Personal Finance

Ten Money Saving Tactics That Are Actually Expensive

~ iseemydestiny

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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30 Days To Financial Fitness

~ iseemydestiny

For many of us, managing money is a chore. We know we have a bit of it here and there and, as long as the pay check keeps coming, there won’t be a need to check the account balance too often. But as any elder will tell you, properly handling money early on will reap huge benefits in the future and in any kind of emergencies such as health issues or accidents. I bet for a lot of people, getting their financial state into a better shape is one their New Year’s resolution.

It is for this reason, the good folks at Good-Challenge have created a 30 day plan to get your financials in order and into ideal condition. Think of this as a boot camp for you money, or more like a boot camp for your money habits. Everyday they provide one doable step that will take you a bit closer to financial stability. Already 15 days have passed since they started which means, there 15 simple but awesome things that you could (actually should) do to improve your financial state. Doing things like creating monthly budgets, getting your credit report and tracking your spending are some of the challenges that have been posted so far and everybody knows that these are essential steps that every one should take. I can’t wait for the rest of their challenges.

Managing money goes beyond just creating a savings account. Because handling money is really a habit, you get good with your money if you develop and stick to good financial habits. Hopefully, this 30 day challenge will help you create and keep up those habits.

See you on the (relatively) richer side.

[Post: 183 of 365] [Days Missed: 61]
Did you like what you found here ? Consider clicking the ‘Like’ button below, it will mean a great deal for me. Better yet, share it with your friends using those little social-networking icons shown below. I’d appreciate it.