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Guys there are three huge money mistakes millions of people are making each day i’m really gonna enjoy sharing this with you guys today what those three mistakes are and how to avoid them let’s go ahead and talk about this good day subscribers thank you so much for joining me today today we’re talking about the three biggest money mistakes people are making out there
This is a really important video you guys will be able to see it and say you know maybe i’m making one or two of those mistakes or maybe you’re not making any of these mistakes and you’re on the right track so let’s go ahead and talk about this i have an illustration done and it’s labeled top three money mistakes number one living a pure means for your subscribers
Out there you may have seen my video last week that i did which was titled key to financial freedom and all i talked about that in that video was living at your means for those of you who haven’t seen that video basically what that means is live a lifestyle below what your income is so if you make $50,000 a year live a lifestyle of someone that makes $40,000 a
Year simple enough so don’t think about things just like i can afford that mortgage because i have enough coming in you know i can afford that brand-new car because you know that’s what i’m making live a lifestyle below your means that way you always have savings that way you always have savings you never have to worry about your bills because you’ve always got
It covered if you’re living below your means number two no emergency fund that’s second biggest money mistake people make they have no emergency fund whatsoever now what’s the difference between an emergency fund or what i like to call a rainy day fund and a savings fund a savings fund is more like you putting money away for a wants like you’re saving money for a
Trip you’re saving money to put your through college you’re saving money for whatever for christmas for christmas gifts or whatever you’re saving money for an emergency fund is for when something goes wrong out of nowhere that you didn’t expect also and you’re going down the highway and you get two flat tires and you need to get a whole new set of tires and that
Was an expense you weren’t planning on you drop your iphone into the pool and it breaks and there’s eight hundred bucks you need to buy a new one because they’re not gonna fix it for you because it’s over a year old or whatever that’s what an emergency fund is so it’s different than a savings account and just saving money it’s a specific fund you have for emergency
Type situations where you need some money around to get something fixed when something goes wrong that you were not expecting not a normal expense number three not setting budgets but specifically not setting budgets for weekly expenses so what i mean by that is you have weekly expenses that you do every week like say grocery shopping almost every single person
Does grocery shopping every week a lot of people they go to costco or sam’s club so they have an amount they spend at costco or sam’s club every week those kind of things you need to set a budget on what you should spend each week doing those activities so maybe for grocery shopping means eighty dollars you put aside to never spend over $80 at the grocery store
Or costco maybe it’s fifty bucks i never you know each week i’m never going to spend more than 50 bucks set budgets so that way when you go to the food store when you go to costco sam’s club wherever you’re spending a specific amount of money and nothing more than that because you have a budget in place also set budgets for things that you might do in your daily
Life that are wants like maybe you just love starbucks and you’ve got to get that latte every day to work set a budget on that so you never go over it so when you get to line you don’t often see that danish there and this other thing and you want to get a bigger drink no because you have a budget set in your mind now if i get that then i can’t my dream cuz it’s
Gonna be three dollars over budget keep in your budget keep a budget for everything those are the three biggest money mistakes millions of people are making you adjust those three things in your life and i guarantee you your financial life will be a lot a lot smoother just by doing those three things i just told you about here today subscribers thank you so much
For watching if you haven’t subscribed you may want to talk business financial markets in a ton about personal finance and on fridays we always talk about personal finance friday you never want to miss that thanks guys have a great day
Transcribed from video
Top 3 biggest MONEY MISTAKES By Financial Education
