TOP 5 MOST COMMAN FINANCIAL MISTAKES

TOP 5 MOST COMMAN FINANCIAL MISTAKES  

Here we'll take a look at some of the most common financial mistakes that often lead people to major economic hardship. Even if you're already facing financial difficulties, steering clear of these mistakes could be the key of survival . 

1. NEVER - ENDING PAYMENTS - Ask yourself if you really need items that keep you paying every month, year after year. Things like cable television, music services, or high-end gym memberships can force you to pay unceasingly but leave you owning nothing. When money is tight, or you just want to save more, creating a learner lifestyle can go a long way to fattening your savings and cushioning your self from financial hardship .

2. LIVING ON BORROWED MONEY - Using credit cards to buy essentials has become somewhat commonplace. But even if an ever-increasing number of consumers are willing to pay double - digit interest rates on gasoline, groceries, and a host of other items that are gone long before the bill is paid in full, it's not wise financial advice to do so. Credit card interest rates make the price of the charged items a great deal more expensive. In some cases, using credit can also mean you'll spend more than you earn .

3. SPENDING TOO MUCH ON YOUR HOUSE - When it comes to buying a house, bigger is not necessarily better . Unless you have a large family, Choosing a 6,000- square-foot home will only mean more expensive taxes, maintenance, and utilities. Do you really want to put such a significant, long-term dent in your monthly budget? . 

4. NOT INVESTING IN RETIREMENT - If you do not get your money working for you in the markets or through other income - producing investments, you may never to designated retirement accounts is essential for a comfortable retirement .

5. USING HOME EQUITY LIKE PIGGYBANK - Refinancing and taking cash out of your home means giving away ownership to someone else . In some cases, refinancing might make sense if you can lower your rates or if you can refinance and pay off higher - interest debt . 

CONCLUSION - TO STEER YOUR SELF AWAY FROM THE DANGERS OF OVERSPENDING . START BY MONITORING THE LITTLE EXPENSES THAT ADD UP QUICKLY , THEN MOVE ON TO MONITORING THE BIG EXPENSES .

#personalfinanceandinvesting  #financetips  #savingmoney 

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