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13 common financial blunders to avoid

Posted on: December 14, 2011 | Author: Staff

We’ve all made financial mistakes and, odds are, we’ll make a few more. But financial mistakes can be very costly over time if we don’t learn from them. Here are some of the most common mistakes—if you avoid these, you’ll be in pretty good shape!

  1. Spending too much, from month to month.
  2. Not having a financial plan or budget.
  3. Borrowing to buy luxuries that lose value over time.
  4. Overspending on important occasions such as weddings, graduations, Christmas, etc.
  5. Habitually borrowing from your retirement account.
  6. Co-signing on a loan for your child before they’re financially ready and responsible.
  7. Viewing loan extensions or skip-a-payment plans as “free money.”
  8. Making use of “buy now, pay later” plans without understanding the financial implications.
  9. Taking out a new credit card to pay off an existing card.
  10. Looking at long-term investments with a short-term view during economic downturns.
  11. Taking financial advice from well-meaning people that don’t have financial expertise.
  12. Duplicating insurance coverage or buying insurance that’s not necessary for your circumstances.
  13. Telling yourself that you’ll organize your finances tomorrow. (And still believing yourself years later!)

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