How to Avoid 5 Big Financial Mistakes

Have you ever looked over your finances and worried you made a mistake? You’re not alone. Personal finances can be extremely complex, which is why we’ve compiled a list of common mistakes people make and how you can avoid them.

  1. Not saving for retirement: The expenses of everyday living can make it easy to push off saving for retirement, but it’s crucial to start saving as soon as you can. Once you start a full-time job, you should begin putting money in your retirement fund. Even if it’s only $10 or $15 a month, your future self will thank you.
  2. Not setting a budget: Life can feel too hectic sometimes, but sitting down and setting a budget can make a big difference in your bank account. When you stick to a budget, you know exactly where your money goes, reducing stress about bills and giving you more opportunities to save and invest.
  3. Not understanding the importance of credit: Your credit score and report dictate every financial move you make. From buying a home to applying for a car loan, your score will determine how much money you’re approved for, what your interest rate is, and more. If you don’t have a great credit score, apply for a credit card and pay off the statement each month.
  4. Not having a plan for debt: Before taking on any debt – whether student loans or a mortgage – you should have a plan on how to pay it off. Figure out how much you need to pay each month and start payments early to avoid increased interest.
  5. Not having life insurance: This is more important if you have children under the age of 18. If something happens to you, does your family have a plan on how to pay for arrangements or long-standing bills like the mortgage? By having life insurance, you ensure your family is financially set in case of a tragedy.

Sometimes all it takes is a plan and a small monthly financial commitment to get on the right track. Visit us at one of our local branches if you need help getting started.

 

Source: LearnVest

 

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