10 Dumbest Money Moves

Ever made a big mistake with your money?  Lots of us have.  In a recent article called "My 10 Dumbest Money Moves - And How You Can Avoid Them," Stacy Johnson of MoneyTalkNews discusses ten frequently-made money mistakes and what you can do to avoid making them.  The ten mistakes he describes include:

1) Not having a goal.
2) Not having a spending plan.
3) Attempting to derive self-esteem from possessions.
4) Doing what everyone else is doing.
5) Starting to save large and late rather than small and soon.
6) Paying interest to buy things that drop in value.
7) Turning down free money.
8) Buying a new car.
9) Buying more house than you need or can afford.
10) Not protecting your good credit.

To read the full article, click here.

7 Money Mantras To Live By

Check out this new article from the Oprah.com website called "The 7 Money Mantras Experts Live By".  Here are seven tips that can help you save hugely over time (click here to read the full article):

Mantra #1:  Manage your finances like you manage your social life.  For example, place bill due dates on your calendar right alongside your social outings.  This serves as a good reminder.

Mantra #2:  Find the bigger "yes."  Set your priorities.  Make spending cuts in areas that matter.

Mantra #3:  You can't out-frugal your way to rich.  "You don't have to eat lobster every night, but you do have to eat."

Mantra #4:  Sober up your spending for free.  Free (general) financial advice is available if you look for it. 

Mantra #5:  Buy more good times than good things.  We typically don't look back and regret the things we didn't purchase.  Look for experiences instead of material things.

Mantra #6:  Don't do anything smart.  If you're feeling jumpy, relax.  Try not to act out of emotion.

Mantra #7:  Wait a day or two... or three.  Before making a purchase, sleep on it.  It will still be available in a day or two and you'll often decide it's something you really don't need.