No one manages money perfectly

In general most of us have made the same mistake several times. If this is the case, there is something important to be learned from this type of mistake and when you learn it, you will no longer need to keep making it.

• Here are some mistakes that we commonly make : Do any one of them strike you ?
• Splashing out on something which turns out to be a dud, such as timeshare holiday apartment you hardly, if ever, use or an expensive outfit you never actually wear.
• Spending more than you earn and having to borrow to make up a difference.
• Investing in something which goes bust or loses value badly like situation right now. Recession era.
• Thinking that spending money will make you feel better. There is lot of way to feel better. Just stick to this blog and I will reveal the secrets.
• Taking on financial responsibilities taht you thing you can handle but then finding that they're just to expensive and you kept worrying about it. Like buying an expensive house. You think that is an in investment but somehow it ate the most out of you.
• Lending money that you know that you'll never get it back
• * Try to avoid using any debt card expecially if it's a revolving card because you risk to be trapped in a never ending vicious circle of indebtment.(*from - Marina comment)
  
  So, how to avoid it?
  
• Think very carefully before you spend a large sum of money.
• Impulse buy with only a little money.
• Before you go out to buy something, think how much you can afford and only take that amount with you in cash.
• When you take on the responsibilities of a mortgage eg : house, work out what you think you could afford, then reduce it by third. It's better to have money to spare than to be trapped with costs you can't handle.
• Never lend money that you can't afford to lose. If your friend needs to borrow some money, just give them 10 or 50 dollars and if your friend ask for more then say politely to them "If something happen and you can't pay me back, i rather loose the money than loosing our friendship"
• If in doubt about any purchase, resist the temptation