Are You Making These Financial Mistakes?

Some Common Money Missteps to Avoid

It can be easy to make mistakes with money. It’s easy to make mistakes with anything. However, with money, there are certain pitfalls that are easier to avoid than others. Here are some common money mistakes that can be avoided with just a bit of work.

Buying Too Much House

Just because you got approved for a huge mortgage doesn’t mean you need to use it all. Think carefully before buying a house that might end up breaking the bank. You don’t want to funnel all of your cash just to keep the lights on.  It's never too early or too late to connect with a Mortgage Specialist for advice.

Not Investing

You simply have to invest to ensure you have some retirement nest egg. Even the highest-yield savings accounts can’t match the returns of the market over time. If you can put even a little bit into investments, you’ll be happy you did when the time comes to step away from work.  Get started by contacting the Adventure Retirement and Investment Services team.

Paying for Things You Don’t Use

Everyone has subscriptions that they never or rarely use. Those little fees add up over time. Go through your subs and cut the ones you don’t need.

Not Tracking Money

You have to use a budget. It’s not fun, but it’s necessary. If you don’t track your spending, earnings and savings, you will most likely eventually run into problems.  You can easily create and track budgets and goals with our free My $ Snapshot tool within digital banking.

Forgetting to Check Your Credit Report

Keep regular tabs on your Credit Report by signing up for our free Credit Sense tool within digital banking.  You can check your credit report three times per year (one from each credit bureau) for free. Do it. If there are inaccuracies on your report, it will drag your credit score down. Get them fixed and watch your credit score jump.

Article written by Chris O'Shea.