There are financial mistakes you may be making in your daily life. You may not even realize that you are making them. This little list can help you to eliminate a lot of financial mistakes you may be making. We can all use some help on our finances. Keeping your eyes open to ways you can improve your finances is a wise thing to do.
1. Not Keeping an Accurate Checkbook
One of the biggest financial mistakes you may be making is not keeping an accurate checkbook. When you don’t write down all that you are spending, a mistake is bound to happen sooner or later. If your checking account isn’t oozing with funds, this could mean a bounced check or even overdraft fees. Suddenly that check you wrote for a five dollar lipstick is costing you sixty some dollars and all because you did not keep an accurate checkbook. Balancing daily can help you stay on track.
2. Not Using Coupons
Not using coupons is another financial mistake you may be making. I am certainly not an extreme coupon person but I do use coupons if I have them. Many times you will find a coupon in a product you buy for the next purchase of the same product. Keeping those and using them can add up to savings for you. I generally save around $10 a week on my groceries just by using coupons that I have easy access to.
3. Not Comparing Prices
Ladies, you must compare prices! If I buy something and find out later that I could have bought it for five dollars cheaper on down the mall, I just feel sick! That could have bought me a latté and a cake pop! Who wants to miss that treat? Savings add up so compare prices.
4. Being Wasteful
You know the old saying, “Waste not, want not.” This is true. For example, you might have thrown something away that you could have used a little longer and saved yourself some money. I really try to discipline myself to finish hair products, perfumes and other beauty products. If there is a makeup product that I am not going to use, I give it to my daughter so that it doesn’t go to waste. Using things up saves you funds.
5. Splurging Too Much
We all need to splurge. I am sure in agreement with that statement. But you need to have a limit to your splurging. Maybe you could decide ahead of time what you are going to splurge on each week ahead of time. This prevents you from buying out of your emotional weakness.
6. Saving Too Little
Just like you can splurge too much, you can save too little. It is important to save money. It is good to have savings for an emergency fund, long term goals and even retirement. Even if you feel like you can’t save money, you really can. Even starting out with a very small amount will add up. Try starting with five dollars a week and working your way up, if you need to.
7. Paying Your Bills Late
Paying your bills late is a mistake that a lot of people make. Most of the time you have to pay late fees when you do that. They can vary in amounts, but any amount is too much in my opinion. Why give a creditor more money than you have to? Having a monthly plan of when and how you are going to pay your bills can prevent this from happening. Look at your paydays and your bill due dates and match them up.
Financial mistakes can creep in on all of us if we are not careful. What are some other financial mistakes you have made in your daily living? How did you fix them?