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Financial decision making is a skill you develop over time. So don’t be surprised if you fine yourself in some money mistakes. Managing money is an art anyone can master, even the faintest of heart.
But, to get there, you need to know what the most common money mistakes are and avoid them so you don’t fine yourself in financial struggle.
Spending Every Franc
You likely have more openings to cut down expenses than you realize. In order to make this work, know how much you earn and how much you spend.
Not saving for retirement
Putting off saving for the future seem to be a problem. You know, having the thought that it is so very far away, and there is so much to spend money on now. We tend to put a better esteem on short-term benefits than long-term benefits even when we know the long term is more vital.
One other reason for this is lack of money. Many people would say they can’t save enough because expenses. But saving even a little bit matters, especially early in your career or business. Reason being that time is on your side. And when you start saving, the result is that the earlier you start saving, the less you have to save.
Lack Of Money Goals
Money goals
It’s hard to know exactly where you’ll be in 10 years time, but it is worth considering what some of your goals are long term. Do you want to buy a house? Do you want to set up a business? Do you want to buy a car? These are all great goals, but they all have one thing in common: they require financial planning.
Giving yourself some Money goals to work towards can be motivating for starting your career, this can also boost your mental health and self-esteem.
Sit down and write out a list of things you want to achieve. Work out a realistic timeline of when you would like these things to happen and how much you need to save each week or month to get there.
Keep the money for these goals separate from your emergency fund. That is if you can and avoid using it unless you really have to.
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