First of all welcome to Monday :)! Let's hope it's Money Monday for all.
Today we'll be digging into the top 5 Money mistakes that you're making. We'd like to say though that there is a learning opportunity rather than a "mistake" however for simplicity let's call them mistakes.
Top 5 money mistakes you're making (in no particular order)
- Not knowing where your money is going - if there was going to be a #1, this would be it. If you aren't aware of where your cash is flowing and how your finances are going then you're making a big money mistake
- Taking others advice on how to spend your hard earned - If you're keeping up with the Jones', then you are probably in a decent amount of consumer debt for things you don't "need". By taking others advice on where or what to spend your money on, you're likely to end up with regret
- Spending too much on the big ticket items - While it is great to have nice cars, houses or vacations, is there a "better" or less expensive way to still enjoy the experience or material possession? Rather than accepting that you have to grab the latest iPhone is there something else you could put that cash towards
- Not focusing on the little expenses - Sure there's financial "experts" out there who claim the small expenses don't matter and there is much more to life than this, the small expenses can add up to big amounts. Rather than clipping coupons or becoming obsessive over every $2 you spend, spending consciously and considering if you need to buy that extra batch of pancakes or eating a healthy banana is as good, if not healthier
- Focusing only on the expenses side of the equation - Looking to cut expenses can be great although there is a limit to how much of this you can do. Get interested in how you can increase you income as well. This could be through changing roles, learning new skills (formally or informally) or asking for a raise.
These are the top 5 we've identified, which ones do you feel affect you the most?
Are there any of the above you'd like to know more about?
This article was inspired by us attempting to improve upon this vague piece of writing, check it out though as it does offer some tips :)!
In the meantime, enjoy some virtual pancakes and remember to live your Money Glee!