Kiplinger’s put together this list of 20 ways young people waste their money (although many of these bad habits are often held by folks old enough to know better).

Some of the tips are obvious: Don’t buy a new car or brand-name groceries, turn off your lights when you leave the room, cancel your cable to save money, etc. And sometimes it seems like a requirement among personal-finance columnists to mention the $4 latte.

Just about everybody already knows these things. But what are some of the more insidious money pits? We offer these from our archives:

• Credit cards that offer rewards frequently mean an annual fee and higher interest rates than cards that do not — and if you carry a balance, you’re probably spending more than you’re receiving back in perks.
• If you wait until your 30s to open that retirement account, you’re losing out on potentially hundreds of thousands of dollars in compounded interest. That’s a lot of lattes you could be drinking in retirement.
• Having a baby is expensive. Having 14 babies is really expensive. Be sure you’re financially stable before you start a family.
• Living in a state with a huge budget shortfall inevitably means you’ll pay higher taxes than if you choose to live elsewhere. (Here’s looking at you, California and New York.)
• Taking on student loans that exceed 15 percent of your gross earnings is a recipe for long-term debt. Something to consider before you pursue that MFA.

Be Sociable, Share!

•