A post last week on The Simple Dollar listed ten financial mistakes the author had made in 2009. I liked the concept and decided to “steal” it. (Hope you don’t mind Trent!)
My list is only five mistakes long because, well, I’m 18 and I’m not involved in enough areas of finance to make more mistakes. 
I quit my job. I started working at a large clothing retailer in November of 2008. Then I quit in March of 2009 because I was supposed to go back to work at my other job. That job never came back into existence.
Solution: Don’t terminate employment until you have actually 100% secured other employment.
I didn’t save much money. This goes hand in hand with quitting my job. Loss of income=less money to save. Still, I could have saved a bit more.
Solution: Once income becomes more predictable, both in amount and timing, setup automatic electronic fund transfers to my ING DIRECT savings account.
I bought an iPhone. First of all, I shouldn’t have dropped $100 on a cell phone. And I had no business purchasing the mandatory $30 per month data connection.
Solution: When my contract is up in the beginning of 2011, I’ll pick up a free (or cheap) cell phone that doesn’t require a data package (unless my income significantly increases).
I waited to start blogging. I had thought about starting a personal finance blog way back in early 2009, but never actually wrote anything until November. Why is a this a financial mistake? Blogs can make a decent chunk of change through advertisements, but it takes time to build traffic. Plus, writing about money has the positive effect of me managing mine better.
Solution: Stop thinking so much about the why and how when new opportunities become known.
I spent too much money on stupid things. While the iPhone was/is too expensive, at least it adds a decent amount of value to my life. Cappuccino, Coca-Cola slushies, Slim-Jims, and the like on the other hand eat away at my checking account but don’t provide any value.
Solution: Define spending priorities with more detail and track spending more closely.
It’s good to reflect and recognize mistakes, but I won’t be loosing any sleep over them. I’m young and none of these are going to significantly harm my future. Live and learn!
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Quitting a job at your stage in life can be a positive financial move (if done intentionally and for specific reasons). Notably, the jobs you’re working now are low-wage jobs that take up a lot of spare time. If you leave a job to focus on your studies, you may find that the payoff in higher grades (and by extension better scholarships, potentially admission to a better school which will in turn lead to better career opportunities) will outweigh the short-term financial cost.