Four Most Common Financial Mistakes

Updated 1 year ago

Budget- Not HAVING a Budget- According to this report, over HAL of Americans report not having a budget and 20% have no idea how much they spend on housing food and entertainment. No one has so much that you can just make spending a hobby – without keeping track- and think that life will be cozy, cause it just doesn’t work that way. You don’t get in your car and make a trip without thinking about gas especially if there are many miles between stations. Budgets are cozy. It’s your money’s plan for fun and savings, bill paying and your future. A budget is a good thing. Please have one.Saving- Forgetting to save or not knowing HOW to save is mistake number 2. According to the report 40% of respondents are saving less this year than last and another 40% have NO money saved for retirement. Many surveyed reported that they didn’t know HOW to save. I’m not even sort of suggesting that you need to be perfect at any of this, but you do have to try. That’s what grownups do. They make proper plans. And when they don’t know how to do something, grownups ask for help.Overspending – As to overspending, 25% of those polled said they are spending more than they did last year. And if spending is part of your plan, part of your budget, that is terrific, but if it’s happening from emotion, lack of discipline, honey, that’s not good. And it can hurt you and your family in the short and long run.Credit- Mishandling your credit cards and not handling your credit score- this is mistake number 4. It’s advised that we all check our credit reports at least once a year. Though that won’t give you a credit SCORE, it will have you see what activity is showing on your report. You can do that for free by going to AnnualCreditReport.com this is the only site recommended by the Federal Trade Commission. Credit Karma (at CreditKarma.com) can give you a credit score when you create an account with them.These big mistakes are avoidable, friend. There are MANY kinds of budgets and you can make one. Make savings automatic, for your Christmas Club, your vacation, for your retirement. It’s okay to not know how to do money, how to handle it or manage it. But it’s NOT okay to know you are confused and not do something to change your condition. Ask for help! Borrow a book from the library. Get online and do some research.Citations:Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc., Norumbega Financial and all other entities listed herein are separate entities, independently owned and operated.


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