Banking and Savings Most Popular Articles

  • UsingATMs
    Top Five Military Banks and Credit Unions|
    If you're in the military or are a veteran and are looking for a bank, this list is for you.
  • cash payment
    5 Strategies to Pay for College Today|
    To help streamline your college banking and find the cash to pay for an education in today's economy, here are five methods and...
  • ATM
    10 Best Military Banks of 2015|
    A study investigated more than 30 military banks and credit unions, and came up with this top 10 list.
  • 70 ways to save money
    70 Easy Ways to Save Money
    Jeff Rose
    Here are 70 ways you can save money in the four biggest budget categories: food, transportation, housing, and health.
  • Your Service Will Get You Great Deals
    Everyone knows that your military ID card grants you access to the many services and benefits available on a military installat...

5 Money Mistakes Smart People Make

Save money

Everyone has at least one frugal friend who always crows about how much money he saves by clipping coupons or frequenting discount stores. And while this friend's behavior/bragging is a great reminder of how you should be more financially savvy - especially when the U.S. economy isn't in the best shape -- he may overlook some simple savings strategies that you've already figured out.

Even the smartest saver can make mistakes, and published a list of those easy to miss but, oh-so-simple savings strategies that everyone should mind.

Mistake No.1: Minding the pennies and missing dollars

Driving across town to use a 50-cent coupon, or to shop at an outlet store isn't saving you as much dough as you think. In fact, you may have spent more in gas just to get to that tucked-away discount store. advises that you focus on your long-term financial goals, while you save on the small items. For example, if you find that you saved $7 with coupons, walk over to your ATM and deposit that $7 into a savings account, instead of spending it on something else.

Mistake No.2: Being confused by credit reports
Not knowing your credit score, especially if it's poor, can cost you more money if you want to buy a car or rent a home. Scour your credit report for any outstanding balances or inconsistencies. Even if you know your credit score, you should request a copy of your report every year before you make a major purchase.

Mistake No.3: Letting budgeting get you down
Budgeting becomes a drag when you find yourself staying in more or buying less fun things to save money. But, keep in mind that most people don't like to save. Prior to the economy's trouble, the U.S. savings rate was less than 1 percent, according to the U.S. Commerce Department. Apparently, more Americans found it more fun to spend rather than save. In order to make spending feel less like a chore, identify three areas where spend too much and try to deduct the amount you spend on each.

Mistake No.4: Letting your money leak away
Money leaks are those little ways you spend money without even thinking about it, such as the $20 you hand your kid when he asks for it, or your daily latte. Try to keep track of all these money leaks by logging them into a journal. At the end of the week, you will see just how much money coming out of your account, and where you need to plug the leak.

Mistake No.5: Being out of touch
Try to stay up-to-date on family finances. If one spouse is in control of taxes, bills and investments, etc., make sure you're knowledgeable about where key financial documents are and how much is being spent and when. If you don't, you could be in for a rude awakening.

For more information on how you can establish a budget for your family, visit's Finance channel.

Related Topics

Personal Finances

Military News App by

Download the new News App for Android on Google Play or for Apple devices on iTunes!

Featured VA Loan Articles