Three Financial Mistakes of Young Families

I was very happy when Jessica shared with me last year about her new family life in the nearby city. Young families should have their own life. I encouraged and blessed her all the best. But when I met her last week, I was shocked to hear about her financial failure. Yes, she made the three main mistakes that every new couple commit.

An article from Finance Yahoo gave me some ideas regarding the mistakes that usually the young couples make.

1) They live without a budget

It is quite natural that young couples want to start a family with great expectations and they do not mind about borrowing and spending. They rush to grab whatever attracts their eyes.

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2) Failure to save

The young families do not think about saving since they postpone everything, taking it for granted. For them “todays are more important than tomorrows”. They convince themselves that they can manage the future as it comes.

3) Living above their means

This is another financial mistake almost every young family commits. They fall easily into the traps of living above their means. They are the masters to spend and they do not think about any future disasters.

Financial stability is also an important aspect of family life. Young families should think about it.

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About the Author

Paulose

I am a freelance writer, writing in many sites. I write on health, education, personality development, religion, etc. I have MS in Psychotherapy and Counseling, Doctorate in Alternative medicines, 36 years of teaching experience in Tamil Nadu, 2 years of Clinical experience in Kerala, many medical certificates to my credit above all a loving heart. I want to write a lot and reach the world.

7 Comments on "Three Financial Mistakes of Young Families"

  1. This is wonderful advice @Paulose for all the young ones out there.

  2. Hi, @paulose! I would like to add that we also need to invest. Savings is not enough. We need to make our money grow.

  3. We mut be contented, knew how to manage our earnings and learn business so that we cannot commit these mistakes

  4. Actually I see one problem that most financial experts are completely ignoring when they give advice to today’s young families: most people starting out in the workforce today are faced with lower earning power than ever before and a high cost of living. It’s not that young families are choosing to live beyond their means at all; it’s that employers fail to pay a living wage.

  5. Young families are characterized with expenditure. And this so ill-financial to such families

  6. I think it’s really hard to be young and have a young family these days. I’m turning 26 soon and I don’t have my own family yet. There’s the dream of having one but I just can’t afford it right now.

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