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Making terrible financial decisions often leads to hard life. To help you avoid some money related heartache, here’s our list of 5 money mistakes you shouldn’t make. Failing to avoid some of these simple money mistakes results in having little to show for years of hard-earned money.
- Bad Timing — Know what is important now to solve with money and get it done. Making short-term plans and long-term plans usually helps.
- Spending Before Saving — If you are the type that quickly spends before thinking of saving, you will never have much or anything to save. Thus, if saving is crucial to you, then you should have a plan to take out what you have planned to save before proceeding to spend.
- Making Money By All Means — This is a common money problem with many people. Trying to make money by all means doesn’t necessary make people wealthy. Being smart about it does.
- Not Being In Charge Of Your Money – If it is your money, then you should be in control. Some people make the mistake of not having control of their finances and this sometimes leads to loss or improper account of where the money goes.
- Living Without a Budget – Everyone needs a budget, even a nation does. Trying to manage your money without a budget is a mistake you should avoid. Budgeting provides a way to track your income and expenses.
By avoiding any of these mistakes in managing your finances, you can keep your financial journey in the right direction.
“Don’t tell me where your priorities are. Show me where you spend your money and I’ll tell you what they are”. ~ James W. Frick
