Big Money Mistakes You Should Avoid

Do you find it difficult to get a hold of your finances? If you feel like you’re maneuvering through a maze when you’re handling your assets and money, you might want to enlist the help of a private financial planner in White Plains, NY. They can help you focus on your financial security so you can pave the way for your kids’ future education and your retirement. Read on to avoid making these big money mistakes.

What Are the Biggest Financial Mistakes That You Should Avoid?

Excessive Spending

You may think that purchasing an expensive double-mocha cappuccino daily or ordering dinner out isn’t a big deal, but when you add these items up, you might be surprised. The $25 you spend weekly on dining out can add up to $1,300 every year. This amount of money is enough to pay an extra mortgage or car payments. Before you even think about overspending your hard-earned money, remember that every dollar counts.

Payments That Never End

Take a long and hard look at those things you pay for every month – cable subscriptions, gym memberships, and music services. Do you really need these items? If you don’t, consider cutting them. Your decision to maintain a leaner lifestyle is something you’ll never regret because it may just fatten your savings.

Using Credit Cards to Buy Essentials

Don’t be one of those people who use their credit cards to purchase their groceries and a slew of other consumable items that are far long gone before you even get to pay the bill in full. Besides making the price of the charged items more expensive due to credit card interest rates, living on borrowed money will also cause you to spend more than you earn.

Failing to Invest

If you’re planning on retiring sometime in the far future, you’ll want to get your money working for you. For this reason, be sure to make monthly contributions to your retirement savings account so that you won’t have to keep on working until you’re old and gray.

Talk to a Private Financial Planner in White Plains, NY!

The team of financial experts at 1879 Advisors can help you reach your financial goals. Get in touch with us today to schedule your appointment.

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