Yusra3
VIP Contributor
There's no denying it: money can be a pain.
But it doesn't have to be! We all make financial mistakes, and sometimes those mistakes can be costly. But if you know what the 3 worst financial decisions are, and how you can recover from them, then you'll be on the road toward financial freedom in no time.
Here are some of the worst financial decisions people make and how they can recover from them:
1. Buying something that isn't on sale or at a discount (or even just not buying something at full price). This is one of the biggest mistakes people make when they're trying to get ahead financially buying things they don't need or want just because they think they should have them now. It might seem like a good idea at first, but after spending all that money on something that will only sit in your closet collecting dust later on down the line (or worse), it's time to rethink things!
2. Not saving enough for retirement. If you've failed to put away enough money for your retirement, now is the time to start saving. You can do this by setting up automatic contributions into a retirement account or by making small deposits each month into an investment account. If possible, try to set aside 10% of your income every month--this will give you room for error and allow you to catch up later on if necessary.
3. Overpaying for insurance. If there's one thing we all know about insurance companies, it's that they're always looking for ways to get more money out of us than we bargained for! That means that when it comes time for renewing your policy, make sure that any additional costs are reasonable and if they aren't, shop around until you find something cheaper!
But it doesn't have to be! We all make financial mistakes, and sometimes those mistakes can be costly. But if you know what the 3 worst financial decisions are, and how you can recover from them, then you'll be on the road toward financial freedom in no time.
Here are some of the worst financial decisions people make and how they can recover from them:
1. Buying something that isn't on sale or at a discount (or even just not buying something at full price). This is one of the biggest mistakes people make when they're trying to get ahead financially buying things they don't need or want just because they think they should have them now. It might seem like a good idea at first, but after spending all that money on something that will only sit in your closet collecting dust later on down the line (or worse), it's time to rethink things!
2. Not saving enough for retirement. If you've failed to put away enough money for your retirement, now is the time to start saving. You can do this by setting up automatic contributions into a retirement account or by making small deposits each month into an investment account. If possible, try to set aside 10% of your income every month--this will give you room for error and allow you to catch up later on if necessary.
3. Overpaying for insurance. If there's one thing we all know about insurance companies, it's that they're always looking for ways to get more money out of us than we bargained for! That means that when it comes time for renewing your policy, make sure that any additional costs are reasonable and if they aren't, shop around until you find something cheaper!
