File photo of an ATM
We all know what we should do with our money: Spend wisely, save some and not go over our monthly income.
But a new report says many of us don't know the dumbest things to do with your money.
Lots of us make mistakes
Lots of people make silly money mistakes: Buying a bigger house than we can really afford, spending too much on our car or blowing a bonus at the slot machines.
But the bill organizing website
Manilla.com says the dumbest mistakes are those we could easily avoid.
- Paying a bill late: This hits you with interest fees and penalties.
- Bouncing a check: This could cause a domino effect of penalties.
- Carrying a big balance on your credit card: You'll pay 20 percent interest. And no, contrary to popular belief, it won't boost your credit score.
Doesn't That Stink?
And from the "doesn't that stink" file, the dumbest of dumb money mistakes:
Not having an emergency fund.
When the air conditioning or your cars transmission fails, if you don't have a thousand dollars you'll say doesn't that stink?
You'll need to put it on a credit card -- at a high interest rate -- or take out a cash advance, at an even higher rate.
So skip that fancy dinner and build up an emergency account first.
Bottom line: The dumbest financial move you can make, according to the Manilla.com report, is to spend more than you bring in every month and not save a dime.
It will catch up to you.
So spend wisely so you don't waste your money.
Don't Waste Your Money is a registered trademark of the EW Scripps Co.
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