The 7 Biggest Mistakes That Cost Consumers Thousands Each Year

One hundred dollars banknotes

Most people are not aware of 7 big mistakes that cost them thousands of extra dollars every year.

They are:

The simple fact is: If you have agreed to accept these terms before purchasing your product or service, you are responsible for those debts. You have agreed to these terms, and now you have to live with them.

One important fact: You have to be smart and use common sense. Plan to refinance your mortgage, if necessary, after you have refinanced your purchases to attempt to lower your interest rate.

Whatever you do, don’t:

1) Write a check for more than you can afford

2) Put money in your emergency fund & save interest

3) Go into debt for unexpected results such as an in-home product repair

4) Put money at the bank in a savings account and save interest

5) Go into debt by financing the “640” car, hoping that you can still afford a monthly payment when your payments are about to increase

Many people believe they are protected if the product has a refund guarantee. It is wise to be cautious. Refunds do mean you can get something after the fact.

Be smart and Don’t Lose Money

Warning more money than you owe in taxes has been an embarking tale for thousands of investors. Abrasive financial strategies, such as the reverse mortgage, and the cash value of your home equity, have caused major fits for many.

Make smart investments. Put your money in things that will grow and not shrink. Know when a purchase you are making is a good deal. With a $50,000 commission, making a $75,000 purchase can be a bad deal.

Make smart investments by purchasing the most valuable assets. Many people went into homes they really couldn’t afford and borrow more money so that they could invest in things like stocks and mutual funds. This often leads to a great fall as well.

Many people, who borrowed money at the height of the real estate boom, have lost their homes to foreclosure.

Always think long term when investing in something like mutual funds. The value of your holdings will affect your future, as well as your retirement.

Think long term before purchasing real estate. You can’t sell a home that you do not have and will pay this loan back. Banks will not keep giving loans at this rate, which might lead to you defaulting on your loan

Don’t lose money by worsening everything you are doing. And don’t forget to check my other financial posts: