10 Money Mistakes that Every One Makes but avoid to Talks About
Majority of us are very cautious about spending of money. In fact, in USA and other countries peoples avoid discussing money issues. And due to this we are not able to learn from mistakes of others. Our reluctance to discuss money issues can result in dangerous financial problems, health issues, emotional stress & some time even heartbreak.
Here, we are placing a list of some common money mistakes
1. Unawareness about Home Loans
Terms & conditions of home loans are tricky & not easy to understand for every one. In USA many peoples know too late that they have trusted on the skills of wrong person. Even they don’t know about requirements and percentage of down payment. This mistake can be easily avoided by making financial sense of Loan. If home loan seems not suitable than renting is better than buying
2. Heavy Expenditure on Housing
housing should be limited within 25% of your Monthly Income. The easy way to cut costs, renting out a part of your home, or adding a room mate as a paying guest.
3. Lack of Financial Trust to your Spouse
It was shocking to find out that 43% of married couples cannot share their exact salary with partner. These lack of financial trust leads to disturbance in relations and due to this so many marriages end.
4. Ignoring to your Budget Limits
A Gallup poll shows that the only 34% of Americans make complete household budget for every month. It clearly means that the other 66% are just winging it with estimations only. If you start Without an exact picture of your household expenditures , it becomes impossible for you to make good financial decisions.
5. You should have funds for Emergency
Savings for an emergency is the basis of your financial strengthen. If you don’t have the ability to tackle an unplanned expenditure, than its impossible for you to stay out of debt.
6. depending on single Source of Income
If you are Working more than one job, it is very stressful and hard. But on other hand, it is also a reality that to tackle with financial issues other source of income.
7. If you fail to Negotiate in Prices
First try to purchase from large stores, chain networks because usually they fix prices with match to competitors' prices, so it is necessary to do price comparisons before purchasing big items.
8. Extra spending on Gifts
As per American Research Group, in USA, Americans spent lot of on gifts. If you tried to search out weekend discount deals in different malls, you can save very handsome amounts.
9. Not Continuing Your Education
Learning new things is always play a vital role in your employment. If you are refreshing and updating your skills and education, it will help you to meet changing requirement of your profession and also help to stay competitive with new workers.
10. Not hiring a Financial Mentor
Even you are very good in financial management but room for improvement always opens. So if you hire services of professional financial mentor it will help you to improve you budgeting and money management.