The Top 7 Money Mistakes
Below are seven common money mistakes and expert advice on how to get out of your spending rut:
1. Never passing up a sale. It is good that you buy on sale because that's where you usually get a better deal. However, keep in mind that not everything on sale is a necessity. But if you feel an urge to purchase an item thinking you are getting a good deal out of it, it is best to set a limit to what you'll be spending.
2. Shopping too much for your kids. Do not buy stuff for your child based on impulse. Buy him what he needs. Instead of buying him an expensive toy, open a bank account under his name, put up a time deposit or invest in insurance. Remember that your obligation as a parent is to give your child life skills, education and discipline.
3. Buying something every time a friend acquires something new. While it seems easy enough to say that one should be content with what one already owns, the best way to avoid this spending pitfall is to simply stop comparing yourself and what you have with others.
4. Spending more than what is necessary at the grocery. You should stick only to your grocery list and keep in mind that junk food and other treats are not good for your family's health. Also, the less trips you make to the grocery, the less chances you have of piling on unnecessary items. List down all the items you'll need for a month and just buy those.
5. Frequent eating out. Resolve this problem by limiting dine-outs to only once a week. That way, you will not only save a lot of money but you can also learn to special dishes for your family and they learn to appreciate you more. In addition, research on value-for-money restaurants or food joints on the internet and read people's reviews about them. This will help you with your budget and keep you always excited.
6. Having trouble saving up during paydays. Change your priority from spending to savings, Change also your perspective from a "payday-to-payday" perspective to a goal-oriented one where you set long-term goals such as saving up for a comfortable retirement home or a dream vacation.
7. Credit card debts. If not used wisely, credit card can get you into trouble and deep debt because of this inability to control their credit-card spending. To avoid this, maintain only one card and ask for a lower limit. As much as possible, pay for your purchases in cash.
1. Never passing up a sale. It is good that you buy on sale because that's where you usually get a better deal. However, keep in mind that not everything on sale is a necessity. But if you feel an urge to purchase an item thinking you are getting a good deal out of it, it is best to set a limit to what you'll be spending.
2. Shopping too much for your kids. Do not buy stuff for your child based on impulse. Buy him what he needs. Instead of buying him an expensive toy, open a bank account under his name, put up a time deposit or invest in insurance. Remember that your obligation as a parent is to give your child life skills, education and discipline.
3. Buying something every time a friend acquires something new. While it seems easy enough to say that one should be content with what one already owns, the best way to avoid this spending pitfall is to simply stop comparing yourself and what you have with others.
4. Spending more than what is necessary at the grocery. You should stick only to your grocery list and keep in mind that junk food and other treats are not good for your family's health. Also, the less trips you make to the grocery, the less chances you have of piling on unnecessary items. List down all the items you'll need for a month and just buy those.
5. Frequent eating out. Resolve this problem by limiting dine-outs to only once a week. That way, you will not only save a lot of money but you can also learn to special dishes for your family and they learn to appreciate you more. In addition, research on value-for-money restaurants or food joints on the internet and read people's reviews about them. This will help you with your budget and keep you always excited.
6. Having trouble saving up during paydays. Change your priority from spending to savings, Change also your perspective from a "payday-to-payday" perspective to a goal-oriented one where you set long-term goals such as saving up for a comfortable retirement home or a dream vacation.
7. Credit card debts. If not used wisely, credit card can get you into trouble and deep debt because of this inability to control their credit-card spending. To avoid this, maintain only one card and ask for a lower limit. As much as possible, pay for your purchases in cash.
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