Do you have a handle on what you’re spending and saving each month? Are you hiding from debt collectors? This article highlights common money mistakes you might be making. Read on to learn how to avoid the 4 most prevalent financial missteps.
- Not Having a Budget
Do you know where you are spending your money each month? Do you know where you might be wasting money? If your answer is no, then you need a budget! Having a budget makes you more aware of the money you’re spending. It helps you to make more financially responsible decisions, and it can even help you to save money. And the great news is that budgeting is easier than ever with the latest budgeting apps. (Link to: https://www.pinnaclebank.com/save-more-in-2019/)
- Not Dealing With Debt
Procrastination is not your friend when it comes to debt. Why? Debt grows over time, especially if you have late fees tacked onto your bill, or escalating credit card interest. It’s better to pay a little now so that you can avoid paying more later.
- Withdrawing Retirement Early
Withdrawing retirement money early will cost you big time in financial penalties and fees. It’s just too high of a price to pay. Not to mention, you will need this money in the future. If you are considering withdrawing your retirement early, please make an appointment to speak to someone at Pinnacle Bank so that we can make you aware of all the other options that are available to you.
- Waiting To Start Saving
Just as debt grows over time, so do savings! A little put away now can mean a big payback in your future. And the sooner you start, the better! If you can only save $5 a week, that’s great. It’s more than zero, and you’ll thank yourself later!