The worst money mistakes, things to know about making money and the benefits of frugality.
The Frugal Farmer — We talk a lot about making money. Let’s discuss mistakes people make that cost them money. The first one Laurie brings up causes financial turmoil for many families. She and her husband “never discussed our monetary goals.” Communication is a must when finances are concerned. Marriages often fail because couples don’t talk about money.
The fifth mistake spurred long-term money problems: “We let our whims and emotions guide our spending decisions.” She says they were practicing the “you only live once” financial philosophy, so spend while you can. But that one life may last many decades. Unfortunately, as they accumulated years, their debt also accumulated.
Red debted stepchild — Here are some more money mistakes we can all learn from. I think the last one is a spending blunder many people commit: “Don’t Fall for the Up-Sell.” About a week ago, Kayla’s car needed repairs. The service attendant coerced her into getting the main repair done and then an additional repair, which could’ve waited.
Properly maintaining your car is vital, but if a repair can wait (especially if you don’t have the money available), holding off won’t hurt. The reasoning is simple: If you don’t have the money, you’ll end up charging the repair. Check out these 5 car repairs you can do yourself and save money.
Money Talks News — These financial snafus are committed all the time — probably by everyone reading. The third one is a bit controversial: “Saving while in debt.” The argument makes sense, though. If the interest on your debt exceeds the return on your investments “you’re going backward.”
I struggle with the second mistake: purchasing a new car rather than a used one. I know dealerships mark up used cars dramatically. But I also can’t help but wonder what that used car endured — a psychopath driver or maybe a flood? But as Brandon says, once you drive a new car off the lot its value radically drops. Here are some helpful tips for buying cars in 2015.
The Broke and Beautiful Life — Let’s stop talking about losing money. Stefanie says if you feel your income is limited by your circumstances — whatever they may be — start using these money making rules and change your circumstances.
Her first rule is: “You Set the Salary Bar.” That means negotiate your salary. Even if it’s your first full-time job. A recent survey revealed “that only 38 percent of recent graduates” dared to negotiate with their employer. Before you negotiate, make sure you don’t make these mistakes during a job interview.
Frugalwoods — Mrs. Frugalwoods admits the basic premise behind frugality is saving money. But she and her husband are rewarded with so much more as they continually cultivate their frugal lifestyle. The first benefit is creativity. Whether they’re refinishing old furniture or building a seltzer water machine, they’re constantly creating and saving.
Another benefit includes “fewer consumer choices.” They rarely shop except for food, so they’re not overwhelmed by the advertising blitz associated with shopping and spending. Material things don’t matter. It’s not a bad philosophy, and one many people (including myself) would profit from.
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Article last modified on October 9, 2017. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Around the Web: Money Mistakes - AMP.