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Biggest Money Mistakes

We recommend avoiding these common financial pitfalls to improve your finances. Here are the biggest money mistakes consumers often make.

  1. Spending impulsively. The biggest culprit behind a need for cash advances is spending on things you don't need. Don't shop for fun, and don't shop when you're bored. Try to make a list before you go shopping and stick to it.
  2. Caving to sales gimmicks. Marketers have an endless bag of tricks they use to get consumers to buy things they don't need. Don't be fooled by half-off promotions and the like. Just because the price is reduced doesn't mean you need it or that it's even a good deal.
  3. Not comparison shopping. We recommend checking around for better deals on the purchases you make, especially big-ticket items. Most consumers make the mistake of buying a particular item or buying from a certain retailer out of convenience. This may be the easy route, but it is also costly.
  4. Taking an attitude of poverty. Believing that you're forever resigned to poverty or even that you're poor to begin with will not help you overcome your financial problems. You need to take a positive attitude to avoid self-fulfilling prophecies.
  5. Making money the purpose of life. Obviously, we acknowledge that money is important, and it is an integral part of life. However, you don't want to direct all of your thoughts and activities toward wealth accumulation. You will never be happy if you do this.
  6. Not planning and saving. We suggests that you start saving as early as you can, even if it's just a modest amount to begin with. Establishing this habit will make it like second nature to you as you get older. That way, you don't have to frantically get used to saving once you hit your forties or fifties.
  7. Not keeping track. Any cash advance coach or other financial advisor will tell you that tracking your finances is essential to success. Many consumers have no clue how much they spend or the amount of debt they have. You have to become more aware of your financial situation before you can progress.
Biggest Money Mistakes Frequently Asked Questions