What are some financial mistakes that most Americans make?

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asked Jun 22, 2023 in Investing by Xsjender (620 points)
What are some financial mistakes that most Americans make?

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answered Jun 22, 2023 by Amazenyu (900 points)
Some financial mistakes that most Americans make include.

Allowing lifestyle creep to occur.
Not having credit monitoring or credit alert set up.
Missing out on employer matching contributions.
Paying off the wrong debt and not having an emergency fun set aside for at leat a few months or more living expenses or big spending event.

Other most common financial mistakes most Americans make include.

Excessive and Frivolous Spending.
Never-Ending Payments.
Living on Borrowed Money.
Buying a New Car.
Spending Too Much on Your House.
Using Home Equity Like a Piggy Bank.
Living Paycheck to Paycheck.
Not Investing in Retirement.

You should leave more than $1,000.00 in your checking account if possible to act as a cushion in case you need it for the event of a job loss or other big expense.

You should have at minimum of one to two months of living expenses in your checking account, although more won't hurt.

You should leave at least one to 2 months of living expenses in your checking account if possible.

For example if your living expenses are $1,000.00 per month then you should leave $1,000.00 per month in your checking account to act as a cushion.

The amount of money that should be left in your checking account is at least one month to 2 months of living expenses to act as a cushion in case of job loss or if something big comes up.

So for example if your monthly living expenses is $1,000.00 then you should have at least $1,000.00 in the checking account for 1 month but $2,000.00 is even better.

The more money you leave in your checking account the better in case of a job loss or big expense.

Some experts recommend adding 30 percent to this number as an extra cushion

Unless your bank requires a minimum balance, you don't need to worry about certain thresholds.

On the other hand, if you are prone to overdraft fees, then add a little cushion for yourself.

Most financial experts end up suggesting you need a cash stash equal to six months of expenses: If you need $5,000 to survive every month, save $30,000.

Personal finance guru Suze Orman advises an eight-month emergency fund because that's about how long it takes the average person to find a job.

If you're just looking to pay for everyday expenses, a checking account is the way to go.

If you're focusing on growing your money, a savings account is a better fit.

Regardless of the account type you choose, make sure you pick one suited to your financial needs and goals.
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answered Aug 4, 2023 by lowerkoker (2,240 points)
edited Aug 4, 2023 by lowerkoker

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answered Oct 4, 2023 by mirafine (3,900 points)

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