Money Mistakes You Cant Afford to Make

Little financial missteps can add up to a lot of lost loot over time. And, that’s just not okay in any way. Unfortunately, there are some things you can’t control. For instance, there’s the wild stock market. But then again, you can control your own cash flow. Problem is, most of you are slowly sabotaging your bank accounts without realizing it. And a stream of minor money slip-ups can seriously threaten long-term financial security.

From now on, you must never be financially apathetic. If you’re like many people, you may have fallen prey to what experts call ‘financial vagueness.’ Basically, you don’t know where your money is going.

Being on cruise control might not seem like such a big deal, especially if you live comfortably. But it leaves you without a master plan for getting the things you want in life. To mend this sad and sorry situation, you need to set specific goals.

Without these goals, you’re running a race with no finish. Most folks know their desired weight and how many pounds they have to lose to get there, but they don’t know how much money they need to live on.

So, start by writing down your short-term and long-term goals. The former are big-ticket items such as mortgages, major appliances, and vacations. Figure out how much the item or experience is going to cost, then come up with a monthly saving plan. Your best bet is to open a high-interest money market account in which your money will grow.

Saving for long-term goals, such as retirement, will require more legwork from you, but starting with a financial tool can help you calculate how much cash you’ll need in your post-work years.

Stop cash leaks right now while you still can. If you’re like the average Joe or Jane, you spend a significant amount of cash on mystery expenses. The cash is gone, and you just can’t pinpoint where it went.

If the idea of jotting down every penny you spend makes you want to stick something in your eye, just turn to your laptop. Web-based software sites helps you track all your expenses, even if you’re on the road.

More importantly, never pay off your debts in the wrong order. Sure, a five-figure balance on your loan or mortgage can be scary. But believe it or not, it’s the smaller stuff such as your credit card balance that can really do you in. So, pay off credit cards first.

If you have several balances to pay off, start with the card whose balance is closest to its limit. Maxing out or carrying a high balance damages your credit score.

Once that’s down to half the credit limit or less, start working on the card with the highest interest rate. You could also look into refinancing. Your loans aren’t as much of a priority to pay early because the big-ticket balances earn you tax deductions.

But make those loans more manageable with this option. It can lower your interest rate, reduce your monthly payment, or shorten the life of your loan without much of an interest in what you pay monthly.

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