Avoiding Money Mistakes

dueling piggiesIt’s a common theme that you hear repeated by the personal finance gurus – and the anxious folks who call them up on their radio shows: Why don’t they teach this stuff?

I think that life gets complicated, and the simplest lessons, such as “Don’t buy stuff you can’t afford,” get lost in the hustle.

So it’s helpful when somebody – MoneyTalksNews, in this case – types up a list of common money mistakes. We have all made a few of these. For instance, I waited YEARS to take advantage of my employers 401K matching, and I am still catching up! Others, I finally caught on; I haven’t bought a new car in years, and I try to pay off my credit cards every month. But, your mileage will vary, as they say.

So what are some common money mistakes? Here are a few:

  • Keeping up with friends
  • Letting indulgences become habits
  • Signing up and spacing out (Your first month is free. After that…)
  • Buying a new car
  • Buying almost anything else new
  • Paying interest on credit cards
  • Ignoring your employer’s 401(k) match
  • Borrowing to buy stuff that loses value
  • Chasing credit card rewards
  • Living with no emergency fund
  • Letting bank fees drain your accounts
  • Raiding your retirement savings

Fortunately, this article not only identifies the traps, it also offers some useful how-to for making smart money moves instead. But again, it’s not always quick and easy. It takes time and discipline. Anyway, check it out!

So, I told you a few of the money mistakes I made – mostly when I was younger. How about you? Did you make a few? How did you climb out of it? What did you learn? Let us know over at the MindField Online Facebook page!