Financial errors

Not earning money in your free timeFinding a way of making money in your free time is super important, and not just for your bank account.

Having a bit of extra income is a way of propelling yourself towards your long-term financial goals.

Not having a monthly budgetThis is a common money mistake that almost all of us have succumbed to at some point: living beyond your means.

We're not talking about the odd treat here and there – a little splurge every once in a while can be good for the soul. We're talking about trying to maintain a lifestyle that you can't afford.

Not Having a Plan
Your financial future depends on what is going on right now. People spend countless hours watching TV or scrolling through their social media feeds, but setting aside two hours a week for their finances is out of the question. You need to know where you are going. Make spending some time planning your finances a priority.

Not Investing in Retirement
If you do not get your money working for you in the markets or through other income-producing investments, you may never be able to stop working.

Using Home Equity Like a Piggy Bank
Refinancing and taking cash out of your home means giving away ownership to someone else.

Spending Too Much on Your House
When it comes to buying a house, bigger is not necessarily better.

Buying a New Car
Millions of new cars are sold each year, although few buyers can afford to pay for them in cash. However, the inability to pay cash for a new car can also mean an inability to afford the car.

Living on Borrowed Money
Using credit cards to buy essentials has become somewhat commonplace.

Never-Ending Payments
Ask yourself if you really need items that keep you paying every month, year after year.

Excessive and Frivolous Spending
Great fortunes are often lost one dollar at a time. It may not seem like a big deal when you pick up that double-mocha cappuccino or have dinner out or order that pay-per-view movie, but every little item adds up.