Nowadays, it seems like everyone is consistently on-the-go. We all live busy and active lives, and it’s impossible to keep everything organized all the time. So it’s safe to say that our personal finances sometimes fall through the cracks. While you don’t always need to be thinking about money, there are a few major mistakes that could be sabotaging your financial health. Give your finances a boost by avoiding these bad money habits.
1. Missing out on 401(k) matches.
If your employer offers a 401(k), take advantage! This is a valuable way to save for retirement and an important part of your compensation package. And the best part? Most employers will match your contributions, dollar for dollar, up to a certain level. But they will only match what you actually save. So increase your contributions at least in line with what your employer will match. Don’t leave money on the table!
2. Paying credit card interest.
Racking up high-interest credit card debt is the quickest way to sabotage your finances. Make sure you set all of your credit cards to autopay the full balance at the end of every month, so you never have to think about making on-time payments. Then, take your credit card game a step further by following these rules to manage your cards responsibly.
3. Paying unnecessary fees.
Hidden fees are a dirty little secret in the finance industry. Whether you’re paying ATM fees, monthly checking account fees, or high investment fees, these can add up and jeopardize all of your hard work. So be aware of them, and try to avoid them, when possible. This checking account comparison will help you dodge unnecessary banking fees. And this is my favorite online investment platform—it’s easy to use and invests your money in the best low-fee index funds.
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