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Consumers make mistakes, but too many financial mistakes can have a significant impact on your future. Here are some of the top money mistakes to avoid:
1. Late payments
Falling behind on payments can create a cycle of debt that is hard to pay off. Late payments also result in late fees and can impact your credit score.
2. Not making a budget
A budget allows consumers to see where their money is going each month and if there are areas where they can cut spending.
3. Abusing credit cards
Using credit cards for too many purchases can lead to consumers spending more than they can afford and racking up debt.
4. Not setting financial goals
Consumers need to set goals so they have steps to work towards, such as saving for retirement, buying a home, or paying off debt.
5. Living paycheck to paycheck
When consumers live above their means and overspend, they are forced to rely too heavily on each paycheck. One missed paycheck can be disastrous.