Managing your money can be a complicated task. If you avoid the worst pitfalls, however, you will be in much better financial shape. Then the other potential problems you may encounter with money will likely be easier for you to solve on your own.
1) Not Taking Action to Manage Money
The biggest mistake of all is to not do anything to manage your money. Inflation, the cost of living, and the impact of debt will act without your control – and get out of control – unless you take action. Without an accurate budget you won’t know where your money is going. If you don’t know how much interest you are being charged on your credit cards, you’ll pay too much. Without understanding your financial options, you won’t know the best ways to save or invest. Knowledge is power, especially when it comes to finances. Learn as much as you can about how to wisely manage your money, and put that into action. Be an active manager of your money, and avoid the hazards and pitfalls.
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