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Starting out a career is one of the bright spots of a 20-something’s life. College ends and adventures in the real world begin. Unfortunately, starting salaries are not that great. Things don’t really pick up pay wise for most until they enter their 30’s. 30-somethings do need to be careful with their money. Resisting the urge to spend one’s money foolish and avoid other financial mistakes has to be a top priority. Otherwise, the days on the calendar will arrive at a penniless retirement age.

Amassing Huge Amounts of Credit Card Debt

Young persons end up being easily approved for credit cards once their income and credit history helps facilitate approvals. A lack of worldly and fiscal experience leads many 30-somethings to use credit cards with abandon. This leads to building up incredible amounts of debt that are extremely difficult to pay off. In fact, a person could lose years and years of savings and investing because money ends up being directed towards credit card payments.

And what was all that money borrowed for in the first place? A whole lot of unnecessary luxury purchases. Don’t make the common mistake of borrowing heavily on a credit card. Doing so only creates major troubles.

Ignoring Retirement Planning

Since retirement is upwards of three decades away, why is there any rush to put money away? There are all sorts of reasons why putting money away as early as possible is important. The more money saved earlier means, in addition to building up a solid nest egg, there end up being more years of compounded interest and more money.

And playing catch up with retirement savings at age 51 is no fun. Nor is it likely to yield a nice nest egg.

Not Buying the Right Insurance

Insurance is incredibly important. All different types of insurance. Health insurance, auto insurance, renter’s insurance. Even career-related insurance such as personal trainer liability coverage is worth investing in.

Not having the right insurance in place can lead to financial devastation. Stunningly, there are still those who choose to avoid purchasing health insurance. Illness and accidents can lead to bankruptcy-inducing medical bills. These bills could be avoided with the right policy in place. And is the liability coverage on an auto policy high enough?

Take insurance seriously. Otherwise, the consequences could be devastating.

Not Examining Finances Prior to Marriage

Marriage comes with many responsibilities and a host of those responsibilities are financial. Examining the costs associated with life together is important in order to properly budget that life.

Buying a beautiful — but unaffordable — home is a path to financial ruination. Properly budgeting before getting married could lead the union down the right path and one that avoids fiscal problems.

Get Serious Now

As the saying goes, life goes by quickly. Educating oneself early about money mistakes could reduce the chances of making huge money errors while 30-something. Getting serious about money matters right away should increase the likelihood of avoiding common money disasters while young.