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How you manage your money is so important, but it can also get kinda overwhelming. There’s a lot to keep track of, and sometimes it’s hard to tell if your money habits are ~healthy~ or not.
1. Spending without a plan.
This is one of the biggest (and most common) money mistakes. Whether you want to break the paycheck-to-paycheck cycle or you’re saving up for a big purchase, staying on top of how much you earn, spend, and save is absolutely key to accomplishing financial goals. And a budget is like a master plan that helps you keep an eye on all of it. But according to a 2016 study by US Bank, only 41% of respondents actually used a budget. So if you’re not a budgeter, you’re definitely not alone.
Making a budget can seem daunting, but it doesn’t have to be a bummer. “A lot of us put our heads in the sand,” Pavini said. “But if you just look at what you’re spending and then make some changes, it’s a joyful feeling. It’s empowering.”
If you’re new to budgeting, you can get started by whipping up a quick Excel sheet listing all of your income and expenses or check out some of these spreadsheet-free budgeting methods.