Financial pitfalls everyone should be aware of

 Avoiding financial pitfalls is one of the most important things to abide by in self-sustaining adulthood.  Some mistakes can easily be spotted while the effects of others may creep up on you and bite you when you least suspect it.

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One of the most regrettable consequences of making financial mistakes is that you can bury yourself in a hole of debt before you even know it, and you may compromise your future plans because of it.

Here are some pitfalls you may want to avoid.

Spending too much is probably the most common money mistake people make, probably because it’s the most tempting.  It’s pretty easy to avoid overspending though, simply by setting aside money before it’s spent.

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Having too many bills to pay is another problem.  The necessities such as electricity, water, and gas are needed, sure, but do you need all those cable TV channels?  Also, it might be more affordable to check online.  Sites such as Netflix already have more shows than people need.  Even print publications can be done away with, especially given the fact that there are sites for almost every magazine out there.

Using your credit card for things non-emergency purposes is a common and quite costly mistake simply because of interest.  Use cash when you do your grocery shopping.
Can you think of any other money pitfall people should avoid?  Sound off in the comments below.

Can you think of any other money pitfall people should avoid?  Sound off in the comments below. Andrew Curran Wesleyan is a student at the University of Connecticut. He is taking up a degree in finance and aspires to become a financial advisor in the future. More from him on this blog.