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Study after study has revealed that we all make mistakes with our money. These mistakes, of course, end up costing us big time. Here are some of the basic mistakes that most often occur. Make sure to avoid them or end them now.
The biggest mistake nearly all of us make with money is one of timing. Simply put, we don’t take action today and then come to regret it. When should you start saving for retirement and a new home? Now!
I was never a huge fan of math, but there is a simple formula even I can follow when it comes to finances. That formula is do not spend more than you take in. It sounds simple, but studies show a majority of us spend excessively.
Credit should be viewed as something you can tap into in a tough situation. Unfortunately, many of us make the mistake of living on credit as a part of our daily finances. Don’t! Get out of debt and start keeping your own money.
Do you really need that? Americans are massive consumers. We buy all types of things that seem great, but depreciate quickly. Don’t make impulse buys. Don’t let your emotions get the better of you. Remember, that new computer will be out of date in a year.
Satan is amongst us this very day. He is issuing us credit cards! Fight back! Cut them up. Nothing is a bigger mistake or waste of your money than credit card debt. If you don’t like cash, use a debit card.
I received a statement today from the Social Security Administration. After working for upwards of 30 years, I was notified I will receive a whopping $1,100 a month when I retire. Oh, joy. Start saving for your retirement yesterday!
According to financial gurus, the real estate bubble would never pop. Now, they are saying it will never recover. This should tell you everything you need to know about financial gurus. They are useless, so don’t spend a dime on their advice.
Keeping up with the Jones is only going to accomplish one thing in your life - stress. Figure out what makes you comfortable and plan your finances accordingly. You don’t need the latest SUV and so on. Be you and you will be happy.
We all need a little breathing room every so often. They way to do this financially is to figure out your total yearly expenses. Now save up that amount and put it in some safe investment. You now have security for a year regardless of what happens.
If you read back over the proceeding paragraphs, you will note two common themes. First, live within your means. Second, use common sense when considering investments. Stick to these two themes and you’ll be in good shape.
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