Six Common Financial Mistakes You Can Easily Avoid

Thursday, December 31, 2015, AM | Leave Comment

Overspending may be normal in the U.S., but that doesn’t mean it’s any easier on your lifestyle. Whatever financial hardships you may be facing, you’re not alone.

Luckily, you can learn from the mistakes of others to steer clear of avoidable missteps.

The following six mistakes are far from rare and they’re all things you should prevent at all costs.

6 Common Financial Mistakes You Can Easily Avoid

  1. Spending Too Much

    Even if you have a lot of money, that doesn’t mean you need to frivolously spend it.

    Getting a fancy coffee every morning, eating dinner out most nights a week and going shopping for items you don’t really need may not seem like extravagant expenses at the time, but they will eventually add up.

  2. Paying for the Same Things Every Month

    There are a number of things you pay for every month that are unavoidable, like your utility bill and car insurance.

    Other things, though, continue to wreak havoc on your bank account without actually giving you anything to show for it.

    Take a good look at your recurring payments and decide what you can live without.

  3. Paying Too-High Fees

    Every financial tool that claims to help seems to have hidden fees that cost more than you bargained for.

    Make sure to read the fine print before signing up for an offer.

    Some places, like sharemoney.com, will only charge a low fee for a reliable money transfer service.

    Other places may have high rates for the same service, so don’t waste your money on fees.

  4. Borrowing Too Much

    When you use your credit card, you’re not just paying for the item you’re purchasing, you’re also paying for interest.

    Even if your credit card doesn’t charge interest until the following month, if you can’t pay the balance in full every few weeks, you’ll end up paying much more than you wanted to in interest fees alone.

  5. Purchasing a New Car

    There’s nothing wrong with upgrading your ride, but it’s not good to buy a car you can’t afford, especially if you’re tight on money at the moment.

    If you don’t have the cash for a new car, you’ll end up paying a car loan that can cost several hundred dollars every month.

  6. Buying Too Big a House

    Unless you have an enormous family, you don’t need an enormous house. The taxes, utilities and maintenance alone will cost an arm and a leg every month.

If you’ve been living beyond your means, you know how hard it can be to make ends meet.

Instead of struggling with your finances every month, commit yourself to fixing the mistakes of your past and avoiding all-to-common mistakes in the future.

Spending less and saving more will pay off big time.

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