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Finance

Money Problems Teens And Twenty Year Olds Can’t Avoid

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When you’re in your twenties or late teens, you might not worry too much about money. You might spend a little too much here and there, but it doesn’t matter. After all, as long as you’re making enough cash does it really matter? But then there are heavy issues that you’ll no doubt have to contend with. They really can put a nasty dent in your bank balance, so it’s important that you know how to deal with or avoid them.

money problems

Rent Deposits

Oh dear, this is a headache you’ll have to handle as a student probably. When you rent accommodation, you will be asked to pay a large deposit. This is to cover any damages that you might cause while you’re living in the apartment. It might also be used to fix maintenance problems that you didn’t handle while you were living there. It seems unfair, doesn’t it? Particularly, if you looked after the apartment and kept it tidy during your stay.

Luckily, there are easy ways to avoid losing a couple thousand on a rent deposit. First, you need to make sure you take photos of the apartment to document the state it’s in when you move in. Make sure you look for any signs of wear and tear. You’ll have about two weeks to note any issues and send it to your landlord. Once you have a copy of any damages that were there before you moved in, you have proof it wasn’t your fault. Due to this, you should get your deposit back. However, you’ll also be expected to clean the apartment from top to bottom and make sure it looks absolutely fantastic.

Legal Woes

money problems law

When you’re young, you’re understandably a little more reckless and carefree. This can lead to you experiencing legal issues that could be quite costly. For instance, you might risk having a drink or two and driving when you’re younger. You think you know your own body and you can handle a car, even after a few glasses. But that doesn’t matter because if you get pulled over the cops won’t care how well you were driving. Top rated DWI attorneys can get you off without charging an arm and a leg, but you’ll have to research different firms carefully. If you are charged with a crime like this, it’s important to hire a great attorney. Otherwise, you could end up losing more than your money.

Buying A Home

money problems home

Finally, as you approach the end of your twenties, you’ll begin to think about buying your own home. There are a few things you need to be aware of here. First, saving up a deposit isn’t the main concern. It’s the mortgage payments that are a real killer. If you can’t afford them, there is no point even considering buying property. You would be better to rent until you have more cash to afford a better mortgage deal. Don’t automatically assume that you should be jumping on the property ladder when you are still young.

These three things in life can end up putting you in debt, if you don’t handle the finances properly. The best advice regarding money in your young adult years is to save up, because you never know what’s around the corner.

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