Five Biggest Money Mistakes You’ve Committed

These little pretty daily mistakes or decisions you take on your finance will make you a loser in your future...

Is your conscience telling you that you are committing silly money mistakes? Read on to find out why you fall under this category.

1.    Losing out on interestYou need a liquid cash cushion for emergencies, so, you definitely need the money in your savings account, just in case. However, if you’re paying 15-20% interest on your credit card while earning 1.25% in savings you’re losing money. So after you’ve saved enough money for a rainy day, make sure to start paying off those credit cards.

2.    Buying new over usedSure buying something new might make you feel better, but it often doesn’t make any sense. Cars, for example, depreciate immediately after they leave the lot. So, there’s no need to shell out tons of money for the sticker price, when you can buy one that’s only been used for a year, and save yourself a significant chunk of change.

3.    Being a “Gadget Addict”Wasting time in line, and then paying top cedis for the latest gadgets, is a major money waster. Being first is an expensive hobby. Just a few months waiting can assure you of getting the same product at a lower price, and one that’s probably been debugged.

4.    Insisting on buying into brandsThere’s no need to pay for brand name meds when you can get the same thing for a few dollars less. Generic meds have the same exact ingredients as brand name ones, at a fraction of the cost.

5.    Buying booksWhy pay retail prices for books when you can get it at the library for free? It may seem retro but the library is still around! And your local library has tons of books, and if they don’t have it, they can often order it online.

6.    Not investing in retirement plansIf your employer is matching money there’s no reason not to sock money away from your lifetime savings. Not only are you missing out on saving for retirement, you’re missing out on tax deductions. Imagine that; tax-free income!

7.    Paying for waterWater bottles are convenient; but the cost of them adds up. Buy an insulated water bottle and fill it up yourself. It’s not only better for the environment; it will also save you the money.

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