Some Money Mistakes Many People Make

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Some Money Mistakes

• Many People Make

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Financial independence could not be attained by
hefty income alone, but it includes budgeting,
savings and avoiding money mistakes many people
make.  
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Some of these money mistakes

• Failing To Negotiate Prices

Many people fail to realize that prices are
flexible even department stores, their posted
prices usually subject to negotiation to match
competitors prices. Failure to negotiate would
mean you are paying more than you should pay
especially on big items like a house, a car, or
a boat.
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Overspending On Housing
It is impossible to get ahead financially unless
you save a portion of your income. Ideally
financial advisers recommend up to 30 of your
family income for your housing expenses. If you
spend more than 30 you may experience financial
difficulty down the road much more if you are
paying other debts, like student loans, credit
cards, babysitters or day care. The worst part of
overspending on your housing is you may default
on your mortgage payments and as a consequence,
you may lose your house through power of sale.
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• Budgeting

Research shows that making a yearly budget
instead of monthly budget works much better than
a monthly budget. Why? Because monthly budget is
usually not reflective of your income and
expenses for the next eleven months. As a result,
you may understate or overstate your income and
expenses.
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Taking On Too Much, Or Too Little Debt
Debt can enable you to pay on things you need
like going to school to pay your tuition fees to
acquire skills and knowledge that would enable
you to find a good paying job in the future pay
your rent during difficult time use as a capital
for a small business which has a very good
potential to prosper. Not all debt is bad. 
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