3 Money Mistakes You’re Probably Making

Video Transcript

Hey this is Chris with Money Burst, and let's talk about something that we all deal with: making money mistakes. We've all made them, but today we're highlighting three common mistakes you might be making right now.

Mistake number one: overpaying out of loyalty.
It's easy to stay with a service or a brand simply because it's familiar to you, right? But staying loyal without comparing prices, that might be costing you a lot more than you think. Here's a quick tip, the next time you have something like your auto insurance policy coming to an end or maybe you're looking at your phone bill at the end of the year, give yourself an hour or two to shop around. Taking just this small amount of time could save you hundreds of dollars over the next year.

Mistake number two: not monitoring your spending.
So, it's tempting to avoid regularly checking your bank statements or to delay setting up a clear budget. But, trust me, understanding where every dollar goes can be an eye-opening experience. Whether you use an app or just a regular old pen and paper, keeping track of your expenses can expose some habits you might not have even known you had developed.

Number three: avoiding investing.
Playing it safe with your hard-earned money is completely understandable. Especially if investing seems kind of intimidating. But with inflation always around, right now is a great time to put your money to work through investing. Start small, you know, with $50 or $100 a month into your work retirement plan or open up an IRA. The important thing is that you just get started.

So, there we have it - three potential money mistakes and how you can fix them.