Even the best of us are guilty of making financial mistakes that can really cost you down the road. We are stretching your dollar with a look at five common money missteps.
These come from in Money Talks News.
- Carrying a credit card balance when you have money in the bank. Your credit card interest rate is probably at least 10% to 20%, right? It makes no sense to leave money languishing in savings when it could be helping you avoid spending on credit card interest.
- Going into debt for purchases that lose value, like expensive clothing
- Spending a lot of money on something you barely use, like the top of the line power tools for a random weekend project or one-use wedding or party outfits.
- Forgetting about trial subscriptions, returns and other small opportunities to get your money back or keep it from being spent on something you don’t want
- Missing out on the 401k match from your employer. Too many people leave free money on the table.
An extra money misstep tip: living without a budget. Those lunches out and daily coffees really add up and can be thousands of dollars by the end of the year.