Home Money 5 Financial Mistakes To Correct Today

5 Financial Mistakes To Correct Today

SHARE

I hate to be the bearer of bad news, but your own worst financial enemy might be yourself.

There are a lot of people who sabotage their own finances, often without being aware that they’re doing it.

Sometimes this is the result of generally being inattentive to money, while other times, it’s the result of having negative thoughts, emotions, or habits around finances.

Here are 5 ways you might be shooting yourself in the foot.

1. Living Above Your Means

If you find yourself anticipating your next paycheck to pay your bills, you’re living beyond your means. We’re brought up in a society that teaches us that we’re entitled to buy items right away.

If we see something we like, we can tell ourselves we deserve it, and advertisements reinforce this belief. The reality is, you don’t really deserve anything, at least not in a material sense of the word.

READ  7 Money Saving Tips That Don't Cost A Penny

2. Not Saving For Retirement

Many younger people make the mistake of thinking that they don’t need to bother saving for retirement until they reach 40. By that age, they look back and realize that they should’ve started 20 years ago.

Begin saving for retirement the minute that you get your first paycheck. If it’s too late for that, then start today. Ideally, you should be saving at least 15% of your income towards retirement, including any employer matches.

If that’s out of reach for you, start by at least getting your full employer match and then slowly increase your savings by an additional 2% to 3% per year.

3. Not Having an Emergency Fund

Plenty of people don’t have a fund that they can tap for financial emergencies, including medical bills, car repairs, home repairs, and losing a job.

Create a fund that represents at least three to six months of your basic expenses. If you lose your job in the same month that your car’s engine explodes, you’ll have money that you can tap.

4. Not Monitoring Your Expenses

You may not necessarily need a detailed line item budget. It’s okay to have one, but that’s not the only option you have.

READ  7 Point Formula For Wealth, Happiness, And Financial Freedom

You should, however, at least be paying attention to how your money is flowing. What percentage of your income are you spending on housing? How much are you spending on food, including both groceries and restaurants? What about travel? How much do you spend there, and most importantly, how much are you saving? You should know the answers to all of these important questions.

5. Spending on Bad Habits

Plenty of people have a habit of spending too much money on particular vices. Your vice might be alcohol, clothing, cigarettes, restaurants, or even a cable television package that far exceeds what you really need.

Your vice might even be something that society generally interprets as positive, like spending too much money on fitness club memberships. Spending some money on these areas is great, of course. But if you have four gym memberships, and you’re only using one, it’s time to reconsider.

READ  Start From Nothing And Become Financially Independent

I know someone who has memberships to two gyms, one Crossfit studio, and one yoga studio. She only uses one of these regularly.

Regardless of what that bad habit is, target it and focus your energy on eradicating it.

The faster you can wipe bad habits from your life, the brighter your financial future.

Subscribe to TN Daily!

40 COMMENTS

  1. I was discussing with a good friend of my own about this and even about canon printer and scanner too. I think you made a few very good points on this page, we’re excited to read more information from you.

  2. I wish to express thanks to this writer for bailing me out of such a setting. After searching throughout the online world and obtaining opinions which are not pleasant, I was thinking my entire life was well over. Living minus the strategies to the issues you have solved by means of your main website is a crucial case, as well as the kind which may have adversely damaged my career if I had not noticed your web page. That skills and kindness in taking care of a lot of things was very useful. I am not sure what I would’ve done if I hadn’t come upon such a point like this. I’m able to at this moment look forward to my future. Thanks for your time very much for this reliable and amazing guide. I will not hesitate to endorse your blog post to anyone who should receive counselling about this matter.

  3. I want to show my appreciation to you for bailing me out of this particular circumstance. As a result of looking out throughout the the web and obtaining things which were not productive, I thought my entire life was well over. Existing without the presence of strategies to the difficulties you have sorted out all through the short post is a serious case, and ones that might have in a negative way affected my career if I hadn’t discovered your blog post. Your good knowledge and kindness in playing with almost everything was very useful. I’m not sure what I would have done if I hadn’t come across such a point like this. I can at this moment look ahead to my future. Thanks a lot very much for your professional and sensible guide. I won’t hesitate to suggest your blog to any individual who should receive care about this subject.

  4. I simply had to say thanks all over again. I am not sure the things that I would’ve created without those recommendations revealed by you over that area of interest. It was before an absolute terrifying issue for me, but looking at the specialised approach you solved it made me to weep for delight. I will be happier for your assistance and as well , hope you realize what an amazing job you were putting in teaching the mediocre ones with the aid of your web page. Probably you’ve never come across any of us.

  5. I must show some thanks to you just for rescuing me from this type of crisis. As a result of looking out throughout the world wide web and getting ideas that were not powerful, I was thinking my life was over. Living devoid of the approaches to the problems you have resolved by means of your report is a serious case, and those that might have negatively damaged my career if I had not discovered your blog post. Your own personal know-how and kindness in playing with all things was invaluable. I am not sure what I would’ve done if I hadn’t discovered such a subject like this. It’s possible to now look ahead to my future. Thank you very much for your specialized and result oriented help. I won’t hesitate to recommend your web sites to anybody who ought to have counselling on this matter.

  6. I precisely wished to thank you so much once again. I am not sure the things that I might have worked on in the absence of these tips contributed by you regarding such a area of interest. It was a challenging matter in my position, however , spending time with a skilled tactic you dealt with that made me to cry over gladness. I am just grateful for the help and believe you recognize what a great job you are always getting into training many people all through your web page. Probably you have never got to know all of us.

  7. Thank you for your entire efforts on this blog. My daughter loves getting into investigations and it’s easy to understand why. All of us learn all concerning the powerful tactic you deliver priceless solutions on your web site and in addition attract participation from some others on this area of interest then my girl is always becoming educated a whole lot. Have fun with the rest of the year. Your carrying out a powerful job.

  8. My wife and i have been so peaceful Peter managed to complete his studies by way of the ideas he grabbed out of your blog. It is now and again perplexing just to continually be giving freely tips some others could have been selling. And now we understand we need the blog owner to be grateful to for this. Those illustrations you have made, the easy web site menu, the relationships you will make it easier to engender – it’s got mostly unbelievable, and it’s really helping our son in addition to us reckon that that concept is excellent, and that’s rather fundamental. Thank you for the whole lot!

  9. I would like to point out my admiration for your generosity for people that have the need for guidance on this one subject. Your special commitment to getting the message all around has been particularly practical and has surely empowered folks just like me to achieve their pursuits. The useful hints and tips can mean much to me and additionally to my office colleagues. Thanks a lot; from all of us.

  10. I precisely had to thank you so much again. I am not sure the things that I could possibly have gone through without the tactics shared by you relating to my question. This was a real alarming situation for me, but encountering this specialised way you solved it made me to jump over delight. I am just thankful for this guidance and as well , hope that you are aware of an amazing job you are getting into instructing men and women through the use of your web page. I’m certain you’ve never encountered any of us.

  11. I just arrived right here from another website about shipping terms and considered I should check this out. I enjoy the things I see therefore now I”m following you. Looking forward to looking at your site yet again.

  12. I simply wanted to construct a simple note so as to say thanks to you for some of the superb items you are writing on this website. My time intensive internet investigation has now been paid with awesome facts and strategies to exchange with my friends and family. I would tell you that we website visitors actually are unequivocally fortunate to exist in a good network with many marvellous people with beneficial pointers. I feel very fortunate to have encountered your webpages and look forward to some more thrilling times reading here. Thank you once more for all the details.

  13. I’m just commenting to make you understand of the wonderful encounter my cousin’s child gained reading through your site. She figured out plenty of pieces, not to mention what it is like to have a great coaching mood to make other individuals without hassle thoroughly grasp some multifaceted subject areas. You really surpassed our expected results. Many thanks for displaying these priceless, trusted, explanatory and fun tips on this topic to Jane.

  14. I in addition to my pals were going through the good solutions on your web blog while at once came up with a horrible feeling I never thanked the site owner for those secrets. These people were certainly warmed to study them and now have extremely been making the most of these things. Many thanks for being quite considerate and for making a decision on some useful tips millions of individuals are really desirous to discover. My honest regret for not expressing appreciation to earlier.

  15. I’m also writing to make you know of the wonderful encounter my wife’s girl found browsing your site. She even learned a good number of things, most notably what it’s like to possess an ideal giving heart to have certain people with no trouble learn chosen multifaceted subject matter. You actually did more than readers’ expectations. Thanks for producing the priceless, healthy, revealing and also cool tips on this topic to Evelyn.

  16. I simply wanted to compose a brief remark to thank you for the remarkable ways you are posting at this site. My time intensive internet research has now been rewarded with really good tips to exchange with my two friends. I would say that we readers actually are very fortunate to exist in a really good site with many special professionals with good methods. I feel rather lucky to have used your web page and look forward to many more fabulous minutes reading here. Thank you again for everything.

  17. I simply wished to thank you very much once more. I’m not certain what I could possibly have followed in the absence of the actual tactics shown by you relating to my area. Previously it was a very frustrating setting in my position, however , coming across a professional style you processed the issue took me to leap for fulfillment. Now i’m happy for the service and in addition sincerely hope you really know what a great job you have been getting into educating the rest via your blog post. I am certain you haven’t come across all of us.

  18. I really wanted to write a quick word in order to thank you for these amazing instructions you are placing on this website. My time consuming internet lookup has at the end been paid with pleasant facts and strategies to share with my neighbours. I would express that we readers actually are undeniably lucky to exist in a great community with many awesome professionals with beneficial ideas. I feel rather privileged to have discovered your weblog and look forward to plenty of more thrilling times reading here. Thanks a lot once again for a lot of things.

  19. I’m also writing to let you understand what a outstanding encounter my cousin’s child had going through your web page. She mastered plenty of things, with the inclusion of how it is like to have an excellent helping heart to have the mediocre ones smoothly grasp some very confusing topics. You undoubtedly surpassed our desires. Many thanks for offering such priceless, healthy, explanatory and also cool thoughts on your topic to Ethel.

  20. I must express some thanks to you just for bailing me out of this incident. Just after scouting throughout the world wide web and obtaining notions that were not pleasant, I was thinking my entire life was over. Being alive without the answers to the issues you have fixed through the guide is a critical case, and those which might have negatively affected my career if I had not encountered the website. Your actual expertise and kindness in touching all the stuff was priceless. I don’t know what I would have done if I hadn’t come upon such a subject like this. I can at this point look ahead to my future. Thanks for your time so much for the impressive and amazing guide. I won’t be reluctant to endorse your site to any person who wants and needs counselling on this topic.

  21. My spouse and i ended up being lucky when Michael managed to finish up his research through your ideas he was given when using the web pages. It is now and again perplexing to just find yourself giving freely tips and hints which often many others could have been trying to sell. We really figure out we now have the website owner to give thanks to for this. The specific explanations you’ve made, the easy blog navigation, the friendships your site make it easier to instill – it is many superb, and it’s leading our son in addition to our family recognize that the matter is exciting, which is certainly particularly mandatory. Thank you for everything!

  22. I would like to show my admiration for your generosity giving support to people that really need guidance on that matter. Your special commitment to passing the message all around had been particularly helpful and have specifically helped women just like me to reach their ambitions. Your own useful suggestions entails so much a person like me and even more to my colleagues. Best wishes; from everyone of us.

  23. I have to convey my respect for your kind-heartedness for men and women who should have guidance on this particular theme. Your personal commitment to passing the message across was wonderfully beneficial and has all the time helped employees like me to arrive at their endeavors. Your entire helpful key points denotes a whole lot a person like me and still more to my office colleagues. Best wishes; from everyone of us.

  24. Thanks so much for providing individuals with remarkably splendid opportunity to read articles and blog posts from this blog. It’s always very fantastic plus full of amusement for me and my office peers to search your web site minimum thrice weekly to study the fresh tips you will have. And of course, I am also usually satisfied considering the magnificent solutions you serve. Selected two ideas in this posting are really the simplest we have ever had.

  25. I must convey my respect for your kind-heartedness in support of visitors who really want assistance with this important subject. Your real commitment to passing the solution across was incredibly important and has really permitted professionals like me to arrive at their aims. Your personal warm and helpful information denotes so much to me and even further to my office workers. Warm regards; from all of us.

  26. Thank you a lot for giving everyone remarkably superb possiblity to read critical reviews from this blog. It is usually very nice and also stuffed with amusement for me personally and my office co-workers to search your web site at the least 3 times per week to see the new secrets you have. And of course, we are usually motivated concerning the mind-boggling pointers you give. Some 2 areas on this page are easily the most impressive we have all had.

  27. I’m interested to learn which blog system you are working with? I am having some slight protection difficulties with my latest website dealing with general dentistry and I would love to find one thing a lot more secure. Have any recommendations?

  28. My wife and i got really ecstatic that Louis managed to deal with his reports through your ideas he came across through your weblog. It’s not at all simplistic to just continually be releasing strategies other folks have been trying to sell. And we all discover we’ve got you to be grateful to for that. All the illustrations you have made, the straightforward web site menu, the relationships you can assist to instill – it’s got most powerful, and it’s really facilitating our son and our family imagine that that topic is fun, which is seriously essential. Many thanks for all the pieces!

  29. I wanted to write down a quick comment so as to thank you for some of the fabulous instructions you are posting on this site. My long internet search has at the end of the day been recognized with extremely good facts and techniques to write about with my neighbours. I ‘d repeat that most of us visitors are extremely endowed to dwell in a notable community with very many awesome professionals with interesting advice. I feel rather fortunate to have encountered your entire website and look forward to tons of more excellent times reading here. Thank you once more for all the details.

  30. I am glad for commenting to make you be aware of of the fantastic encounter my wife’s daughter experienced checking your blog. She figured out too many things, not to mention what it’s like to have an ideal giving spirit to make other individuals quite simply have an understanding of specific problematic topics. You undoubtedly surpassed readers’ desires. Thank you for distributing the priceless, dependable, educational and also cool guidance on this topic to Lizeth.

  31. I needed to send you this very small observation so as to say thanks as before on the nice solutions you have discussed at this time. This is certainly surprisingly open-handed of people like you to offer easily exactly what numerous people would have offered as an ebook to earn some profit on their own, and in particular since you might well have done it in the event you desired. Those solutions additionally served like a good way to be aware that other people online have the identical dream similar to my very own to learn a good deal more related to this matter. I’m sure there are lots of more pleasant occasions up front for people who find out your blog.

  32. Greetings from Ohio! I’m bored at work so I decided to browse your site on my iphone during lunch break. I love the info you present here and can’t wait to take a look when I get home. I’m surprised at how fast your blog loaded on my mobile .. I’m not even using WIFI, just 3G .. Anyhow, superb blog!

  33. I have to point out my affection for your generosity giving support to visitors who really want help with your study. Your very own commitment to passing the message all around turned out to be particularly practical and has consistently permitted many people just like me to reach their objectives. The useful guideline entails a great deal to me and somewhat more to my office workers. Regards; from everyone of us.

  34. Thank you for your own efforts on this blog. My mom really loves setting aside time for internet research and it’s obvious why. Most people hear all relating to the dynamic form you render reliable solutions on this website and even foster participation from others on the concept and my daughter is now understanding a great deal. Take pleasure in the remaining portion of the new year. Your doing a wonderful job.

LEAVE A REPLY

Please enter your comment!
Please enter your name here