I just read one of financial books and I just found there’s many financial mistake I’ve make in the past. The mistake really affect on my financial. This is my mistake that I’ve make and maybe you also :-
1. I’ve make maximum period of house, car loan. My house loan is 30 years period while car is 9 years. The longer period make my loan is longer. For example, I bought a house using bank loan and just get loan statement about 3 weeks ago. The house priced is RM82,000 but the loan amount is almost RM21+,+++.++. As the house loan is almost 5 years, the deduction is still small. I still need to paid almost RM19+,+++.++ in 25 years period. It means, after pension I still need to paid the loan. I make the longer loan to reduce monthly installment but that not good idea. It happen before I created this blog and I hope the knowledge I’ve gain from this blog could help me to settle loan in short time.
2. I’m not saving enough. I don’t save money in consistent period. Sometimes, forgot to save and something using the money without replacing it. Nowaday, I’ve save money into account first before spending it. I’m also pay attention to emergency fund because it is so important today.
3. Need to write budget systematically. I’ve a personal ledger writing in MS Excell but personal budget is not written properly. That’s a biggest mistake because sometimes my budget is burst. That’s happen because I don’t write a personal budget systhematically. The budget not just to be written but also to follow.
4. Don’t care about financial knowledge. Even I’ve written this blog about 2 years ago but I just make serious about financial knowledge last year. Nowaday, I’m more serious to get finance knowledge and not just writing finance blog for money purpose only. It could become a best reality finance blog for us.
5. Not care about salary and deduction. Honestly, I’m always forgot what my monthly salary. Don’t know the earning is make difficult to manage our expenses.
6. Bad habit spending. I’m not a people that go to bar, disco, etc but I’ve a bad habit to spend especially for meals. Nowaday, I write what I paid for meal and avoid unnecessary spending such as fast food, snacks , etc.
Okay, that’s some financial mistake I’ve make and I’m still trying to improve it. How about you? Do you have any financial mistake to share?