One of the things about becoming a frugal person, you have to take a step back and look at your finances. This is one of the reasons why I preach about creating a budget and maintaining. That way, you know exactly where all of your money is going. If you see a problem, you can quickly resolve the issue to make your frugality more efficient. Today, I’m going to go over some of the most common financial mistake that people are making, because to be able to fix a problem, you have to recognize that there is a problem. Scroll down to see which common financial mistakes people make the most often and that you may be making, as well.
You Have a Credit Card Balance
This is something that a lot of people have. Unfortunately, this is one of the biggest mistakes you could ever make financially. Credit cards have extremely high interest rates that are just crippling. If you continue to pay the minimum monthly payment, you could end up paying on a single credit card bill for decades and it will cost you a ton of money, because of the interest being applied to your balance. I highly advise that you do what it takes to get your credit card debt paid off immediately.
You Don’t Shop for the Best Deals on Monthly Expenses
A lot of people will sign up for their insurance package or cable package and never even think about it. They just mindlessly pay the bill every single month. However, you should really do some comparison shopping every single year to see if you can get some better rates somewhere else.
You Pay for a Landline Phone
Most people I know have a cellphone and a landline phone, as well. I never understood why people have both, because it’s like they’re throwing money down the drain. If you’re able to do it, you should get rid of your landline phone service and use only your cellphones.
You Pay for Cable
I know that a lot of people out there may not be willing to go without their cable subscription, but cable is probably one of the most expensive monthly bills you have and the price of cable is only going to continue rising. There are much cheaper alternatives out there that can save you a ton of money. For instance, you could get a Roku streaming media player, Netflix, Hulu, Amazon Prime, etc… You can have all of these services and still pay nowhere near as much as you would for a cable subscription.
You’re Not Using Coupons
Right now, you’re on a website that has an extensive database of coupons. I highly suggest you check back on our website every single day and check out the latest coupons we’re posting up. If you’re not using coupons, you’re leaving money on the table.
You’re Not Saving up for Emergencies
It’s very important that you have an emergency stash of cash in the bank just in case an emergency would ever arise. Trust me, life throws a lot of unexpected stuff your way and emergencies will come up. It’s just a matter of when.
