Money mistakes come in all shapes and sizes, and most of them, quite frankly, can be avoided. And then, there are some money missteps that we know are completely avoidable, yet we can’t help ourselves but continually incorporate those wrong doings into our financial future.
This centers on wasting money, spending it incorrectly and doing so with great consistently and failure rates that would make even the most novice entrepreneur or business man think twice about repeating them, but that won’t stop the masses from making it part of their daily, monthly or yearly money repertoire.
Think about something as simple as moving, the tired task of packing everything up from one place of living to another, and how much money we absolutely waste as a result. Moving costs are high but that’s because we value convenience over saving money, a pattern that finds itself quite consistent on this list of avoidable money pitfalls.
When you move, make the plan to find your own packing materials (boxes) and steer clear of professionals unless the move is a cross country one (and a lot of times an employer will help pay to offset those costs). Moving companies tend to give you the best case scenario quote and forget to include the smaller fees as part of the fine print. You can enlist the help of friends and turn it into a moving “party” and offer to buy a $50 worth of pizza and drinks rather than spend a hundreds on movers.
Money also tends to fly out the window when it comes to food, groceries and subsequently meal prepping or lack of it. The average person spends nearly $2,000 per year on take out food or eating out at restaurants, and that isn’t including the thousands that are spent on groceries each year as well.
Why double up?
Again, convenience trumps all, and we find ourselves reeling financially because we’re not taking the time to buy groceries and plan meals accordingly so that we aren’t forced to eat lunch out every day or buy dinner three to four nights per week.
The overall money mistake that tends to really be so overt yet so overlooked is assuming that you’ll either never have problem with debt or that you don’t have one now. That assumption tends to lead to neglect of budgeting or your finances in general and thus you’ll be trying too hard to convince yourself all is well with the checkbook, rather than checking from top to bottom how you’re spending and saving, and what needs to be fixed.
Why do we fall into money traps or ways of thinking that hurt us financially? Maybe it’s easier to ignore a problem or the idea of convenience can’t be overlooked. In either instance, you’re only hurting yourself by not avoiding the clearly avoidable.
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