1. Not knowing
We’ve said it before, and we’ll say it again: knowing how you currently stand financially is a huge part of your money-battle. Whether you’re in debt, at zero, or adding to your savings, it’s a great idea to check in regularly on your finances.
People with debt issues are quite likely to shy away from regular looks into their money. But how are you going to get better without knowing what you’re up against? Set a reminder on your phone, calendar or fridge to make a quick look at your statements.
2. Spending what you don’t have
Just like a chainsaw, a credit card is a great tool. And just like a chainsaw, if you don’t know how to use it you could get into some serious trouble. Only use the cash you have on hand for making budgeted expenses – don’t use credit to buy what you can’t currently afford. Save and wait – and you’ll stay out of debt.
3. Making late payments
Remember, missing payments on one credit card or bill can affect the rates you get on all of your cards and credit scores. Being delinquent on payments is a bad precedent to set – the more you do it, the easier it is to do it again. Stick to your regularly scheduled payments and reap those benefits.
4. Getting caught by ‘deals’
Sometimes a deal is too good to be true. When it comes to sales, coupons and special deals it’s easy to get tripped up. Don’t get caught up spending just because it’s ‘too good to pass up’. If you’re not in the place to spend, then don’t! Sales will come back around again
5. Avoiding upcoming expenses
Whether it’s car insurance, December holidays, birthdays or that vacation you’ve been meaning to take, expenses are coming! Don’t forget about them when you’ve got a bit of extra cash. Save for these special occasions (and scheduled expenses). If you don’t, get ready for more debt or tight months.
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