5. You Don't Budget
If you don't properly budget, you can't forecast what you'll need, and you'll waste a lot of money. Our economy runs on supply and demand, and businesses know exactly how to get their supply in your demanding face and squeeze as much money as possible out of you. With proper planning, you can predict (and minimize) your expenses.
"Cleaning products, health and beauty items, and even most all grocery items go on sale for about half off, but not every week," explains Teri Gault, founder of The Grocery Game, a website that provides listings of grocery sales, tips, and tools to savvy consumers. "When consumers wait until they run out of perishables like orange juice, which has a date of up to two months, they pay twice as much as they could have a few weeks ago when it was on sale."
Also See: Are You Spending Too Much on Food?
This concept applies to yogurt (6 weeks), sour cream (2 months), eggs (6 to 8 weeks), and nearly everything except for fresh produce and milk. And it clearly applies to deodorant, shampoo, toothpaste and laundry detergent.
Also See: Rising Food Prices to Dampen Summer BBQs
Money makes the world go round, and the way we handle it determines our position and success in life. In order to get a hold of your personal finances, it's vital to face the facts about your actual spending habits.
Own up to your mistakes, and you'll be well on your way to readjusting and getting yourself back on the right path.
--Written by Brian Penny for MainStreet