Money is great when you have it, but there are still tonnes of mistakes to be made that can either cost you your hard earned cash, or cost you the opportunity to make more. It pays to stay wise where your money is concerned because it can be the difference between your future being bright or bleak. There are certain mistakes that are worse than others, and can really cost you your future happiness. You need to do more than simply hold onto your money by spending wisely. These mistakes should always be avoided, and luckily, it is quite easy to do so.
Over Extending On A Mortgage
Buying a house or apartment is supremely exciting. You get to have your own space and finally put your own stamp on a property by designing it yourself and decorating how you see fit. But don’t take the biggest mortgage you can, because it could prove hard paying it back whilst still maintaining a comfortable way of living. Instead take a reasonable amount that won’t stretch you to breaking point. Remember, when you get a new home you’re likely going to need spare cash to renovate. You may need a new kitchen or bathroom so make sure you have the money there to do that. If you dump it all on a deposit you won’t, sure, you’ll have a great home, but no money to do what you need to do.
Protect Your Money During Marriage
If you have a decent amount of savings as you go into a marriage it can be a good idea to get a prenuptial agreement drawn up. It may sound harsh asking for such a thing, but it can really save you losing out big time down the line. If you get divorced you’ll have to use the Best Law Firm to ensure you take away the majority of your cash, but if you had a prenup then it could have all been avoided. It may sound like one of those things that only celebrities and millionaires use, but you’ll be surprised by how useful they can be to protect even the smallest of savings. It may hurt your other half, but they’ll ultimately understand, you may not even need to use the agreement, but it is a great precaution to have in place and it will save you thousands.
Not Letting Your Savings Work For You
If you have any kind of savings in the bank then you need to put them to work to earn yourself a passive income. Even if it is moving them over to a bank account which offers better interest rates. These always vary so make sure you keep an eye on them and adjust them as necessary. You can also try checking out the ISA accounts. These are fixed term saving accounts which means you can’t withdraw from them until the time period is over but as a result you can benefit from higher interest rates. You can find some of the best ISA’s here.