May 22nd, 2014 3:42 PM by Leonard Silvestri
Managing our personal finances should be a top priority in life, right next to managing our health. So what makes the process so difficult for most people? Properly managing money requires awareness and discipline. This article shares four common mistakes we make with money and how to avoid them! Thinking small changes don’t make big differences? Consider this: if you buy a cup of coffee every day at $1.75 a cup, you’re spending more than $600 a year to fuel your habit; make your coffee at home for just 55 cents and you’ll save more than $400. And here’s a less conventional, more significant example: If you were to buy a $300,000 home and put 20 percent as a down payment, a mortgage rate difference of 1 percent (4.5 percent instead of 5.5 percent), would save you $147 a month – the equivalent of about 40 grand lattes every month. Annually, this tiny 1 percent difference in your mortgage rate would save you $2,398 in the first year of your loan. That’s the equivalent of a weeklong vacation for a family of four! Have I made my case? Explore your options!