4 Money Traps to AVOID

Wednesday, February 12, 2020
4 Money Traps to AVOID

4 Money Traps to AVOID

1. Having No Emergency Fund - Aim to save 1-3 months worth of pay. Avoid putting emergencies on credit card

2. Overuse of Savings Account - Keeping your money in a low interest savings account won't even keep up with inflation

3. Not Investing Enough - One of the best ways to make you money work for you long term.

4. Not Thinking Long Term About Money - Limit impulse buys and think whether it will give you long term happiness

Remember to spend our hard earned money on things we basically need for living. If needed to buy something like your "wants", think of it many times before buying it, you might want to let a day pass to think it over if you really want to buy it, sometimes we tend to buy impulsively and our emotion sometimes affects us on our decisions.