National Debt Relief Talks About Most Common Budgeting Mistakes
Los Angeles-Long Beach, CA (PRWEB) May 15, 2015 -- National Debt Relief recently shared in an article, published May 6, 2015, on some of the most common budgeting mistakes consumers tend to make. The article titled “Do You Make These 13 Budgeting Mistakes?” looks at some of the consumer habits that are bringing in more harm than good to their finances.
The article shares that neglecting to save for the unexpected is one of the most common budgeting mistakes that consumers are guilty of. This usually means people do not pay much attention to their reserve funds. This normally consists of the emergency fund and the rainy day fund, which covers different types of emergencies.
The emergency fund is for the more serious needs like job loss or even medical emergencies that requires costly medical procedures. The rainy day fund is meant to cover the smaller emergencies that have the ability to drain the emergency fund along the way. Another common mistake consumers make is having unrealistic expectations.
The article shares that at some point people would plan to save up for that new auto loan and commit to packing their lunch for a whole month. Going cold turkey might rebound back, and consumers might find themselves eating out and spending more because they felt deprived in the last couple of days.
Another common mistake consumers make when budgeting their salaries is basing their budget on their gross income. When putting together the household budget, consumers need to remember that they need to look at their income after all the deductions or the net amount. This is more realistic because that is the amount that they will get in their account.
It also challenging for consumers when they have multiple accounts to keep track of. It can be having too many credit cards or too many checking and savings account because monitoring and keeping everything updated takes a lot of time out of their hands. To read the full article, click this link: http://www.nationaldebtrelief.com/do-you-make-these-13-budgeting-mistakes/
Paul Ritz, National Debt Relief, http://www.nationaldebtrelief.com/, +1 1-888-703-4948, [email protected]
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