After a decade of frivolous spending and trial-and-error, most of us have figured out how to navigate the most common money mistakes by the time we hit 30. However, then we face a whole new group of challenges that have the potential to ruin you financially. From spending too much on your wedding day to putting your kids' education before your retirement, here are 11 common pitfalls to avoid.
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Predicting the future is near impossible -- but that doesn‘t stop us all from having a red hot go. Human beings have been predicting the future since the beginning of history and the results range from the hilarious to the downright uncanny.
One thing all future predictions have in common: they‘re rooted in our current understanding of how the world works. It‘s difficult to escape that mindset. We have no idea how technology will evolve, so our ideas are connected to the technology of today.
Most of us have a stash of coins somewhere in our home. It could be a change jar, a drawer, or even a pile of the jingly, jangly stuff sitting on a window sill. You save it because, well, it's money, but also because it's a pain to carry around and actually use. Here's what to do with that massive coin stash.
In the moment, you can justify pretty much any purchase decision. Maybe you do need a third coffee maker and more flannel shirts -- they're 40% off! But wait, do you really? This flowchart helps you figure out if your desire to buy is actually out of necessity or just an impulse.
If you're trying to get your finances straight and you're completely intimidated with the work ahead, take it one step at a time. Commit to just fifteen minutes of financial literacy a day.
Last year, I wanted to write a book. It seemed like an impossible task. But I figured, "if I can write a long blog post, I can surely write one chapter," so I took it one chapter at a time. Before I knew it, I finished the whole thing. Small actions made all the difference and our finances work the same way.
You don't learn everything about money at once. Most of us take a series of steps in the right direction until we finally feel in control of our finances. If you're not sure what steps to take, Credit.com has a monthly guide to help you get started.
The sooner we learn about money, the more time we have to develop solid financial habits. An pocket money is a good opportunity to teach kids how money works. Over at the Penny Hoarder, one father explains how he uses an "allowance contract" to teach his kids to negotiate salary.
There's a massive amount of paperwork you have to send over when you apply for a mortgage. Before your loan is officially approved, one false move could stall the process and lead to even more paperwork. Credit.com points out a few factors that can hold up your approval.
Saving money is great for the future, but spending it is more fun now. Connecting your present and future self is one of the biggest challenges of money management. Research shows the occasional positive nudge really can help you stick with your goal.