It’s the same every year. We spend too much money on presents, drinks, and those all-important sales. But now, reality has hit. We’ve gone from eating like royalty to trying to stretch out the scraps. Saving money is more necessary now than ever before.
Need help to recover your bank balance? Here are 5 money mistakes you should avoid making this year.
1. Having an entirely shared income
You can save a lot more money when you team up with investments. Whether it’s a business partner or a spouse, joint accounts can be really useful. Whilst this might be true, it’s important not to put all your eggs in one basket. Have a separate, backup account that only you can access. You never know what might happen in the future.
Netflix, Spotify, and Amazon Prime are all great deals that might be worth signing up to. Individually, they might barely affect your bank balance. Add them all up together and there’s a lot of money leaving your account each month. Keep an eye on your subscription outtakes and make some painful, but necessary cuts if needed (you might just need to steal your besties Netflix login!)
3. Don’t buy what you can’t afford
It’s essential to have a treat every now and then, but no treat is worth it if it will put you in serious debt. Follow the motto save now and reward later and you will be able to spoil yourself completely guilt-free!
4. Careful with credit
Store credit, credit cards, and finance all sound like a great way to save money at the time of purchase. Don’t be fooled. If you can’t afford something now, you will still be placed under pressure trying to pay it off. You might want something desperately, but it’s not worth placing yourself under stress for.
5. Not saving for your future now
Living each day like it’s your last might be true in some parts of life, but it’s definitely not when it comes to money worries. Work hard now whilst you are young and able, save for your older self and you will be thankful in the future. Spending money like there’s no tomorrow is one of the biggest mistakes you can make, so be sure to be careful with your pennies!
The Career Girl Academy is back on Sunday 29 January and you definitely don’t want to miss this!
If you’re ready to finally learn how successful people start their businesses, manage their money, and beat stress – join us at the coolest spot in London and finally figure out how to reach all your goals! Reserve a guaranteed place when you book your tickets to this event here.
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