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The 5 Most Common Financial Mistakes and How to Fix Them

We all make mistakes when it comes to managing money. Stuff happens. But dwelling on the past won’t get you where you want to go. Instead, empower yourself to navigate common money problems, so you can move forward instead of looking back.Here are some of the most common financial mistakes and tips on how to avoid them:

Mistake 1: Racking up Credit Card Debt

It’s tempting to overspend when credit cards provide instant gratification and allow you to delay the consequences until next month. But this can lower your credit score, which can hurt you in the long-run by making it harder when you want to apply for a mortgage or auto loan. One way to is to make payments every two weeks, each totaling half your monthly payment, instead of just one payment per month. This method allows you to reduce the amount owed on a credit card at a faster rate and reduce the interest that otherwise would have added up. Need help making the math work? Check out these .

Mistake 2: Not Having an Emergency Fund

Emergencies are bound to happen – it’s just a matter of when. Not having an emergency fund can leave you in a tough situation in the event of a job loss or unexpected healthcare expense.  Set up an into an emergency fund from your paycheck now. That way, you’ll be building up a cushion of savings without even thinking about it. When the time comes to use the money you put aside, you’ll be able to focus on addressing the issue without the added stress of worrying about money on top of everything else. Thanks, past self!  

Mistake 3: Putting All Your Savings in One Savings Account

Many people put their money in a savings account and then just let it sit there, but you could actually be losing out on money if you do it this way. Once you’ve set aside a nice chunk of change, diversify your savings by putting some money into a or . The higher interest rates that come with these accounts can help you earn more money faster, without the risks of investing in the stock market. High return + low risk = the best of both worlds!

Mistake 4: Not Prioritizing Retirement Savings

If you have an employer-sponsored retirement plan, start by putting in at least as much as your employer will match (employer match = free money!). Then, challenge yourself to increase your contribution by 1 percent any time you get a raise. Keep in mind that the road to career success isn’t always a straight line, so make sure to take money in your retirement fund with you when you move on to a new employer. You can also to save even more money on your own. This is a great option if your job doesn’t offer retirement benefits.

Mistake 5: Not Talking About Money

can feel taboo, but in reality, approaching these conversations with honesty, patience and empathy can take strain off your relationship and allow you to further your goals as a team. Unfortunately, talking about money can have even more stigma for women, but money is too important not to talk about. If you need support, schedule an appointment with a Summit Financial Coach, so you can ask questions in a no-judgment zone. Your will only improve with each step you take.We all make money mistakes – that’s a part of life. Knowing the common pitfalls to watch out for can help you move past your mistakes and start moving toward your best life. Want to talk it over with an expert?    with a Summit financial coach. You might also be interested in Spring is here-ish and it’s time to open the windows and tackle our springtime to-do lists. And as long as you’re on a roll, why not turn a little of that... Is “your baby” about to leave home? Whether that has you mooning over their old first day of school photos or plotting how to repurpose their bedroom (or... Wow, season 16 of Project Money has already wrapped up – time really does fly when you’re making smart money moves! Our four teams spent seven months dedicated... Whatever the reason or the season, planning your next vacation could be weighing on your mind. According to an article in LearnVe$t, an organization committed... Ever wanted to create a trust fund but not sure where to start? Well, we have your back! We’ll break down the different decisions you’ll need to make when... The Help You Need to Get to "Yes" on a Future Loan or Credit Card Have you been turned down for a loan? Or are you worried past money issues might stop... Whew – what a journey! has officially come to a close, and these four teams have been impressive. And they’re leaving this program with less debt, more... The holidays can be such a magical season! Time with family and friends. Celebrating old traditions and making new memories. Taste testing each and every... Keep the ho-ho-ho in your holidays with six savvy spending tips. The holiday season is almost here! Hooray! But is your excitement mixed with anxiety when...
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