Money Minute: 8 common money mistakes to avoid
PITTSBURGH (KDKA) — Are you getting the most out of your money?
Chances are, probably not, as KDKA-TV money editor Jon Delano explains in this week's Money Minute.
If we're honest with ourselves, most of us have to admit we have made some very common money mistakes. Here are the top eight mistakes.
First, we don't have a good emergency savings fund. That fund should equal three to six months of your expenses. Second, we don't save enough for retirement — at least one year's salary by age 30.
Third, we ignore a low credit score when there are ways to improve it. Fourth, we often pay too much for financial services, not recognizing the hidden fees.
Fifth, too many of us splurge with our tax refunds instead of saving them. Sixth, some of us co-sign a loan for relatives or friends when we shouldn't.
Seventh, many of us are underinsured, neglecting to update our homeowner's insurance. Finally, we tend to live beyond our means because we don't have a personal budget.
Avoid all these mistakes, and you'll be just fine.