We all make money mistakes and in good times we still manage to make ends meet, but in today’s tough economic times, money mistakes can have serious consequences.
Instead of telling consumers what to do with their money, in this podcast, Ina Opperman and Claire Klassen from Momentum Wealth give some tips on what not to do with your money.
These mistakes include skimping on financial planning, not saving for emergencies, delaying retirement savings until later in your life and taking too long to pay off high-interest loans.
Other mistakes that people make with their money are buying a new car without considering the options used, not buying enough insurance coverage, not monitoring their credit score and credit report, not having an investment strategy, or not staying single and not having a will.
Also read: Some of the worst financial mistakes, and how to avoid them