Taking a look at major things that affect your bank account.
From budgeting to getting a mortgage to retirement savings — there are some common missteps you’ll want to avoid.
Sitting down to plan out a budget may be one of the most important steps you can make to have a secure financial future. Without a budget That could be a problem.
As you go through the approval process to get a mortgage, carefully review your monthly payments, factoring in all your other monthly costs.
Compounding interest, which is interest you earn that is reinvested in your account, can add up, especially if you start saving early in your career.
If you need a short-term loan and will replenish the money in a relatively quick timeframe, borrowing from your retirement might not be the worst idea.
A new car may be good to drive or take your friends around town, but you may be thinking differently when that first month’s payment is due.
College is expensive and kids grow up fast. If you haven’t saved for their education, you may regret the giant bill when it comes time to send them to school.
Credit cards may have a high APR. Letting that debt linger or only paying the minimum every month could mean you’ll have to pay more in interest on those charges later.
Instead of jumping into trendy stocks, it may be better to do some research on more reliable investments that may best suit your particular needs.
Your budget may be great for accounting for monthly costs, but what happens when an emergency car repair or a trip to the hospital throws your finances off balance?
Does your budget get spent on too much stuff? If you are allocating funds to things over experiences, you might regret that move.
Instead, why not spend money on experiential purchases instead of material ones?
It may be daunting to think about all the potential places that you could go wrong with your money decisions. But start with your spending habits.