Learn Most Common Financial Mistakes To Avoid Them

Living without mistakes may seem boring, but life without financial mistakes, by contrast, brings confidence, stability and joy to achieve the necessary goals. What are the most common mistakes you should avoid to make your financial life cloudless?

Mistake 1: absence of “safety cushion”
The vast majority of people believe that any accumulation of money is completely useless: you will lose everything all the same, so why save money when you can spend it all now and buy some right things? Perhaps, at a specific moment in life this decision may seem right, but after awhile you may need some amount for unforeseen expenses: some repairs in the apartment or pay for medicine, or increase the rent, or wage delay…. How to pay these costs, if you don’t have savings at all? Credits can not be always given and to receive them often takes several days or even weeks.
That is why it is important to remember about the first rule: you should always have a savings of three monthly expenses for emergency.

Mistake 2: The savings “under the mattress” instead of the bank
Some people use bank deposits. But there are still many people, who don’t trust financial instruments, preferring to keep savings at home under the pillow / mattress / in dresser, etc. In fact, this kind of “investment” gives a guaranteed income minus the 10-13% annual! The reason is simple – inflation. So, your current savings of 500 thousand, laid in the locker, after 5 years will be dwindled to 310 thousand with an inflation rate of 10% per year.
Therefore, Rule Two: Do not keep savings in the bedside table – it is better to place them at least for bank deposit to save it from inflation. Are you afraid of a bank failure? Remember, that when you put in one bank a large amount of money for revocation of his license you are guaranteed to return a contribution safe and sound thanks to the deposit insurance system.

Mistake 3: Incorrect parameters of the loan
When you select a loan it is important to remember that it should:
• be in the currency in which you receive your wage;
• not be too big: when you take the loan, you should take that sum of money that you exactly need and not more. Please note that by taking extra 50 thousand on credit, you must return the bank up to 75 thousand and more;
• not be too long: take credit for the time that payment on the loan was feasible for you, but not too low. Note when you take the loan of 200 thousand stretched for 5 years instead of 2, you will need to pay extra 110 thousand to the bank.

Economic recession has made many people taking care of their retirement and future, look around for ways to save funds and retirement financial planners. Those who are concerned about their retirement well-being, are recommended to go to this professional financial planner site – the right place on the Internet to get professional pieces of advice and learn how organizing personal finances is made.

Fortunately we live in the world of high technologies. It wouldn’t be wise not to take advantage of this really unique opportunity. Current Internet technologies provide us with a way to break the borders and search anything we need all over the planet. Go to various social networks, review related topics, join discussions in niche forums. All this will help you keep abreast of the events concerning your hobby. And, sign up for the RSS on this blog to keep track of new publications on the topic.

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