Are You Destroying Your Finances?

April 18, 2014

Avoid sabotaging your financesIf you are looking to buy a home in Chicago this spring or summer, you know that your finances need to be in the best shape possible. However, it can be really difficult to not give into the temptation to overspend. With the influx of advertisements all around you, pressure from others/the desire to keep up with others and just a lack of planning, you may inadvertently be setting yourself up for financial ruin. The financial experts at the Equifax Finance blog recently published an article, “

Eight Ways You’re Destroying Your Finances,” which describes some of the ways you may be unintentionally hurting your pocketbook.

Here are a few:

  1. Not having a budget:  This is the first step in money management. Spending money with no budget can be devastating to your finances. Create a budget so that you understand exactly how much money you have (and what you can afford to spend each month).
  2. Living off credit cards: Only charge what you can pay off right away. Carrying a balance on a credit card means you will have to pay interest and negatively impacts your credit score.
  3. Having no emergency savings: Even if you are able to afford to pay your monthly bills on time, if you do not have any emergency savings, your finances will go downhill fast in the event of major illness, job loss or a death in the family.
  4. Buying an expensive car: Avoid the temptation to buy a car that you can’t afford. Take into consideration all of the costs of owning a car, including insurance and vehicle registration.

Get the full list of eight in the article on the Equifax Finance blog. While there, check out the many other articles on personal finance topics like retirement, insurance, taxes, credit, identity theft protection and more.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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