Last week we discussed why it is important to have an emergency fund set up. Now, for our third and final week we will take a look at why paying your bills late is another costly mistake.
Paying your bills late will have more of an effect on your finances than just paying a onetime late fee. As reported in Shape Magazine, paying your bills late even once is a costly mistake that may have you paying for a ways down the road. Just one late bill can cause your credit score to drop tremendously.
If you are forgetful, there are many ways to keep yourself on time with your bills. Setting an alarm on your phone for the day you need to pay them is a great reminder – or the day before to be safe!
Now that we have discussed the third and final money mistake, we know the three costliest mistakes to avoid! Starting to save with an IRA or 401(k) account if you have not yet, having an emergency fund set up and paying your bills on time are crucial to good financial habits and your financial future!
Post your comments below! Maybe you have another money mistake to avoid that you’d like to share with us!