4 Simple Financial Mistakes You're Guilty Of Making*

*This is a collaborative post*

I'm not one to accuse anyone of anything, but I’m reasonably sure that everyone reading this has made - or is making - some of these financial mistakes. Don’t be ashamed, it’s good to own up to our failures and learn from them. By understanding what you’re doing wrong, you can make changes to your life and become more financially stable!

Not investing any money

Everyone should invest.

As soon as you get your first job, you should invest your money in something. You don’t have to get a broker to do this, there are apps like Moneybox that help you invest with ease. Here, you can invest the spare change you have without needing to do anything. Investing is essential for good financial health as it means you’ve got money stored away that can grow in value. It’s like having a turbocharged savings account!

Not sticking to a weekly budget

For me, lots of people struggle to save money because they spend too much. This usually boils down to the fact that you don’t set or stick to a weekly budget. With a budget, you restrict your spending each week. You’ll be amazed at how easy it is to still buy everything you need, but without going overboard.

Obviously, budgeting apps are available to help you do this. One pro tip is to figure out your budget then withdraw cash. Then, you only use that cash to pay for things. It’s a brilliant way to curb your spending and stay on track.

Buying everything brand new

Do you need brand new items? In a lot of cases, you can make do with something that’s already been used by someone else. If you’re buying a car, then why would you buy a new one? There are loads of used car companies like Newtons of Ashley where you can get perfectly good used cars for way cheaper than new ones. It’s the same for other things as well. I knew someone who got an iPhone X on Gumtree for around £300. The screen was slightly damaged, but they paid to get it fixed and still saved a fortune.

Essentially, you shouldn’t automatically buy brand new things if used ones are available. As long as they’re still in decent shape, it makes more sense to buy the used item. You’ll save loads of money, and this is an easy piece of advice to follow.

Going for branded products all the time

Similarly, you shouldn’t go for branded products all the time. I appreciate that some foods or clothing items are of better quality when they’re branded. But, a lot of the stuff just isn’t worth the money. If you swapped them out for non-branded items, you will save loads of money and still have a good thing in your hands.

Most of the time, you’re paying for a logo or a brand image when you buy things from established brands - particularly in the fashion industry.

How many of these mistakes are you guilty of making? If you’re worried about your finances, then you can start fixing things by avoiding all of these mistakes. As a result, you’ll feel more financially secure as you’re spending less and saving more.

*Photo sources: Header image - Pexels - CC0 Licence Second image - Pixabay - CC0 Licence