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Avoid Making Mistakes with Your Money

May 6, 2008
Sometimes it seems like it is easy come, easy go when it comes to your money. Unfortunately, this often true because you, me and everyone makes mistakes with our money. The following advice will show you how to keep more of it in your pocket.

The biggest mistake nearly all of us make with money is one of timing. Simply put, we don't take action today and then come to regret it. When should you start saving for retirement and a new home? Now!

I was never a huge fan of math, but there is a simple formula even I can follow when it comes to finances. That formula is do not spend more than you take in. It sounds simple, but studies show a majority of us spend excessively.

How can a vast majority of us be spending more than we earn? Credit, of course. Credit is the promise of money, but it comes with a sharp catch. Borrowing it is expensive. Get rid of your credit debt as soon as possible.

Do you really need that? Americans are massive consumers. We buy all types of things that seem great, but depreciate quickly. Don't make impulse buys. Don't let your emotions get the better of you. Remember, that new computer will be out of date in a year.

Credit cards are evil. Let me say that again. Credit cards are evil. Cut yours up. Any good financial plan stars with this step. Keep one if you must for emergencies, but cut them up otherwise. Use your debit card for convenience and to keep your spending under control.

Saving for retirement is critical. Don't make the mistake of waiting to long or not saving enough. Most retirement predictions these days are wrong. Medical care is improving yearly. You might live to 100, so make sure you have the money to do that.

According to financial gurus, the real estate bubble would never pop. Now, they are saying it will never recover. This should tell you everything you need to know about financial gurus. They are useless, so don't spend a dime on their advice.

Keeping up with the Jones is only going to accomplish one thing in your life - stress. Figure out what makes you comfortable and plan your finances accordingly. You don't need the latest SUV and so on. Be you and you will be happy.

We all need a little breathing room every so often. They way to do this financially is to figure out your total yearly expenses. Now save up that amount and put it in some safe investment. You now have security for a year regardless of what happens.

If you read back over the proceeding paragraphs, you will note two common themes. First, live within your means. Second, use common sense when considering investments. Stick to these two themes and you'll be in good shape.
About the Author
Barry Waxler is a financial advisor with UFCAmerica.com.
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