Are You Making These Money Mistakes?

We all want to get the most out of every dollar we spend. I get it, so do I. While you may have good intentions, you may actually be making mistakes with your money. Ask yourself, would you be able to identify if you are making a money mistake?
Here are three reflective questions to help you decide if you are making money mistakes:

Question #1

Do you have a plan, and a realistic goal to work towards?
Make a plan, a real plan, something that identifies what you want to do with your money in the next few months, in the next year, and long term. Making these goals manageable and realistic will be key in order to follow that plan you right. Think about how often you follow a plan if you get pretty immediate success, versus if you have to follow a plan without seeing any results for months on end. Chances are that you will be more likely to follow a plan if you see results early on. The more consistent the results, the more likely you will be to continue. Don’t just dream about what it would be like to have more money…set forth a plan to make it happen. Create goals for yourself that you can realistically meet and build on the strengths that you have. Do you want to learn to start investing on your own? Or be better informed when you speak with a financial advisor or banking institution?

Question # 2.

You know about ‘saving more, spending less, and investing for later’ but are you really doing it?

Yes, you probably know that you should be saving your money, and spending less in order to invest your money for retirement or for a rainy day. This ‘saving money’ type message is repeated to us over and over again throughout our lives. Most of us will be on some type of path to follow this advice but may be doing the bare minimum, or questioning why you should be doing this in the first place. The old adage of save more, spend less is good for everyone, but what about other layers of money like, earning more? Or investing better?
While you are being responsible with your money, it might be helpful to think about why you are doing what you are doing, and is what you are doing something you understand and are comfortable with.

Question #3.

Are your fears making your money decisions for you?

Money and fear seem to have a deep seeded relationship, while many of us may not admit it, many people are very fearful of decisions around money. In my opinion, people make money decisions because they are afraid of what might happen. Money breeds worry, since money usually represents what we buy, how we live, and how we will take care of ourselves and loved ones. The pressure to get it right leads to some many of us feeling afraid, but, you don’t have to be. The only way we are all going to start addressing the fears we have with money is to start talking. We need to ask real questions, and if you don’t understand the answer, ask a financial advisor to explain it again (heck they may not even really know either). The money industry is filled with so much fear and misunderstood information. I think its time we clean things up, but in order for us to stop being controlled by our fears with money, the first step is to come clean, and start to talk about it more openly. We don’t need to be afraid of money, but are you?