Are you making these damaging & avoidable financial mistakes? Check this list to make sure you’re not losing money without realising.
1. No emergency fund
2. No expense tracking
3. Not investing
Today’s launch of Pillar 2. Savings brings our attention to the important yet boring area of savings!
Less exciting than investing, more easy to be a little careless about.
We may think just having savings regularly going into our bank account is enough.
But that’s just one part of savings – and here are some others to be on top of.
Three other common financial mistake areas to check, in addition to having regular savings amounts in place.
To begin fixing any of the three areas, apply the relevant pillar for one week!
1. No Emergency Fund
This financial mistake can be disastrous. Without an emergency fund we risk going into debt to deal with the unexpected situation, or having to consider diving into our investments if we don’t have the cash savings available.
We need 3-6 months necessity expenses saved in a cash emergency fund, accessible within 24hrs by either party in a relationship.
Pillar 2. Savings offers a full hour’s coaching-style support and guidance, with tips and ideas on cleaning up this areas as easily as possible!
FIX : Pillar 2. Savings covers the following topics :
Why to save wisely.Why we need a money plan. How my 25% strategy applies to savings.3 practical steps to address our savings situation now.Debt & risk profiling questionaires.Savings goals to work towards.
Or try the free savings Sampler to do a quick check in just ten minutes!
2. Not Expense Tracking
Money leaking can be costly, in the thousands for some of us! If we’re not budgeting, or at least tracking our expenses, this may be happening to us. Start expense tracking today, just for one day with no other changes. Tally the days total. Continue a few more days, tallying each day and a running tally of all days. Seeing expenses there in a days list can showcase how much we’re spending in each area. And sometimes the week / month result can be a bit of a shock! Check your expense tracking to
Pillar 3. Budgeting walks through making budgeting easy and finding the right style for our natural money personality (maybe we just need expense tracking + the ‘No Budget budget!) in one hour of coaching-style support based on my own struggles avoiding this area!
FIX : Topics covered in the full savings pillar :
Reassessing what ‘budgeting’ is.My personal budgeting style.Budgeting as a confidence booster.3 popular budgeting styles.What inspired my 25% budget creation.
Or try the free budgeting Sampler to do a quick check in just ten minutes!
3. Not Investing
This can ruin our financial future. We need to build the future we want, with actions – not delayed thoughts about it! Things won’t suddenly work out. It’s up to us.
Depreciation nibbles away at our savings if they’re not invested; we have to try and counteract this by investing.
Pillar 4. Investing explores some pre-investing concepts we might want to know about before starting investing.
One hour coaching-style with ideas and opinions (no advice) to help us feel more comfortable and confident getting to know ourselves in this area.
FIX : The investing pillar includes topics :
What investing is and why do it? What is ‘life cycle planning’? Retirement amounts.Remember the CABS categories! Passive income awareness. Why we love compound interest. Steps before investing.
Or try the free investing Sampler to do a quick check in just ten minutes!
Hopefully you’ll avoid making these financial mistakes!
And be in the clear for financial stability in your savings life.
Try our free samplers and pillars for more coaching-style guidance on quickly cleaning up your money foundations!
Summary video below.
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