5 Most Popular Mistakes People Make With Their Finances

1. Waiting until they retire before getting advice. Some simple strategies employed well in advance of retirement can make enormous differences to the wealth available to you at retirement.

2. Not sticking to some sort of budget – it doesn’t have to be some elaborate spreadsheet, it doesn’t even have to be restrictive. It just needs to ensure you don’t spend more than you earn, or more than you desire in order to achieve your other savings goals.

3. Credit cards -where would we be without them? Probably a lot better off financially! If you aren’t paying off your credit card every month, then maybe it’s time you switched to a debit card. Unfortunately, credit cards can lead to a spiralling debt problem really easily, and really quickly. Don’t leave that decision to change too late.

4. Taking out inadequate or cheap and nasty insurance policies, or maybe even policies that they’ve bought over the phone by a company they have finance with. Usually they’re expensive and are practically worthless. Insurance is a complex area and you need someone who is working for you to get the best product for your circumstances, not someone who is working for the insurance company.

5. Coasting through life with a “she’ll be right” attitude. Unfortunately sometimes we have to be proactive to get what we want or need. Obtaining financial advice early will help you set things in motion so your “she’ll be right” attitude is justified.

Start saving for your future today – this calculator will help.