Having a successful financial future is as much about avoiding mistakes as it is always making the right financial moves. The following money mistakes are important to avoid because they can spiral out of control quickly. Knowing the mistakes to avoid is very important financial knowledge to grasp.
Download or print "THE MONEY MISTAKES TO AVOID - TIPS FOR A MORE SUCCESSFUL FUTURE" PDF
- Living without a budget is one of the most important mistakes to avoid during your lifetime. Your budget helps you make so many important decisions from how much house or car payment to have to where you can find money to save for purchases instead of using debt.
- Failing to start your 401k at the company match is a critical retirement planning mistake because you are missing out on free money. This missed opportunity will have impacts on the rest of your working life.
- Using debt for all of your major purchases should also be avoided. The primary reason is that you will end up paying more for the goods you are purchasing because of the interest you will pay on your debt.
- Having poor financial habits is also a mistake to avoid. You need to be able to discern between needs and wants, always comparison shop on all purchases, avoid impulse buying, shop with a list and always look and use all available discounts, coupon and loyalty programs.
- Letting your credit score deteriorate should always be avoided. A poor credit score will cause you to pay more for loans and possibly insurance. Additionally you might be denied certain money saving services.
- Not planning for your financial future is also an important mistake to avoid. When you are younger, doing it alone might be okay but as you mature, finding professional help is key to building a strong financial future.
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