"Rather than continue a lifestyle financed by credit cards -- and compounding debt in the process -- consumers should "circle the wagons" by figuring out where they spend their money, Cunningham says.
Just as calorie-counters keep logs of every meal and snack, consumers should keep a meticulous watch on incidental purchases such as meals in restaurants, nights out at the movies, and, of course, gourmet cups of coffee. Think of it as an expense report to yourself. "
-- Source: Bankrate.com on CNBC.com
Here's the link to the full article about common financial mistakes.
The list of common errors includes:
- #2 devouring long-term savings,
- #3 skipping financial aid for college,
- #4 ignoring your investment portfolios or becoming emotional paralyzed by the downturn and
- #5 cashing out the equity in your home.
I'll also have more financial and frugal tips tomorrow night at a book signing party. If you're in South Florida, please stop by the event!
Time: Wednesday, September 24, 2008
When: 7:30 p.m.
Location: Books & Books, Bal Harbour Shops
9700 Collins Avenue
Bal Harbour, Fl
"Award-winning journalist Sharon Harvey Rosenberg shares how she lives a life of high style without the stress of high costs or deprivation. In The Frugal Duchess of South Beach (DPL Press, $14.95), she chronicles her often hilarious journey of luxury living for less in one of the most expensive cities in the U.S., while equipping readers with the tools they can use in their own cities." --Source: Books & Books
Here's how to buy my new book: