7 Ways Millennials Accidentally Ruin Their Finances

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Last updated Feb. 20, 2024 | By FinanceBuzz Editors
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As much as making a mistake with your hard-earned money can stink, it's nothing to be ashamed about. Through these missteps, we can learn and grow.

But, if you can avoid learning the hard way, why not seize the opportunity? Here are a few of the most common ways that millennials accidentally hold themselves back financially — and how to avoid these traps.

Pay off $10,000 or more of your debt

Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.

National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.

How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you take the first step.

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Earn $200 cash rewards bonus with this incredible card

There's a credit card that's making waves with its amazing bonus and benefits. The Wells Fargo Active Cash® Card(Rates and fees) has no annual fee and you can earn $200 after spending $500 in purchases in the first 3 months.

The Active Cash Card puts cash rewards back into your wallet. Cardholders can earn unlimited 2% cash rewards on purchases — easy! That's one of the best cash rewards options available.

This card also offers an intro APR of 0% for 15 months from account opening on purchases and qualifying balance transfers (then 20.24%, 25.24%, or 29.99% Variable). Which is great for someone who wants a break from high interest rates, while still earning rewards.

The best part? There's no annual fee.

You’ll need good or excellent credit (typically 670 or higher) to qualify.

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Get the one budgeting app that truly does it all

Ever look at your bank account and wonder where your paycheck went? *Poof,* it's gone … and you have NO idea how you spent it all so quickly.

A budgeting app like Rocket Money could end this problem for you.

Now, some insider info: They *do* have a free version of the app ... but the real money-saving power is found in their premium subscription.

Select a premium subscription when you sign up, and you’ll unlock features that actually save you the most money possible. Like their “Cancellation Concierge,” which automatically cancels subscriptions for you. (It’s pay-what-you-want for premium, too — as little as $3 a month!)

With your premium subscription, you’ll also be able to create unlimited budgets, see your full credit report, and get automatic “smart savings” that help you grow your savings on autopilot.

Download Rocket Money

Don't let home repairs drain your bank account

Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more. Not being able to make repairs could leave you in a bad situation — but a home warranty could protect you against surprise expenses.

Whether you’re a brand-new homeowner or you’ve owned your home for years, a plan from Choice Home Warranty could pick up the slack where homeowner’s insurance falls short.

If a covered system in your home breaks down, you can call their hotline 24/7 for assistance to get it repaired. They have a network of over 15,000 technicians that can assist you, making sure any issue can be taken care of swiftly — without breaking the bank.

Not sure if it’s for you? Rest easy: they were named one of the "Best Home Warranty Companies" by US News 360 Reviews and were awarded Best Company's 2020 Consumer's Choice Award. For a limited time, you can get your first month free when you sign up for a Single Payment home warranty plan.

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Ask this company to pay off your late tax debt

Each year, the IRS forgives millions in unpaid taxes. If you have more than $10,000 in tax debt, or have 3+ years of unfiled taxes, you could get forgiveness too. You might be eligible to lower the amount you owe, or eliminate your tax debt completely.

Easy Tax Relief could help you lower or get out of your tax debt for good. They’re well respected in the industry and have been recognized for their ethical standards when dealing with tax debt. While most tax companies just put you on a payment plan and file your taxes for you, Easy Tax Relief talks to the IRS directly. They can help you pay off your tax debt faster while potentially reducing what you owe.

Important: Not everyone will qualify. To take advantage of this special program you must owe more than $10,000 in past-due taxes.

Fill out this form to get started

Get a free stock valued between $5 to $200

Robinhood is a great option for both new traders and seasoned investors.

With Robinhood it’s completely free to buy and trade stocks, options, and more. All trading is commission-free with no account minimums or maintenance fees. They’ll even give you a free stock in a company like Apple, Sprint, or Ford.

Sign up using the link below and Robinhood will add 1 free share of stock (valued between $5 to $200) to your account when your brokerage application is approved.

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Want to learn how to make an extra $200?

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