When it comes to money we are all guilty of making mistakes, and thats ok because that part of how we learn and grow. In this article we look at the top 5 mistakes people make when it comes to money and personal finance.
- Not creating and sticking to a budget.
- Buying on impulse and emotion.
- Getting into large amounts of debt.
- Not setting aside savings every month.
- Not getting educated about investing.
5 Tips to help you overcome these mistakes:
- Start a monthly budget and record every cent you spend, before you know it you will have broken the bad habit of not having a budget.
- Avoid buying anything you WANT for 6 months and focus only on the things you NEED, this will give you the perspective you need to make better buying decisions with your money.
- Only take on debt if you really need it and even then make sure you use this debt only for things that are critically important.
- Start saving 10% of your income every month and make this a habit by setting aside this money first off your budget
- Read as many personal finance articles as you can and start attending personal fin case courses and seminars.