Don't Waste Your Money: Dumbest money mistakes you can make - News, Weather, Sports, Toledo, OH

Don't Waste Your Money: Dumbest money mistakes you can make

(Toledo News Now) -

We all know what we should do with our money: Spend wisely, save some, and don't go over the monthly income. But a new report says many of us don't know the dumbest things we can do with our money.

Lots Of Us Make Mistakes

Lots of people make silly money mistakes, like buying a bigger house than we can really afford, spending too much on our car, or blowing a bonus at the slot machines.

The bill organizing website Manilla says the dumbest mistakes are those we could easily avoid.

Among them:

-Paying a bill late. This hits you with interest fees and penalties.

-Bouncing a check. This could cause a domino effect of penalties.

-Carrying a big balance on your credit card. You'll pay 20 percent interest. Also, contrary to popular belief, it won't boost your credit score.

Doesn't That Stink?

From the "doesn't that stink" file comes the dumbest of dumb money mistakes: Not having an emergency fund.

What will you do if the air conditioner or car's transmission fails?

You'll need to put it on a credit card - at a high interest rate - or take out a cash advance at an even higher rate.

So skip that fancy dinner, and build up an emergency account first.

Bottom Line

The dumbest financial move you can make, according to the Manilla report, is to spend more than you bring in every month, and not save a dime. It will catch up to you.

So spend wisely so you don't waste your money.

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