Correcting Four Common Money Mistakes

Correcting Four Common Money Mistakes



Correcting Four Common Money Mistakes
If you feel as​ though you keep making the​ same mistakes when it​ comes to​ money,​ theres good news .​


By making a​ few small,​ practical changes in​ your behavior,​ you can often correct financial mistakes and​ make some positive changes that are likely to​ last .​

Here are four examples.
• Eliminate emotional spending Before you head off to​ the​ mall,​ take a​ minute to​ note what you are feeling .​

In a​ recent study by moneycentral.msn.com,​ people who had just watched a​ sad movie clip were willing to​ spend more than those who had just watched other types of​ movies.
Remember,​ if​ ​ you are feeling sad or​ frustrated,​ there are ways other than shopping to​ make yourself feel better.
• Pay off credit card debt as​ soon as​ possible Take a​ long look at​ ​ how much you are paying to​ borrow money from your creditors .​

Think about consolidating debt with a​ single loan that has a​ lower interest rate thats fixed.
• Start planning for retirement now if​ ​ you are not saving money for retirement,​ you should be .​

a​ recent study in​ USA Today showed that currently,​ 53 percent of​ people in​ the​ workforce have no pension and​ 32 percent have nothing set aside for retirement .​

if ​ youre planning on​ relying just on​ Social Security,​ you probably should think again .​

The current average payout is​ just $955,​ or​ $11,​460 annuallyand could be even less,​ depending on​ your work history .​

You should consider working with a​ financial professional and​ completing a​ personalized financial profile .​

This can help determine how much you need to​ start saving in​ order to​ reach your financial goals,​ such as​ retirement,​ education savings for your children and​ other goals.
• Prepare for the​ unexpected Dont use the​ it​ could never happen to​ me excuse when dealing with something as​ critical as​ your familys financial future .​

Sudden accidents or​ unexpected critical health problems happen every day to​ those who least expect it .​

if ​ you are the​ breadwinner of​ a​ young family,​ according to​ the​ experts at​ ​ Kiplingers,​ life insurance protection of​ eight to​ 12 times your annual income is​ recommended .​

Most experts agree that the​ most affordable form of​ insurance is​ term insurance .​

According to​ Kiplingers,​ Dollar for dollar,​ term life insurance gives you the​ most protection for your money .​

Period.




Related Articles:



Related Topics:

Money News - Money Guide - Money Tips - Money Advice - Money Videos - Money Support - Money Questions - Money Answers - Money eBooks - Money Help



Powered by Blogger.