What are Some Common Financial Miscues?

Simple mistakes can be costly.

Money.

It is the cause of much stress for most people.

Perhaps this is you.

What if there were ways to set yourself up better financially?

According to a recent Motley Fool article titled “5 Money Mistakes You Probably Don't Even Realize You're Making,” there are five miscues you can stop right now to set yourself up better financially.

What are they?

Ignoring recurring charges.

When was the last time you looked over your credit card bill?

Do you have automatic charges each month?

Look at these services.

Are they necessary and relevant?

Do you still utilize them?

Many people simply forget to cancel their gym membership or unnecessary subscriptions.

Taking action now to cancel them can save significant moola.

Working too long.

How long have you been at your job?

Has your pay changed as your skills have improved since you were hired?

If yes, it may be time to look for another, higher-paying career.

Alternatively ...

Failing to request a raise.

Perhaps you are loyal and love your workplace.

You do not want to leave.

Still, you have become an efficient asset to the company.

Ask for a raise.

A recent survey from PayScale showed those who asked for a raise would receive it about 70 percent of the time.

Neglecting to review insurance.

Your insurance was great when you got it.

Insurance changes.

Your life also changes.

What may have worked well at one time may no longer be the best option.

Review your policies and shop around to see if you can save with another carrier.

For example, 15 minutes may save you ....

Avoiding estate planning.

Not having an estate plan may seem smart.

Someone else will be sorting through the mess when you die.

The issue?

Not having an estate plan will cost you more in legal fees if you die and especially should you become incapacitated without a plan.

Do not do this to your loved ones.

Meet with an experienced estate planning attorney now.

With these common mistakes in mind, take the steps to avoid such pitfalls.

Reference: Motley Fool (June 12, 2019) “5 Money Mistakes You Probably Don't Even Realize You're Making”