I finished college just before I turned 19 and got hired even prior to graduation so when I turned 20 years old, I thought I was living the perfect life. Good job, living with my parents so no housing costs, a hand me down car from my older sister so no car loan to pay for. Looking back to my 20s, I did everything wrong. And although I'd like to say I'd do things differently if I had a second chance, truth is, I wouldn't because although I made mistakes I definitely learned from those mistakes.
- impulse shopping and shopping sprees - I can't recall a time in my 20s when I wanted to buy something and first thought "hmm.. do I really need this?" or "Can I afford this?"
- gambling - In my 20s, I dated a guy who enjoyed gambling and I often found us at the VLT lounge and casino. I couldn't even try to guess the amount of money I threw away on gambling
- eating out - Same guy (looking back, it wasn't the healthiest relationship... that's another post), we ate out a lot, possibly 5 times a week.
- travelling - In my 20s, I also travelled alot and never actually saved any money first before travelling. Travelling also came with a "Go big or go home" attitude
- non-existent savings - One thing I did right was starting my RRSP contributions as soon as I started working. I thought that RRSPs were enough in terms of savings. I never thought about any other investments or even having a emergency fund