Avoid These 4 Financial Blunders

Tuesday, September 29, 2015

I like to think that I'm beginning to get a fairly decent grasp on this whole "managing money" thing. By my own standards things are going fairly well. I own a home, flat-out own my vehicle, have no major debt outside of student loans and manage to put a nice chunk of change into savings on a regular basis. I'm not sitting pretty by any means, but I'm on the way to security and comfort. 

There have been some speed-bumps and lessons learned along the way and I do have some regrets. Today I'm reflecting on those financial blunders. The following are things I wish I would have done differently.
Financial Blunders you might be making

1 |  Private Loan

I made the mistake of not having a clue when it came to college. I should have researched a lot more and made more of an effort to find something that was more affordable than the colleges I attended my freshman year. I'm now of the mindset that it you need to take out a private loan to go to school then you probably shouldn't go right now. Actually, I can't think of a situation where I would recommend taking out a private loan. They are a hassle and that interest is just going to bite you in the butt. 

2 | Not Paying on Loans While in School

I really, really wish I would have made more of an effort to pay my loans while in school. I didn't have a ton of money, but maybe I could have made more of a dent. I'll be debt free mid-2018, but it just would have been nice to have some foresight. 

3 | Delaying a Contribution to Retirement

Many companies match a certain percentage of whatever you delegate to your 401K (or in my case 403B). That is free money ya'll! I was stupid and contributed nothing to my retirement until about a year into my career. On top of that I just did the max amount my company would match to. According to my financial adviser, Google,(I kid! I have a real adviser.) you should be contributing a total, including the free money, of at least 10 percent in your twenties. I have since corrected my ways, but again some foresight into believing that I'm going to someday be old would have been helpful. 

4 | Trusting a Payment Went Through

Don't ever just assume your payment for any bill went through the way it should. Always double-check to ensure that the payment was received and your account was properly credited! I may have accidentally missed an entire payment once due to lack of checking. That sucked.

What are some of the financial blunders you have made along the way? 

The Blonder Side of Life
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