Simple Money Mistakes
Try these easy financial wellness tips
Dealing with money becomes a lot easier when you don’t get in your way. There are enough obstacles out there in the world that can make your financial world difficult. Don’t be your own worst enemy. Here are some common money mistakes that are just as easily avoidable.
Not Tracking Spending
You’re making things unnecessarily hard on yourself if you don’t have an airtight budget. You might not think tracking every penny you spend matters, but it all adds up. And fast. Make sure you have a budget that is detailed enough that your spending and saving fit your goals and lifestyle.
Subs after Subs
Do you need 17 different monthly subscriptions? Do you even use 17 monthly subscriptions? The answer to both of those questions is likely “no.” One of the easiest ways to get out of your way is to stop paying for things you don’t use. Comb through your subscriptions and cancel the ones that are dead weight.
Credit cards are a useful tool, but just like a hammer, they can be painful if not used properly. Do your best to avoid carrying credit card debt. If you can’t pay off an item at the end of the month, don’t buy it. The interest that you deal with when carrying credit card debt is never worth it.
No Long Game
You must save for retirement. No matter how small the amount of money is, a little is better than nothing. If you have a retirement plan, try to max it out and get the employer match. Make sure you have a long-term strategy in place so that you set yourself up for success later in life.
Chris O'Shea/SavvyMoney 2023