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Common financial mistakes series, part one

Common financial mistakes series, part one

Mistake #1: Not paying enough attention to your money. (This is by far the biggest money mistake I’ve made.) Do you know how much you make each paycheck, after taxes? Do you have the right amount of taxes taken out so that you neither owe a large amount nor receive a large refund? Do you know how much is in your bank account right now? How much your monthly bills are? Your irregular expenses? Your net worth? How much you spend on snacks each day? How much it costs to maintain your car? Whether your investment fund is no-load? How you can fund your dreams? If the answer to any of these (or similar questions) is no, chances are that you’re not paying enough attention to your money. It’s easy for money to leak (or flood) away if you’re not paying attention to it.

Solution: Make your finances a priority. Monitor your bank account regularly to be sure that it is accurate, up-to-date, and that there are no unauthorized charges or unexpected fees. Use the IRS Withholding Calculator or a tax estimator to be sure that you are having the right amount withheld from your paycheck. Set financial goals that are important to you, whether they are getting out of debt, saving for your child’s college, or having enough money for dinner out on a regular basis. Make an appointment with a fee-based financial planner (that does not work on commission) if necessary. Most importantly, set aside a block of time each month to go over the state of your finances to be sure that it’s headed in the desired direction. Focus positive time & energy on your finances, and you’ll see positive results.

View Comments (2)
  • I agree completely with you.

    I also think that in my case, I was guilty of…well I’m doing okay–I’m managing–I know how to do this–

    When in all reality I was living in denial.

    I think, alot of people, don’t REALLY look at their expenses, their savings, their debt, closely.

    I think if they made it this month, then all is good.

    Sometimes, it is difficult to really examine your behavior AND change it.

    It’s easier to continue you on, and gather more and more debt–atleast in the short term.

    To be honest, if it wasn’t for you, I wouldn’t be on the path I am on now.

  • I think there are a lot of things in life that people don’t want to look to closely at, but usually once they do they feel a lot better. It is hard to do though, especially to change. That’s a nice thing for you to say.

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