Big Mistakes With Money

Business - General
By: EmmaRileySutton    
03-Nov-2010

Introduction:Money can be tight, no matter what the economic times may be. With high unemployment and jobs still disappearing, money is even tighter than normal. It is never a good time to make big mistakes with money and these are a few of those mistakes that should be avoided.

  • 01

    Savings

    Not contributing to your savings accounts is a big mistake with money. No matter how little your income may be, you must continue to set some of it aside. This holds true with your 401k plans and other forms of savings. If you don't put it away for your future, it is impossible for you to have it then.

  • 02

    Interest

    Paying interest is a big mistake with money. Paying high interest rates is even a bigger mistake with money. Some interests rates can't be avoided such as a mortgage, but you should do all you can to get the lowest rate possible. When transferring balances from a high interest credit card to a low rate credit card, check on the fees and penalties that may be involved.

  • 03

    Fees

    Paying fees is a big mistake with money. Avoid as many fees as possible. Annual fees on credit cards, ATM fees and other bank fees should be avoided like bed bugs and the Plague. Check all your statements and receipts for fees. Late fees on credit cards, utility payments and the like should also be avoided. These little fees add up quickly.

  • 04

    Extravagance

    Extravagance is another big mistake with money. Coffee from Starbucks is an unnecessary extravagance. One thousand cable channels is an extravagance. Paying high prices for expendables such as cleaning supplies and even some clothes that will be rarely worn are also extravagances. Take a hard look at where your money is going and make wise choices as to whether or not you really need those items.

  • 05

    Impulse Buying

    Impulse buying is a big mistake with money. Avoid fast food restaurants and the candy in the check out line. These may sound like small amounts, but they add up quickly over time. Avoid the so-called "buys" at the grocery store; two for the price of one isn't a good buy it it isn't something you will use. Many times clothing is an impulsive purchase. Take the time to consider your purchases before you make them.




Final Thoughts

Mistakes with money must be avoided. Once it is out of your hands, it never comes back. It is gone forever. Make sure that when you spend your money it is being spent on something that is necessary and important so you won't be having regrets later.




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