Motivation Monday – Money Mistakes Anyone Might Make

Making money isn’t always the hardest part of building wealth. Sometimes, how you spend and save your money can create greater roadblocks to success.

While it’s possible to gamble money away at a casino or lose your nest egg on a bad investment, more often people make smaller, everyday mistakes with their finances that add up over time. These common mistakes include: not having long-range goals; neglecting to budget; failing to track purchases; and using credit cards to pay for conveniences, luxuries and impulse buys.

Budgeting often prevents impulse purchases and splurges. But less than 40 percent of Americans actually have budgets in the first place – and many of them don’t follow those budgets. Creating – and sticking to – a budget is a habit that must be built. Once you plan your purchases and expenses ahead of time, stick with that plan and you’ll likely begin to “find” money you never realized you had.

Purposes and goals help you stay focused on your spending and savings plans. Without goals, you keep a budget but then spend the excess – once you view it as excess. Or perhaps you save effectively but only earn minimal interest, wasting years of potential extra growth.

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TSG Financial LLC is a Financial Services company located in Garden City, NY. Securities offered through Securities America, Inc. Member FINRA (www.finra.org)/SIPC (www.sipc.org). Advisory services offered through Securities America Advisors, Inc. TSG Financial and Securities America are separate entities. Securities licensed in: AZ, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, LA, MD, MA, NJ, NY, NC, OH, OR, PA, SC, TX, UT, VA, DC . The third-party comments displayed are not verified, may not be accurate and are not necessarily representative of our client experience.

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