Planswell - Top 3 Financial Mistakes to Avoid

Whether it is a last-minute purchase or missing a bill payment, every one of us has mishandled money in some way or another. These mistakes have a detrimental impact on your financial health and could become an impediment to the journey of financial freedom.


Professionals at Planswell have made a list of mistakes we usually make during our financial journey. Knowing them beforehand will help you avoid them later on and will make the financial journey smooth:


Not Budgeting Properly

If you don’t follow a budget, it means you have no control over your finances. Not having a budget is like having sound finances but still struggling financially. It is hard to fulfill your financial goals when you don’t have a solid budget in hand. Take out time out of your schedule and make a budget to keep the finances on track. You can seek assistance from financial advisors at Planswell.


Using Credit Card to Pay Everyday Expenses

The moment you run out of money, swiping the credit card will be your first course of action. Studies reveal that people tend to spend more while paying via credit card. Also, using a credit card frequently means that something is wrong with your budget. Stop using the credit card and follow a budget to trick the credit card usage.


Not Saving for Rainy Days

Build an emergency fund of at least three months and six months would be better. You never know when a medical emergency pops up all of a sudden or your car needs repair. If you have emergency funds, you can meet your existing financial obligations. Plus, the best part is you have money when you retire and don’t have to swipe your credit card.

In Conclusion, Make sound financial decisions so as to have a secure future in the years to come. If you need any financial advice for free, consult experts at Planswell.





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