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Some Money Mistakes Many People Make

Financial independence could not be attained by hefty income alone, but it includes budgeting, savings and avoiding money mistakes many people make.

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Some Money Mistakes Many People Make

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  1. Some Money Mistakes Many People Make

  2. Financial independence could not be attained by hefty income alone, but it includes budgeting, savings and avoiding money mistakes many people make.  

  3. Some of these money mistakes: • Failing To Negotiate Prices Many people fail to realize that prices are flexible even department stores, their posted prices usually subject to negotiation to match competitors’ prices. Failure to negotiate would mean you are paying more than you should pay especially on big items like: a house, a car, or a boat.

  4. Overspending On Housing It is impossible to get ahead financially unless you save a portion of your income. Ideally financial advisers recommend up to 30% of your family income for your housing expenses. If you spend more than 30% you may experience financial difficulty down the road much more if you are paying other debts, like: student loans, credit cards, babysitters or day care. The worst part of overspending on your housing is you may default on your mortgage payments and as a consequence, you may lose your house through power of sale.

  5. Budgeting Research shows that making a yearly budget instead of monthly budget works much better than a monthly budget. Why? Because monthly budget is usually not reflective of your income and expenses for the next eleven months. As a result, you may understate or overstate your income and expenses.

  6. Taking On Too Much, Or Too Little Debt Debt can enable you to pay on things you need like: going to school to pay your tuition fees to acquire skills and knowledge that would enable you to find a good paying job in the future; pay your rent during difficult time; use as a capital for a small business which has a very good potential to prosper. Not all debt is bad. 

  7. CONTACT US NOW FOR MORE ADVICES! Call Us @ (905) 306-7572 Email Us @ adam@debtcliniccanada.ca www.debtcliniccanada.ca

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