Tag Archives: Financial Pitfalls

Financial Pitfalls: The New Car Mentality

One big financial pitfall is the new car mentality. Many people like to drive new cars and feel they need the safety and security. Here are four myths that support the new car mentality. 1) Many people feel that they need the latest model car. A new car is a status symbol. There is a certain feeling of accomplishment when you drive a brand new car off of the lot. You have achieved something. But you have also lost something. The average new car depreciates two thousand dollars the second you drive off the lot. If you have two thousand … Continue reading →

Five Budget Busters

Once you sit down and right out your budget you should begin to notice that you have a few categories that are causing you a little bit of a problem. These categories are generally known as budget busters. Once you realize that you are overspending in these categories, it can be difficult to find ways to cut back. It may mean that you simply do not go shopping, or that you shop sells. You may choose to switch these categories to the envelope system, which will help to stop excessive spending. Here are five common budget busters and ways to … Continue reading →

Single Parents and Financial Pitfalls to Watch Out For

There are so many financial problems that face people everyday, but for the single parent there are even more concerns. In The Financial Guide for Single Parents Workbook, Larry Burkett encourages single parents to be aware of the financial traps to look out for and how to avoid them. Here are a few to be aware of, but I strongly encourage you to get the book and read it. Credit Card Debt Understandably, credit cards might seem like they can fill in the gaps of a one parent household, however you need to stay clear of them as much as … Continue reading →