<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=331510594798275&amp;ev=PageView&amp;noscript=1">
Skip to Content Oregonians Credit Union Oregonians Credit Union
  • Save & Spend
    Save & Spend See an Overview
    • Current Rates
    • Disclosures
    • Fee Schedule
    • Credit Calculators
    • Savings
      • Regular Share Accounts
      • Youth Savings
      • Homebuyer Savings
      • Money Market Accounts
      • Club Accounts
      • Share Certificates
      • IRA Accounts
    • Checking
      • My Rewards Checking
      • My Interest Checking
      • Checking Comparison
    • Credit
      • Credit Cards
      • Overdraft Line of Credit
    • Digital
      • Digital Banking Online
      • Mobile App
      • Digital Payments
      • Mobile Wallets
  • Borrow
    Borrow See an Overview
    • Current Rates
    • Mortgage Rates
    • Loan Calculators
    • Mortgage Calculators
    • Auto
      • New & Used
      • First Time Auto Buyer
      • Local Car Search
    • Home
      • HELOCs
      • Fixed Rate Equity
      • Mortgages
      • Home Improvement
    • Personal
      • Personal Loans
      • Line of Credit
      • Share Secured Loans
    • Recreational
      • Bicycles & Electric Bikes
      • RVs & ATVs
      • Motorcycles
  • Plan
    Plan See an Overview
    • Retirement Calculators
    • Financial Planning
    • Insurance
      • Auto
      • Home
      • AD&D
      • Life
    • Protections
      • Guaranteed Auto Protection (GAP)
      • Mechanical Repair Coverage (MRC)
      • Debt Protection

    Featured Program

    Oregonians Financial Planning image with father and baby walking

    Oregonians Financial Planning

    Plan for the road ahead and manage your wealth along the way.

    Learn more
  • Business
    Business
    • Current Rates
    • Disclosures
    • Fee Schedule
    • Business Checking
      • Business Membership
      • Small Business Checking
      • Business Interest Checking
    • Business Loans
      • Commercial Real Estate
      • Investment & Rental Property
      • Equipment Loans
      • Term Loans
      • Credit Cards
      • Line of Credit
    • Business Resources
      • See all
  • Learn
    Learn See an Overview
    • Education Explore videos, blogs, fraud prevention tips, and our knowledge base of information..
      • InfORmed Blog
      • FAQs Knowledge Base
      • Fraud Watch
    • Financial Tools Browse calculators, applications, disclosures, and apply for hardship assistance.
      • Resources & Disclosures
      • Calculators
      • Hardship Assistance

    Featured Resource

    It’s a Money Thing

    Get money savvy fast with fun videos and lesson plans on earning, saving, and more!

    Learn more
  • About
    About
    • About Us
      • Who Can Join
      • Community Involvement
      • Scholarships
      • Latest Annual Report
      • Careers
    • Locations
      • Beaverton
      • Gresham
      • Milwaukie
      • NE Portland
      • Oregon City
      • Prineville
      • St. Johns

    CO-OP logo

    30,000+ fee-free ATMs

    Get cash at 30,000 fee-free ATMs nationwide, many of which will take deposits into your Oregonians accounts.

    Find an ATM
  • I want to...
    • Become a Member
    • Talk to Someone
    • Apply for a Loan
    • Open an Account
    • Check Loan Status
    • See Current Rates
Account Access
  • Forgot Password
  • Forgot User Name

Don't have an account?

Enroll
Routing #: 323075709
  • Locations
  • Rates
  • Contact
Call or Text: 503-239-5336
Join
  • I want to...
    • Become a Member
    • Talk to Someone
    • Apply for a Loan
    • Open an Account
    • Check Loan Status
    • See Current Rates
  • Locations
  • Rates
  • Contact
Account Access
  • Forgot Password
  • Forgot User Name

Don't have an account?

Enroll
Blog
    • Everyday Finance
    • Budgeting
    • Fraud Prevention
    • Finances
    • Savings
    • Holidays
    • Scams
    • Home Financing
    • Debt
    • Saving
    • Credit Cards
    • Investing
    • Car Buying
    • Fraud Watch
    • Home Improvement
    • Community
    • Homeownership
    • identity theft
    • Taxes
    • bills
    • Insurance
    • Travel Tips
    • Financial Wellness
    • Mortgage
    • retirement
    • vacation
    • Financial Security
    • shopping
    • Credit
    • General Health
    • Home Loans
    • car
    • house
    • investment
    • marriage
    • school
    • summer
    • 401(k)
    • Cash
    • frugal living
    • heloc
    • interest
    • job hunting
    • parenting
    • thanksgiving
    • winter
    • Auto Loans
    • DIY
    • Debit
    • First-Time Homeowner
    • Home Equity Loan
    • Home Inspection
    • Housing Market
    • Mobile Wallets
    • Mortgages
    • Personal Loans
    • Scholarships
    • Selling Your Home
    • Share Secured Loans
    • Spending
    • Student Loan
    • Telemarketing
    • Your Credit
    • camping
    • credit card
    • financing
    • gas
    • goals
    • grant
    • hacker
    • health insurance
    • heritage
    • insurance myths
    • insurance policy
    • kids and money
    • life insurance
    • malware
    • medical history
    • money management
    • mother's day
    • motorcycle
    • mutual funds
    • rv
    • samsung pay
    • security
    • single parents
    • skip payment
    • skipapay
    • spanish
    • stimulus
    • technology
    • thriving
    • trade in
    • wellness

Combating the Financial Mistakes of Our 20's and 30's

Oregonians Credit Union Oregonians Credit Union Jan 30, 2019 4 min

People starting out in their careers often focus on the here and now while ignoring the future when it comes to finances. As you climb the ladder of success, you tend to think that the raises and promotions will endlessly continue. It can seem like you have forever to plan for the future.

As millions of Baby Boomers will tell you, the future comes faster than you can imagine.

While there are lots of financial mistakes we can make, here are six that are common and avoidable. If you're starting out, know the pitfalls, and maximize your chances of avoiding them.

Mistake #1: Not Planning for Retirement

Retirement seems like a lifetime away, but the only way to make sure that you have what you need to retire is to start planning early. This is probably the most common mistake we make in our 20's and 30's. It is also the easiest one to avoid. If you start saving for retirement when you get your first job, even if it's a very small amount, you will establish the habit as well as start to build savings.

Short-term goals, like a new car, can overshadow what seems like the very long-term goal of retirement. However, it's wise to get your priorities straight early on so you'll reap huge benefits. As Suba Iyer, a financial writer, said, "When I started my first job. I thought retirement was too far away and I should be saving for some immediate needs like getting a car. The end result-I didn't save for retirement or a car or anything else. I just spent my entire salary."

Mistake #2: Spending Too Much on a Car

Speaking of cars ... that's something that trips us up when we're young. While it may make financial sense to buy a new car, be careful not to buy more car than you need. A flashy and expensive car may be tempting, but keep your long-term goals in mind and choose a car that serves your current needs without sabotaging your savings.

Mistake #3: Not Using a Budget

Unless you are fortunate enough to have parents who explained what a budget is and how to use one, you may have no idea where to start.

You may look at a budget as something you don't need because you are not making enough money, Or you may see it as something that will restrict your spending or is just too much trouble. However, a budget can help you at any level of income and can even give you financial freedom because you can see where you are spending. And they're less trouble than you think. It can be as simple as tracking money in and money out. As you make more money and your expenses get more complex, you can customize your budget from there.

Mistake #4: Overusing Credit

While most people know that credit cards can get us into trouble, it is very easy to fall into the debt trap. You start carrying a little balance on your credit cards and it builds up. You may then have to dip into savings to pay your credit card bills.

Avoid this situation by using credit sparingly and only for identified and planned purchases. Implement a plan to save for major purchases and pay for most, if not all, of them in advance. "Start shifting your mindset so that debt no longer seems normal and stop creating new debts," says Andrew Josuweit in a recent Forbes article.

Mistake #5: Having No Emergency Fund

For the same reasons we tend to skip proper retirement planning, we also skip saving for emergency situations. In our 20's and 30's, we tend to think we're invincible, but illness or job loss can happen at any time. An emergency fund should cover your expenses for at least three months.

Mistake #6: Not Having Adequate Health Insurance

While health insurance is expensive, it is short-sighted to skip this vital component of your financial portfolio. Just one hospitalization can get you off course and cause real financial hardship. Health insurance is not optional, and young people are the first to ignore this rule. The cost may seem prohibitive, but it comes back to priorities and future planning.

 

In your 20's and 30's, did you make mistakes you regret? Or, are you in this age bracket now and have questions about setting your priorities? Share your questions or words of wisdom here!

 

SOURCES:

https://lifehacker.com/the-biggest-money-mistakes-to-avoid-in-your-20s-1536804874

https://www.forbes.com/sites/andrewjosuweit/2017/03/23/8-money-mistakes-you-want-to-avoid-in-your-30s/#78979a693906

https://www.fool.com/retirement/2017/12/04/5-money-mistakes-to-avoid-in-2018.aspx

Topics Covered

  • Everyday Finance
  • Credit
  • retirement
  • Financial Security
  • Insurance
  • Budgeting

Subscribe to our Blog

Get the latest insights sent directly to your inbox.

Related Posts

Dec 20, 2023 4 min
Strategies for Overcoming Financial Stress
May 9, 2018 4 min
Saving on Mother's Day
Budgeting
Aug 7, 2024 4 min
Tips for Saving on Back-To-School
Everyday Finance
Sep 14, 2022 4 min
Cash, Credit or Debit-How Should I Pay?
Everyday Finance
Oregonians Credit Union

6915 SE Lake Road, Milwaukie, OR 97267 

Call or Text

503-239-5336

Out of Area

800-982-2974

Routing #

323075709

Download our App

  • App Store Download
  • Google Play Store Download
  • Save & Spend
    • Open a New Account
    • Savings
    • Checking
    • Credit
    • Digital Banking
  • Borrow
    • Apply for a Loan
    • Vehicle Loans
    • Home Loans
    • Recreational Loans
    • Personal Loans
    • Business Loans
  • Plan
    • Insurance
    • Protections
    • Financial Planning
  • Learn
    • Informed Blog
    • Fraud Watch
    • It's a Money Thing
    • Calculators
    • Hardship Assistance
  • Business
    • Business Accounts
    • Business Loans
    • Business Resources
  • About
    • Become a Member
    • About Us
    • Contact Us
    • Locations
    • Careers
    • Privacy & Disclosures
    • Accessibility Policy
    • Site Map
    • Digital Banking Login

  • NCUA
  • Equal Housing Opportunity
©2025 Oregonians Credit Union All rights reserved.

You are leaving OregoniansCU.com

By accessing this link, you will be leaving Oregonian Credit Union's website and entering a website hosted by another party. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Oregonian Credit Union's website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Oregonian Credit Union.

 

Subscribe