As a followup to yesterday’s financial fitness blog, today seems to be a good day to look at the other side of the metaphorical coin. Yesterday’s blog was about steps you can take to improve your financial affairs but what about the things that you are already doing that is hurting you in the long run? Some of your actions, intended for saving money, can actually cost you more than they save. And we are not just talking about curbing your daily cappuccino expenditures either.
Awesome personal finance website The Wise Bread lists top ten things that you should stop doing immediately if you are, in fact, doing them. Like I said before, these are things that seem like saving you money but actually are emptying your so-called wallet as we speak**. If we are being honest, many of us have done at least 5 of the pitfalls from this list at some point like buying poor quality stuff or paying too much interest on discount cards. These start out as good money-saving tactics but turn bad when we stop maintaining them properly.
I’ll be the first to admit, that I am guilty of some the things listed in there, especially pitfall number ten. I used to buy a month’s worth of stuff from Costco and then see perishables like milk and fruits go bad within weeks. I have been working on this for a while, and now I have gotten better at picking the right stuff at the right store and predicting the expiration dates. I don’t know about you but for some reason milk goes bad much quicker at my house, at least a few days before the date printed on the can.
Pitfall number three is a bit intriguing in that it does not apply equally for all of us. I have been using Turbo-Tax forever and, based on what I have seen, there is nothing that would require a seasoned tax professional. But, as the articles points out, since I have never used a tax professional, there is no way for me to be sure if the hundred bucks or so invested on it will convert to real returns. One solid advantage of going with a professional tax service is that you are better protected if, in the off-chance, you get audited by the IRS.
Don’t even ask me about pitfall number one. I don’t go to the doctor unless I’m writhing in pain or if my vision gets so bad that I can’t even read road signs. And road signs in Arizona are huge and bright, you know.
So, I guess I have my work cut out. That is probably the case for you too, so get started today.
**Just to be sure, we are not actually speaking. I typed this first, and then you are reading it now, but no body likes to be a detail-Nazi***, so just go along with it.
*** If you ARE a detail-Nazi, I’m sorry. I didn’t mean to disrespect you, but you should probably change your name. How about detail-panda? Everyone loves panda.
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