Buying depreciating assets on credit [Photo/the-star.co.ke]
As we look forward to 2018, everyone is thinking about ways to make his or her life better.
One of the areas to pay attention in next year is your financial status.
There are a number of financial-related mistakes that might have cost you dearly in the course of this year.
You need to think about simple ways to address them before it is too late. Here are five money mistakes to avoid in 2018
Not completing your emergency fund
Neglecting your emergency funds is one of the greatest mistakes you can make in life.
You need to have security by your side in order to address certain issues that are likely to come your way.
Make sure you have completed your emergency before it is too late.
Not saving
Saving is essential when it comes to wealth creation. You need to save as much as you can. Start saving right early in order to avoid running into financial related issues.
Buying an expensive home
It is good to own a home. However, make sure you put in place your finances before hitting the market to look for a new home.
Buying depreciating assets on credit
Assets whose value depreciates at a faster rate will leave you broke and in regret.
Ensure you find out the rate of appreciation of the assets before buying them
Paying debts late
Very lenders are willing to offer loans to customers who pay debts late. It is wise to pay your debts in time.