{"id":8249,"date":"2011-05-20T06:48:10","date_gmt":"2011-05-20T13:48:10","guid":{"rendered":"http:\/\/rosalindgardner.com\/blog\/?p=8249"},"modified":"2019-02-13T08:23:39","modified_gmt":"2019-02-13T16:23:39","slug":"5-common-money-mistakes-and-how-to-avoid-them","status":"publish","type":"post","link":"https:\/\/rosalindgardner.com\/blog\/5-common-money-mistakes-and-how-to-avoid-them\/","title":{"rendered":"5 Common Money Mistakes and How to Avoid Them"},"content":{"rendered":"

While it's great to learn how to make more money – learning how to manage your money is also extremely important (says the girl who could have \/ should have bought 2 more houses instead of closets full of clothes. Ugh.) So, today's article by Finance Expert Brandon Lamb is a lesson for all of us. \ud83d\ude42<\/em><\/p>\n

\"\"It\u00e2\u20ac\u2122s a fact that most of us spend way more money than we should. We get cash out ATMs that aren\u00e2\u20ac\u2122t affiliated with our bank ($3 applied by the bank that owns the machine\u00e2\u20ac\u201dostensibly for the convenience of it\u00e2\u20ac\u201dand another $3 applied as a penalty by our bank for taking advantage of the convenience), we order $2.50 Cokes at restaurants, even though the waiter brings us ice water free of charge. We pay $12 for a bucket of greasy popcorn at the movies, when a whole bag of Redenbacher\u00e2\u20ac\u2122s unpopped kernels costs only a $1 at the grocery store.<\/p>\n

Changing these habits requires a new way of thinking. The following suggestions can help you change your mindset.<\/p>\n

    \n
  1. Be Prepared<\/strong> \u00e2\u20ac\u201d Things happen. Cars break down, water pipes burst, kids accidently knock a baseball through the neighbor\u00e2\u20ac\u2122s window. You can\u00e2\u20ac\u2122t predict when these things will happen, but you can be sure that they will. Be prepared. Set aside a certain amount every month and mark it \u00e2\u20ac\u0153Miscellaneous Expenses.\u00e2\u20ac\u009d When a storm rips the shingles right off your roof, you\u00e2\u20ac\u2122ll be glad you did.<\/li>\n

    <\/p>\n

  2. Pay Debt Off Early<\/strong> \u00e2\u20ac\u201d It\u00e2\u20ac\u2122s really a no-brainer. Interest accrues over time. The longer it takes for you to pay down a debt, the more you\u00e2\u20ac\u2122ll end up paying for it. Try to send that credit card bill or house payment a little extra each month. It won\u00e2\u20ac\u2122t always be easy, but it\u00e2\u20ac\u2122ll be worth it in the long run. You should also consider consolidating your debts into a single, low-interest, fixed-rate payment.<\/li>\n

    <\/p>\n

  3. Avoid Emotional Spending<\/strong> \u00e2\u20ac\u201d It\u00e2\u20ac\u2122s a fact that people tend to spend more when they are upset. Buying things seems to take our mind off our problems\u00e2\u20ac\u00a6at least until we look at our finances. Next time you run off to the mall or the bait and tackle shop, take an inventory of your emotional state.<\/li>\n

    <\/p>\n

  4. Plan For Retirement Now<\/strong> \u00e2\u20ac\u201d According to a recent USA Today study, more than a third of the workforce has nothing set aside for retirement. \u00e2\u20ac\u0153So what,\u00e2\u20ac\u009d you say, \u00e2\u20ac\u0153I\u00e2\u20ac\u2122ll just live on Social Security.\u00e2\u20ac\u009d But did you know the average annual Social Security payment is only about $11,000? Do you really want to try living on $11,000 a year? If that idea doesn\u00e2\u20ac\u2122t terrify you, I don\u00e2\u20ac\u2122t know what will. Set aside something every month for your future.<\/li>\n

    <\/p>\n

  5. Buy Insurance<\/strong> \u00e2\u20ac\u201d It\u00e2\u20ac\u2122s easy to skimp on insurance, especially when money is tight. But it\u00e2\u20ac\u2122s a fact that bad things happen to good people. And the human body is prone to all kinds of ailments and diseases. A monthly insurance payment may seem tough sometimes, or even extraneous, but if unexpected health problems or accidents crop up, it\u00e2\u20ac\u2122ll be cheaper than paying out of pocket.<\/li>\n<\/ol>\n

    \"\"<\/a>Sometimes learning how to better spend your money is the key to eliminating mistakes and to save even more.\u00c2\u00a0\u00c2\u00a0 <\/h3>\n

    To learn more about how you can slash your spending and avoid making these money mistakes, visit Brandon's Slash Your Spending<\/a> or read my review of his book<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

    While it’s great to learn how to make more money – learning how to manage your money is also extremely important (says the girl who could have \/ should have bought 2 more houses instead of closets full of clothes. Ugh.) 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