Learn from your financial mistakes (and don’t miss money again)

You probably made some decisions that were not the best. However, beyond the impact of the moment, the important thing is to learn from these mistakes so as not to repeat them in the future.

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It is likely that you have made some decisions that were not the best, such as leaving your home without an umbrella in the rainy season, forgetting your car keys in the office, or putting on some uncomfortable shoes one day when you were going to walk a lot. However, beyond the impact of the moment, the important thing is to learn from these mistakes so as not to repeat them in the future. And this same principle also applies to your personal finances .

Learn from your financial mistakes (and don’t miss money again)
Learn from your financial mistakes (and don’t miss money again)

Some of the most common financial mistakes seem harmless, but together they can seriously affect your portfolio . According to the latter, 60% of women and 67% of men in Mexico do not keep track of their finances. In addition, at least two out of every three people in our country do not compare their products or services before acquiring them. In this way, something in appearance as innocent as not keeping track of your income and expenses can prevent you from reaching your short, medium or long-term financial goals.

We share some tips to help you identify the most common financial mistakes. So you can solve them and regain control of your economy:

Lead a life you can't afford

You may be tempted to lead a lifestyle that exceeds your budget, which will only lead to a financial disaster. To avoid this error, first of all you have to do a small analysis of your finances: how much you perceive and how much you can spend and thus adjust your standard of living to your financial capacity. Many people think about what they “should” buy and save what they have left over, when it is right to think first about saving and then spending the rest. This will allow you to have healthier finances in the short and medium term.

Do not make adjustments on time

If you just had a child or decided to take out a mortgage loan, you need to adjust your expenses to your new financial reality. Maybe you were used to spending a fixed amount of your salary on amusements and purchases, but if you continue doing so it will not reach you for the new responsibilities you acquired, and in a few months you will reach red numbers, avoid cutting your spending budget. It is not about not buying anything or stop going to the movies, but about continuing to do so, but contemplating your new commitments and always trying not to touch your short and medium term savings, and, above all, without neglecting your retirement savings .

Invest without being advised

We have already mentioned that saving under the mattress only causes your money to lose value over time due to inflation, and that is why there are people who decide to invest their money and often do so without advice. Investing is very important and not difficult, but every investment must be very designed to achieve your goals. Therefore, nothing better than approaching your financial advisor and assess what may be the best option for your case.

Help others before you

It is normal that, when seeing a family member or friend in a difficult situation, you want to lend him money, but before doing so it is worth thinking about how much it would affect your finances if that person could not return your money on time. Do not sacrifice the payment of your debts or the savings for your holidays next year. Surely there are other ways to help someone get ahead without risking their relationship or your economy.

To think that you will earn more in the future

If you are starting your professional career, it is very likely that in a few years you will have a better position and a higher salary, but that does not justify spending excessively and start saving until you turn 40. Even if you earn more, surely you will also need to spend more than now, and then you will continue to postpone your savings plans, better allocate a percentage of your salary monthly to this item and strive to fulfill it month after month, even with increases or job changes.

Sometimes disasters are just the sum of small problems that are left unsolved. In the financial field, this precept also applies. The important thing is, once you have identified the mistakes you have been making, get down to work to solve them and, above all, learn from them so as not to commit them again. In this way, it will be possible to put your wallet “on the waist” and regain control of your economy, but the most important thing is that you can recover your peace of mind.

What have been your worst financial mistakes?

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