There was a recent webinar by Kate Northrup on the 5 Biggest Money Mistakes people make. It is available online until May 2. Kate is the author of Money: A Love Story Untangle your financial woes and create the life you really want.
Below are the five mistakes Kate discusses in the webinar.
Mistake #1 Not learning what money really is. Money is a way to exchange what is important to you with others.
Mistake #2 Avoidance and vagueness. Many people don’t know how much money they owe or how much they actually have coming in and going out each month. If you sit down and add up your debt, it may not be as bad as you think. The longer you delay acting on your debt, the worse it will get.
She suggests to track your spending and income for 30 days. Many people may track their spending but it is also important to track your income.
Mistake #3 Stinking Thinking and Talking. If you are always thinking there is not enough money, it is likely there will never be enough money for what you need or want. When judging others who have more money you may block your own prosperity.
Mistake #4 Spending Unconsciously. Many of us spend money without really thinking about it. When considering making a purchase, think about if you really need it and how it will impact your life. It is easy to overspend when items are on sale and seem like a great deal. Also spending impulsively or emotionally – spending money make seem to make you feel better but your feelings will change when you need to deal with the debt.
Mistake #5 Waiting for someone to come and save you. Some people think their parents will help them out of their troubles. Others wait for someone to marry to get out of their situations.