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The Common Money Mistakes Ruining Your Finances

It’s not easy managing your finances. That’s true even at the best of times, but it’s especially difficult when times are tough. Of course, there are times when there’s nothing you can do about it: you simply have to suck it up and take the hit. However, there are times when it’s more under your control than you might think. We all make mistakes, in every aspect of our lives. And that includes with our finances. So if we can close those gaps? Things will look a lot rosier. 

 

In this blog, we’ll run through some of the most common errors that people make. 

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Financial Blindspots

 

We all have things that we spend more money on than we should. That’s not necessarily a problem. If you know that you’re doing it, and the thing you spend money on brings you joy, then it’s fine. But issues can arise when we don’t know what we’re spending money on. These are financial blindspots, and they can have a negative impact on our finances if they’re allowed to develop. So take a look at your bank statement: is there anything there that you’re spending a lot of money on?

 

Letting Other People Spend Your Money

 

It’s bad enough to fall into financial difficulties because you’re spending money. It’s worse when you’re having money problems because someone else is spending your money. Yet this happens all the time. Someone might invite you to a fancy dinner, a wedding or suggest that you evenly divide a bill, and just like that, you’ve spent money that could be used elsewhere. It’s a good idea to learn how to say no to people’s requests. It can be a bit awkward at times, but it’s something that’ll help your financial situation in the long run. 

 

Money On The Table

 

There’s a lot of money in the world. And it’s possible that you can have access to more of it than you might think. A lot of us are guilty of leaving money on the table, be it through paying more taxes, not asking friends for money back, or not pursuing compensation when you’re eligible too. Let’s take the last one as an example. If you were involved in an incident with a truck, and it wasn’t your fault, then you shouldn’t be left out of pocket. Instead, work with a firm that offers truck accident attorney services and fight for what’s rightfully yours. The system is set up to protect people like you, but you have to take some steps to ensure that you get what’s yours.

 

Accepting Your Salary

 

Finally, let’s think about your salary. Many people just assume that they have to accept their salary, but that’s not the case. You can influence it, sometimes by just asking. Wouldn’t you like to earn 10-15% more than you currently do? Sure you would! So ask your boss for a raise. If you’ve been doing a good job for them, then they’ll likely be happy to give it to you.

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