Big Money Mistakes You’re Probably Making
There are a plethora of big money mistakes out there that can easily be avoided, but many people continue to make. If you’re one of the people making these big money mistakes, you’ll be surprised at how much money you can actually save. Take a look at some of them in the list below and see if there’s anything you can change to create a better financial situation:
Not Making A List Before You Go Shopping
Making a list before you go shopping forces you to stick to what you actually need, rather than what you simply want to buy. If you go shopping without a list, you run the risk of going well over budget and ending up with a lot of stuff that will only go to waste anyway.
Bonus tip: don’t go shopping for food when you’re hungry. You’ll find that you pick up so much more stuff. Once you’ve eaten you’ll wonder why you bought everything that you did!
Buying On Impulse
Sometimes, the urge to buy on impulse is strong. Whether it’s a new item of clothing, something for your home, or something that relates to one of your hobbies. You see something and this feeling stirs inside you. You get the uncontrollable urge to buy this item that you never even previously realised that you needed. When you notice this feeling crop up inside of you, pay attention. Tell yourself that you can wait for the item, and that you really don’t need it right now. If you can do this, give yourself around 3 weeks to think about buying the item. Chances are, you’ll forget about the original feeling you had when you wanted the item, and you’ll save money. You’ll realize that the novelty of owning the item would have quickly worn off.
If you still want the item after three weeks and you’re sure that it’s worth the money, give yourself permission to buy it.
Failure To Set Long Term And Short Term Goals
If you don’t have long term and short term goals set for your money, you’re making another mistake. Having goals gives you something to work towards and stops you from wasting your money on things that you really don’t need.
Long term goals could be saving up for a mortgage or becoming financially free, while short term goals could be putting away a minimum of 10% of your income each month. It all depends on you as an individual!
Not Checking For Better Deals On Bills And Utilities Each Year
Each year, you’re eligible to get better deals on your bills and utilities. Don’t just let them roll over with the same supplier. You can go to OIQ for an insurance quote when your insurance is due to end and find a better deal. People think it’s easier to stay with the same company, but switching over isn’t hassle at all as the companies take care of the majority of it for you.
Not Having Regular Money Meetings With Yourself
Take the time to have regular money meetings with yourself, and even your family to ensure that you’re on the way to meeting the goals you’ve set out. Once weekly or once every few weeks should help to keep you on track.