you are 26 or over, shop for insurance through the federal health care exchanges or state
error # 2 :. Save cash money
A recent Bankrate survey found that more than a third of Millennials prefer to keep money they don 't need at least 10 years that cash.
This approach may seem safer than facing potential ups and downs of the investment. But with interest rates below 1%, the money kept in cash loses its spending power to inflation.
Meanwhile, the S & P gained 17% over the past year.
If you think you need the money within five years, experts generally advise you to keep money in cash as vehicles such as short-term CDs or money market funds.
But if you have a longer time horizon, consider investing money in the hopes of exceeding inflation
Mistake # 3: .. based on credit
Recent graduates should be trying to build a credit history so they can eventually qualify for a mortgage and preferred insurance rates
But if they too use the cards credit, they can reduce their score and spend extra money on interest.
2013 credit study found that Millennials tied with Generation X for the highest rate of credit usage of any other age group Experian. 37%
However, while Gen X had an average credit score of 653, the average score for children Millennium was over 20 points lower
renting a apartment and buying a professional wardrobe after graduation. are not cheap, but recent graduates that hold some of their college habits frugal (like living with roommates and eat cheaply) can help them avoid the temptation to load a storm
error # 4 :. Postponing retirement savings
from the age of 35 workers have rates 401 (k) participation of all the lower age group, reports the Center for Research on Retirement at Boston College.
This is a huge missed opportunity!
Millennials who have a society free game and not taking advantage of it are essentially missing out on the money of the free retirement. Registration means start cashing in on the benefits of compound interest over time.
Tell us!
What errors money have you made and what would you do differently?
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