Whether you call it wasted money, flushing money down the toilet, or lost cash, the bottom line is that even simple money mistakes can compound and quickly drain your financial aspirations. Avoiding these all-too-common money mistakes will only enhance all aspects of your life, so put away any sense of shame and start changing your financial life right away.
Not keeping track of purchases made with cash
Yes, most of us still have to use cash at least occasionally. Tips, sodas, feeding parking meters and the like are cash purchases that we all too often just don’t keep track of. Some financial experts, like David Bach, point out that quarters and dollars spent on sodas, snacks and coffee could total thousands of dollars lost over a lifetime. So learn the truth about your real spending habits by writing down all cash purchases, especially if you’re often left wondering “Where did all my money go?”
Paying fees for checking accounts and not keeping an eye on your ATM withdrawal fees
These days, there’s just really no reason to pay a monthly fee for a basic checking account. You also should keep an eye on your ATM withdrawal charges; a growing number of banks including Fidelity refund all of your ATM surcharges even when you use a machine outside of your banking network. If your bank doesn’t refund ATM fees then either find a bank that does or limit your ATM transactions to machines within your financial network.
Falling for the “on sale” game
Many of us have a hard time resisting a good deal especially during the holidays, but before you grab that wallet stop for a second and just think. First, do you really need that item? Second, are you falling for common sales tactics such as “50 percent off?” Sometimes a sale is nothing more than a marketing technique designed to blind even the smartest financial minds and open up those wallets.
Complaining about money or lack thereof
It really doesn’t matter if you believe in Abraham of the Bible or Abraham Hicks of Law of Attraction fame, or both. Spiritual and financial experts alike believe that when it comes to matters of the wallet, you really are what you think. If you constantly think “I’m so broke” or “I’ll never have any money” then your mind, body and spirit will keep you stuck in that deprivation phase. While being unrealistic about a serious financial situation is pretty ill-advised, sitting around obsessing about what you don’t have in life will make it a lot harder for you to enjoy what you do have.
Written by Stephanie Mojica