5 Huge Financial Mistakes You May Be Making


Let's be honest. Money is a huge part of living in this day and age. Making sense of the best way to manage your finances is critical to staying on top. But, you could be making some huge financial mistakes that you may not be aware of.

Not Having a Savings Account
It's easy to get caught in the flow of your day to day life. You earn your dollars, pay your bills, and the cycle continues. However, not having a savings account is very big mistake. A savings account is utilized to cover those "just in case" or "in case of emergency" funds. Because let's be honest, it happens. Being able to pull from a separate account that doesn't interfere with your funds for bills is a necessity.

Not Investing In Retirement
I can admit that I am guilty of not investing in retirement when I was much younger. I had the mindset that I have years before really needing to focus on my life after retiring. But I've learned, the earlier the better. Ensuring that you're able to maintain your expenses once you retire is important. Just because you've stopped working doesn't mean your bills will too.

Not Keeping Track of Your Bills
How are you supposed to understand your finances when you don't know what's being spent? You should keep track of all of your bills. Especially if it's set to autodraft. I've once had a bill that took their payment twice in a month. I was able to catch hold of it and notified them that I was double charged because I kept track of my monthly bills.

Not Living Within Your Means
When you owe much more in bills than your earned income, you are not living within your means. This is very dangerous as it can lead to serious financial issues such as repossessions or bad credit. Understanding how much you make and what you can afford will defeat spending more than you are able to put out.

Not Paying Off Debt
I know. Student loans have been the worst, but I can't ignore it. It's still a debt that has to be paid. Not creating a plan to eliminate your debt will keep you in a place where you're constantly oweing money, and also ruining your credit. Keep in mind that the less debt you have, the more money you'll be able to have later.


5 comments

  1. I am guilty of too many of these! Right now we are focusing heavily on our savings account!!

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  2. We do all of these things and have even before we were married. So glad our parents both taught us the value of money and how to handle it. Helps my husband is in the banking field.

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  3. We are working on getting our student loan debt paid off. Such a pain and neither myself or husband even work in the fields we went to school for! lol

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  4. I am guilty of all of these but in the past year I have really cleaned my act up. It's nice to get a little reminder every once and a while though. Thanks!

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  5. I have definitely been implementing changes over the last 6 months to become better about how I manage my money.

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