Hello everyone
Wishing everyone a wonderful new year, I've taken time to draft and explain just a few mistakes a lot of people has been making when it comes to their finances over the years and do not even realize it.
Here are 4 common mistakes people made with their finances last year that should really be looked into and avoided this year in order to achieve your financial goals.
1. NOT HAVING AN EMERGENCY FUND
2. NOT INVESTING
3. OVERSPENDING
4. NOT TRACKING EXPENSES
It can be very difficult for many people to keep their spending under control because they are unaware of their exact monthly expenses.
It's important to keep track on your spending so you can figure out where your money is going and adjust as needed. There are numerous ways to address this issue and keep track of your spending; you can do this by utilizing a spreadsheet, a notebook, or even a budgeting app or software.
There's some very good advice in there, but you might find that many people are merely surviving on a subsistence type level while they're younger - especially as they fall into the trap of overspending. One good thing about investing while you're younger is you have plenty of time to earn back money when you inevitably make mistakes, but you have to treat it as a learning experience and not go all in too early. Lots of people have been burned by poor investing strategies and swear off it forever, but they overstretched and probably picked poorly, instead of registering that they need to research better or identifying why an investment failed compared to other successful ones, then they could cut themselves off from a very powerful source of financial freedom in future.