👇🏼🚫 Don't make these financial mistakes

1. Not tracking your money

If $500 cash vanished from your wallet, you'd freak out.

But I guarantee you "lose track" of hundreds from your bank account every month.

Track every dollar like it's a hundred.

Some tools to help:
YNAB = Zero based budgeting
Goodbudget = Envelope budgeting
EveryDollar = Super simple budgeting

2. No emergency fund

Fine if you're 15, but risky otherwise.

ESPECIALLY with a family.

Aim for 6 months of expenses.

Put this $ into a High-Interest Savings Account.

Check Bankrate or NerdWallet for the best one for you.

Once you have that account set up, automate transfers to it.

3. Paying credit card minimums

On a $5,000 balance at 13.5% APY:

2% minimum payment ($100) = 23 years to pay off

Total: $16,979 (Triple the original)

Pay the maximum or don't use the card.

4. Underestimating retirement.

Social security won't cut it.

Calculate your number (retirement income x 25)

Then use a compound interest calculator to see what you need to invest to get there:
calculator.net/compound-interest-calculator

5. Ignoring recurring expenses

Everything is a subscription now.

Review monthly, and cut waste.

I use tools like these to help me track mine:
- Trubill
- Trim

6. Overspending

"It's just $20" adds up fast.

Save the lifestyle inflation for when you're actually rich.

7. Not getting started

Knowledge without action is useless.

You know what you need to do, now get started.

If you liked this post, you'll probably like my other ones too.

522,981 people follow me for no BS finance advice for families.

- Every day I post about:
- How to turn six figures into generational wealth
- Proven strategies to give your family an unfair advantage
- Finance secrets from my CPA days #shorts

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DISCLAIMER: Budgetdog, LLC, including but not limited to any guests appearing in his videos, are not financial/investment advisors, brokers, or dealers. They are solely sharing their personal experience and opinions; therefore, all strategies, tips, suggestions, and recommendations shared are solely for entertainment purposes. There are financial risks associated with investing, therefore, do not act or refrain from acting based on any information conveyed in this video, webpage, and/or external hyperlinks. For investment advice please seek the counsel of a financial/investment advisor(s); and conduct your own due diligence.

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