How to avoid financial pitfalls that rob your peace

It’s a whole new year so we can forgive ourselves for the financial mistakes we made last year & try to do better in 2017. Right?

Every year after I do my taxes, I think about meeting with my tax professional to go over my return line by line to see what I can do better in the upcoming tax season. I do the basic Schedule C for my writing business & I know I’m missing some benefits. Now that my husband and I are staring down the gun of retirement it’s even more important to know the steps I can take now to avoid paying more in the future. Like most people, my main focus is not owing anything at the end of the year. As long as I make it over that hurdle, I don’t pay much attention to what else I’m doing. Big mistake!

So every year I tell myself I’ll set up a meeting with Mike at C&J Tax Service in Nelsonville and educate myself. Guess what? I never do. As soon as that refund is deposited into my account I don’t give my taxes another thought.

Most of our financial mistakes don’t involve big things like taxes. They’re little things we often wish we could undo, but they’re water under the bridge now. Hopefully we learn something from those little regrets and vow never to do them again. Like buying a weekender bag from QVC without reading the reviews because it was super cute and I had to hurry before they ran out of my color choice. (I chose pink and it is adorable.) As soon as I tried to roll the thing across the carpet, I realized the handle was spindly and now I’m nervous it’ll break at the most inopportune time, like in a crowded hotel lobby or while hurrying through the airport. Had I read the reviews before ordering I would’ve seen nearly everyone had concerns with the handle. I thought about it for too long and had already destroyed the box it came in so I couldn’t return it. A $79 plus tax and S&H mistake.

I guess the only way to avoid financial mistakes or regrets is to go into a situation better prepared. Read reviews. Research what you want online. Sit on a financial decision for at least a week before making it. Don’t buy Windows Vista the day it comes out like I did way back when before everyone realized it was garbage.

What about you? What money mistakes or regrets do you have from 2016? Or even yesterday? Do you spend too much money eating out? Did you buy or lease a new car and wish you’d gone down to Heritage Motor Sales instead for a great deal on something you could’ve paid cash for? Did you buy a dog at one of those incredibly inflated national chain pet stores instead of buying from a local breeder, or better yet, adopting from your local shelter? Did you do like me and spend too much on Lularoe? (My new weakness.) Do you get your nails done every 3 weeks when you could easily make them last 5?
Don’t be embarrassed. Share your monetary regrets and resolutions. Let’s learn from each other. We’re all in this together.

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