Most of us are never told how to manage our money well. We're kicked out into the world with a job and bills and expected to win the finance game.
It's no wonder that millions of people are wasting billions of dollars each year due to common mistakes they're making with their money.
The good news: You can correct these mistakes in a flash when you know what they are.
Here are the 7 most common money mistakes costing you $500 or more each month – and how to fix them.
1. You're Paying Too Much in Interest
Every percentage of interest you're paying on your debt – credit cards, student loans, car loans, home loans, etc. – is costing you money. Just one percentage point can add up to serious money over the life of the debt.
While you may have some low-interest debt, many people are being hammered with interest rates of up to 25% and more. These types of high rates can add up to thousands of dollars wasted on interest payments to banks and credit card companies.
Even if you're not paying these high rates, just lowering your interest payments on your debt can start putting real money back into your own pocket and not into your lender's bank account.
THE SOLUTION: Lower Your Interest Rates
SuperMoney can help you save serious money on your outstanding debts through debt consolidation. They connect you with lenders that will consolidate your debts into one monthly payment at a much lower rate.
You can consolidate most, if not all, of your outstanding debt – from credit cards and car loans to student loans and payday loans – into one lower interest rate payment that immediately saves you money each month.
How to Get Started
- Simply apply online (it's free)
- Choose the best offer
- Pay off your outstanding debts.
You'll immediately reduce your number of outstanding debt to one then pay a much lower fixed rate and save thousands a year.
If you've got any debts with high-interest rates, get a free debt consolidation offer in seconds.
2. Your Low Credit Score is Costing You Cash
Your credit score is the grade credit bureaus give you so that lenders know whether you're likely to pay off your bills or not.
A high credit score means you're a good credit risk. A low credit scores means you're a poor credit risk.
Why should you care? Because your credit score determines the interest rates you pay on your debt.
The more risky a lender thinks you are, based on your credit score, the more likely they are to charge you higher fees and interest rates. If your credit card is too low, you may not even be able to get approval for some loans and credit cards.
Since your credit rating can even impact your ability to get an apartment or affordable car insurance, it's important to make sure you have a high credit score.
THE SOLUTION: Boost Your Credit Score Immediately
If you don't know what your credit score it, MoneyTips lets you access your credit score from all 3 credit bureaus. Most people have no idea what their credit score is. To find out, sign up here to get your credit score from all 3 credit bureaus now.
Credit Score Ranges
- Exceptional: 800 – 850
- Very Good: 740 – 799
- Good – 670 – 739
- Fair: 580 – 669
- Very Poor: 300 – 579
If your credit score is very poor to good, you're losing money to higher interest rates. But even if your credit score is very good or on the low-end of exceptional, you can save money by raising it to the highest level possible.
Repair Your Credit
One of the leaders in credit repair, Lexington Law, is now offering you a free credit report consultation to show you how they can increase your credit score.
Once they start working on your case, they'll analyze your credit report, identity negative items hurting your score, challenge those items with the credit bureaus, and keep working until it's cleaned up.
Click here now to claim your free credit consultation and get the high credit score you deserve. It's a smart money move that will pay you back for years.
3. You're Not Saving Money for the Future
When you want to go on vacation or get tickets to a concert, how do you pay? Most people put these charges on their credit card and then end up paying them off over time. This is great for the credit card companies, but bad for you.
What's the alternative? Save for events and experiences in advance. You simply put away a little money each month so you never pay the high interest rates for the things you love doing.
The challenge: Saving in advance takes focus and planning. Something that most people simply don't have extra time to do.
That's where Qapital comes in. Qapital founders, George and Katherine, wanted to create a fun, simple way for average earners to save money for events, experiences, and special purchases. They created a breakthrough way to save with this simple idea:
“Saving for the wonderful things you want to own or experience shouldn't come at the cost of everyday happiness.”
With your Qapital account, you can set savings goals for things like summer festivals, college fun, ski trips, a down payment on a home, a sail boat, a trip to Paris or whatever you wish.
With rave reviews from users and the media, you'll definitely want to sign up with Qapital now to start saving for your next exciting experience.
4. You're Spending Too Much on Your Bills
Most people have been brainwashed into thinking that “what they say is what I pay” when it comes to your monthly bills. But the reality is that if you're paying the exact amount they're charging, you're spending way too much.
THE SOLUTION: Cut Your Bills By up to 25%
Some companies who charge you monthly may be willing to lower your fees. However, since most people never ask – or know what to say – they end up paying full price and wasting $100's or $1,000's of dollars a year they could be saving.
Billshark is a bill negotiation service that can save you 25% on your monthly bills in as little as 2 minutes. They can lower your cell phone, internet, cable, insurance bills – and many more. Simply upload your bills to their secure system – and their team will immediately go to work to start lowering your bills.
Billshark has already saved their members over $10 million dollars. If they don't save you money, their service is free. Sign up now to get a free estimate of how much they can save you each month on your bills.
5. You're Not Investing for Your Future
One of the biggest mistakes people make is not putting money away for their future. By the time they think about retirement, they've wasted years of time when their money could have been growing.
You want to start investing as early as possible so you can leverage the power of compound interest. The more years you invest, the more your investments will grow.
The problem? With stock prices being so high, it's difficult for the average person to find enough money each month to invest in the stock market.
THE SOLUTION: Start investing with as little as $5
With STASH, you can start investing with as little as $5. No, it's not penny stocks. With fractional shares, you can invest in some of the world's most valuable stocks like Amazon and Facebook. Now anyone can become a stock market investor – starting today.
Best of all, STASH is also a full-service banking app that helps you build healthy spending, saving, and investing habits – all from your phone.
Currently, over 3 million American's save and invest with STASH. If you're ready to start building your wealth for as little as $5, sign up now and become a STASH investor in just 2 minutes.
6. You Don't Have a Side Hustle
Too many people are stuck at fixed-wage jobs that don't give them the opportunity earn more money. The small pay raises that may show up are few and far between.
When your job is your primary source of income, it's hard to get more money when your income is in the hands of your company or your boss.
THE SOLUTION: Start a home business in your spare time.
If you've got a little extra time in your evenings or weekends, you can start making serious money with your own side hustle business.
A side hustle is simply a small business you start from home that can start to earn you extra income in your spare time. In some instances, it can early you a lot of extra income.
Many people looking for a side hustle to supplement their income start with done-for-you business-in-a-box programs that come with all of the marketing tools and support.
One example is Credit Repair Cloud. This company puts you into your own lucrative credit repair business – even if you have zero experience in the industry. Credit repair is an evergreen business that's always in demand.
They show you step-by-step how to find clients in your first 24 hours, how to repair credit easily, and how to scale up to massive profits without paying a dime for advertising.
The founder of Credit Repair Cloud, Daniel Rosen, has a 100% free training that shows you how his students have generated millions of dollars in sales from their own credit repair businesses.
If you've always wanted to be an entrepreneur, making serious income from your own home, you'll absolutely want to attend this credit repair business free training.
Click here now to reserve your seat for the next free training on how you can start your very own high-profit credit repair business.
7. You're Not Investing Wisely
Maybe you've heard the quote: If you think education is expensive, try estimating the cost of ignorance.If you think education is expensive, try estimating the cost of ignorance. Click To Tweet
Every year, inexperienced stock investors lose millions of dollars speculating on the stock market. The lure of easy money with a hot stock tip is hard to ignore. But if you don't know enough to invest intelligently, it's easier to lose your money than make any.
THE SOLUTION: Become a savvy investor in minutes a day
Ricky Gutierrez figured out early on that if he wanted to get wealthy in the stock market, he needed to know what to do and how to do it.
He became a student of the stock market and figured out a system to multiply his income through the power of leverage and day trading.
Today, Ricky's a young millionaire and highly-popular teacher of stock trading. His Learn Plan Profit program helps stock investing beginners learn the ropes so they, too, can start to build large stock portfolios like the wealthy.
If you'd like to see how Ricky changed his financial life by daytrading in his spare time, check out his Learn Plan Profit system now.
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