8 Common Money

MistakesAvoid these common mistakes if you want

to be financially well off!

1. Paying unnecessary bank fees.

Your bank may be charging you for having a checking account, savings account, overdraft protection, or bill pay without you even knowing it.

If they are, go to a new bank or consider a credit union, which has lower interest rates on loans and charges less in fees.

2. Not having a budget. If you don’t have a monthly or weekly

budget, you need to set one up. Your budget will help you achieve all your financial goals, and it will keep you from getting into serious debt.

3. Having a credit card balance.

If you never pay off your credit card balance in full each month, you’re going to spend hundreds of dollars on interest payments. Do yourself a favor and pay off the full balance, not just the minimum.

4. Not updating insurance.

Whether it’s life, health, auto, or home insurance, you should consistently check your policies and talk with an agent to make sure you’re getting the best deal.

If your policies are outdated, you could be paying more than necessary.

5. Not saving for retirement.

Not saving for retirement while you’re young and employed is one of the worst things you can do. Take advantage of the 401(k) your work offers or set up a Roth IRA and start contributing to it now.

6. Not doing estate planning.

Setting up a will, health care directives, power of attorney, etc. can be a pain, but it’s necessary if you want your wishes to be granted when you pass away.

If you never get around to it, no one will know who you wanted your children or assets to go to.

7. Not having an emergency fund.

It’s critical to have cash set aside for emergencies because unexpected, costly accidents can and will happen. If you don’t have money for that $500 car repair, it will go on your credit card as debt.

8. Not understanding student loans.

Many people take out huge student loans without knowing what their monthly payments will be when they graduate, which can be very costly.

For example, a $100,000 loan with 6.8 percent interest will cost $1,100 a month if it’s going to be paid off in ten years. That’s right—ten years.

Hire a Bankruptcy Lawyer

If you’ve already made several of these mistakes and are in debt that you simply cannot pay back, contact Craig Swapp & Associates today.

As a bankruptcy attorney, we know how to help you through the bankruptcy process so that you don’t have to experience the confusion and anxiety that so many people filing for bankruptcy do.

Contact us today for a free consultation by calling (800) 404-9000 or by visiting craigswapp.com.