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4 Foolish Money Mistakes You

Should Avoid

Recommended Homes San

Francisco, CA

212 27th St,

San Franci
$1,349,000
3 bed, 1 bath, 1,300 Sqft

By Vera Gibbons
April 7, 2014 10:47 AM

855 Folsom
St Apt 511,

Do you make a lot of mistakes when it comes to managing your finances? Here are
some of the more foolish things we often do or dont do:

$6,500
2 bed, 2 bath, 1,400 Sqft

Not having a budget

555 4th St
Unit 845, Sa
$4,600
2 bed, 2 bath, 1,100 Sqft

You cant begin to manage your finances until you know whats coming in the door,
and whats going out. You need a money management tool! This is where an app like
Mint comes in handy: you can track your finances, budget, set goals and more. And
when you sync your various accounts savings, checking, investment youve got
everything in one place. That makes it easier to stay organized, do more with your
money, and ultimately keep those mistakes to a minimum.
Failing to maximize tax breaks
Every year, Americans make all sorts of mistakes on their taxes, costing them
hundreds, if not thousands, of dollars. And while basic arithmetic errors perpetually
top the list, we also overlook valuable money-saving credit and deductions such as
the earned income tax credit, job-hunting costs, out of pocket charitable contributions,
and the child-care credit. Dont leave any free money on the table.
See tax breaks for homeowners.

Featured Articles
Mintcondition
1940s
kitchen a
true labor

Thinking small changes dont make big differences

Consider this: if you buy a cup of coffee every day at $1.75 a cup, youre spending
more than $600 a year to fuel your habit; make your coffee at home for just 55 cents
and youll save more than $400. And heres a less conventional, more significant
example: If you were to buy a $300,000 home and put 20 percent as a down payment,

of love
11 kitchen
islands
gone

a mortgage rate difference of 1 percent (4.5 percent instead of 5.5 percent), would
save you $147 a month the equivalent of about 40 grand lattes every month.
Annually, this tiny 1 percent difference in your mortgage rate would save you $2,398 in
the first year of your loan. Thats the equivalent of a weeklong vacation for a family of

glamorous

four! Have I made my case? Explore your options!

Steep
premium
sought for
house
where

Forgetting to redeem rewards

Americans earn approximately $48 billion in rewards points and airline miles each
year through customer loyalty programs, yet about one-third of that amount or $16

family says 'Uncle

billion goes unredeemed each year! To put this in further prospective, the average

The 12
best apps
for

household thats active in loyalty programs earns about $622 per year, but does not
redeem $205 of those rewards. Thats enough to buy an airline ticket, a smartphone,
or a couple weeks worth of groceries!
remodelers
Related:
See What 1% Saves You on a Mortgage (INFOGRAPHIC)

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Vera Gibbons is a financial journalist based in New York City and is a contributor to Zillow

SungIasses Sale

Blog. Connect with her at http://veragibbons.com/.

Note: The views and opinions expressed in this article are those of the author and do
not necessarily reflect the opinion or position of Zillow.

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