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!