Whether created by unintentional habits, routines or other common mistakes, there are some money choices you may not realise you’ve been making that are costing you tons of money. Globe Finance Inc is here to remind you that regardless of where you stand financially right now, 2018 is the perfect opportunity to ensure that you start the process to end financially successful in the future! Check out some common mistakes that could be costing you tons of money right here:
Not Securing ‘Future You’
Many people put off or ignore their retirement fund plan because of the mere fact that it just seems so far away and what’s the harm in that; well there is great harm. Don’t make the assumption that you can always get to this investment option later because the return on your investment lessens with each passing year. The older you are, the less time you have to save. Just one dollar invested would be worth a ton more in another decade or two, so imagine a consistent savings pattern each month! The usual rule of thumb is to use 20% of your salary for investing in your future, however based on your specific budget calculations, invest whatever works for you at the moment. It is better to start with something rather than nothing and increase your deposits as your situation improves.
Not setting aside money on a monthly basis into your savings and emergency funds can have serious adverse effects for you on so many levels. Firstly, building your wealth via a savings account, boasting of good interest rates and decades to grow, will give you enormous returns thanks to compound interest. Secondly, an emergency fund with at least 8 months’ worth of expenses can spare you so much stress and worry in the case of medical emergencies or sudden job loss. Last but not least, having money saved gives you peace of mind, a more flexible lifestyle and the motivation to continue pursuing financial wealth and stability. We boast some of the highest interest rates on investments in Barbados, speak to one of our helpful representatives to find out more about our saving account options today!
Shopping Without a List
If you are still actively shopping without a list, you have likely been spending a ton more money at the supermarket for years. The average person who shops by memory alone is guaranteed to leave the store with items they never originally wanted, or even needed! We get home and either realise that we’ve bought stuff we don’t need, or have forgotten the items we really did; other times it can cause a double up on items already home, or even influence a reckless splurge on junk food. When you visit the market, make a list and stick to it every time with very few exceptions, you will literally save yourself thousands.
Not Paying Your Bills on Time
Did you know that most companies offer a noticeable discount for payments made on, or before their due dates? Some add late fees or interest onto later payments. While it may not seem a substantial amount to save on a monthly basis, when you add up the savings gained by paying your bills on time over a long period, you are looking at thousands of dollars. Avoid additional charges by taking advantage of any discounts offered; if you need a little help, set automated bill payments, reminders or get into a new habit of paying them as soon as they arrive. For such a simple way to save yourself a ton of money over time, everyone should adopt this habit!