Not creating a financial planÂ
You can save a lot of money if you use a personal budget plan and monitor your expenses every month. In order to be more organized with the money you spend on a daily basis, you need to write down what you buy and what you should buy in that month.
“One mistake I made was not using a personal budget,” says David Bakke, financial expert for Money Crashers. “I had no idea where my money was going on a monthly basis. Once I started using one, I looked for ways to reduce monthly expenses and then used my surplus for things like retirement investing and establishing an emergency fund.”
