So many Nigerian want to be financially independent. However, it is a struggle for many, especially for millennial. It’s not actually impossible if you gain the right knowledge and commit to making smart money decisions like [url=fundall.io]saving and investing your money[/url], avoiding bad debts, increasing your financial knowledge.

Many millennial fall into the trap of waiting around for the “right time” to start saving. The “right time” is always as soon as possible. If you haven’t started saving, it’s time to identify your bad financial habits and fix them immediately.

Here are the 3 biggest money mistakes that young people make:

1. Not having a rainy day fund and an emergency fund
If you ask young people what their biggest goals are, buying an expensive car, living the life is usually what they will tell you. But building a rainy day fund and emergency fund? Nope.

First, it’s important to understand that these are two entirely different things. An emergency fund is your safety net in case you run into financial emergencies such as a job loss, illness or injury. A rainy day fund is intended for smaller, more predictable expenses.

Typically, an emergency fund should provide at least three month cushion of living expenses. To calculate how much you need for your rainy day fund, estimate your potential future expenses such as utilities, groceries.

2 Spending at the rate of their earnings
As a young person, living in the moment sounds better than planning for the future. But you’ll never reach financial freedom if you keep increasing your spending as your earnings go up.

That means: Don’t upgrade to a bigger apartment just because you got an increase in salary. Don’t plan for an expensive vacation just because you got a bonus. Rather, focus on the bigger picture and save that money or use it to pay off any existing debt.

With just some minor belt-tightening, you can grow your money and spend it on more important goals such as buying a house, early retirement, protecting your family.

3. Not saving for retirement
Waiting to long to begin saving for retirement is a huge mistake you should not do.
The general rule is to put at least 15% of your pre-tax income each year into a retirement account.
One common excuse from millennials is: “But I don’t make that much money.” If that’s the case, work on restructuring your lifestyle so you can live on less than you make. Even setting aside just N5000 a month can make a difference.

Wondering how you can save for rainy day funds, emegency funds, get financial advice tailored to you retirement or save for retirement you should signup at [url=fundall.io]Fundall[/url] via [url=dashboard.fundall.io]dashboard.fundall.io[/url].
Fundall is a digital platform that uses behavioural economics and artificial intelligence to help people manage and grow their wealth.

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