Over the course of three weeks, my husband spent quite a lot on Lord of the Rings collectibles. Can we afford it? I guess so. We didn’t need credit cards to pay for any of the stuff, and it didn’t result in us needing to use debt to pay any of our other obligations. But am I happy about it? Not really. There are a number of reasons that I’m not happy about this development, including that fact that I derive more enjoyment from experiences than from things.
To tell the truth, the main temptation I’m having right now is to spend a large chunk of change on something. But, of course, this tit for tat money thinking goes nowhere in the end — and it can be a short road to financial ruin.
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Are you having a hard time reaching your financial goals? It might be because you are making one of these five very common money mistakes.
1. Forgetting to account for predictable irregular expenses when making a budget.
A lot of the “unexpected expenses” that derail our budgets aren’t really all that unexpected when you think about them. While you can use your emergency fund to cover the costs, are things like annual vehicle registration fees and HVAC tune-ups really emergencies that just happened out of the blue?
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Sometimes, spending money to save money works. It worked for my husband, who recently became an AAA member and then proceeded to enjoy discounts when booking travel – discounts that have already paid back the membership and then some.
It can work when you’re serious about couponing and are buying the Sunday paper mostly for the coupons, or when you invest in energy or water saving tools such as a low-flow shower head.
I’m sure there are other cases where you can spend money in order to ultimately save more than you had spent, but this is not one of them:
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Planning your next vacation should be all about the fun of selecting itineraries, mapping out bicycling routes, or deciding which tropical drink you’ll have the waiter bring you on the beach. Unfortunately, vacations, like most plans, don’t always go as expected. Do you need to worry about stolen luggage, missed flights or illness before you even start on your trip? Here’s a breakdown of insurance options available for your next trip:
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I’m a big believer in putting something away for a rainy day, but there’s more to planning for future financial needs than just having a well-funded emergency fund. In addition to your typical shtick about having 3-months’ salary in a piggy bank somewhere, I’ve found the following bits of advice to be valuable, as well. (All of them require action today in order to cash in later, though.)
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We’ve all heard stories about how social media activity has resulted in people losing their jobs. From the discovery of risque pictures on a teacher’s Facebook profile, to complaining about your boss on Twitter, there are a number of ways that social media can impact your career with a specific employer. But your social media activity isn’t just about being careful because your boss friended you anymore, as your online antics are being investigated by potential employers too. Before you are hired, you might be searched online — and what comes up in a public search could mean the difference between being hired and moving on to the next job interview.
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