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Competitive Edge Blog

  • alison28006

Avoidable Financial Mistakes

Have you ever thought about that you could be making?

Delaying your retirement savings & going ‘all in’ on debt

There needs to be balance in debt reduction & investing for your future. The biggest benefit of money in investments is more time to grow and compound the interest.

Wealth builders use good debt to build their wealth. The most efficient way to build your wealth is to make sure all of your money is assigned to perform specific tasks during the month.

Not having a budget or setting one & forgetting about it

Budgeting is an on-going process where you set out your spending intentions and detail your sources of income. Then, with what money that is left, decide on how much savings and debt reduction occurs. Research shows taking action on a budget will be effective within 90 days.

Assuming Financial security will just happen

Planning what you do with your money should help you build net worth by increasing assets and decreasing liabilities. People who write down their financial goals simply have more money, because it allows them to focus on goals to reach with their money.


It’s time to be more mindful of your spending habits, with the costs of everything right now, try to reduce your outgoing costs so that you don’t spend more than you earn.

Not having an emergency fund

People with an emergency fund have fewer emergencies.

It takes time to build up this fund, the best way is to automatically transfer 3-5% of your take home pay until you reach the desired 3-6 months of essential expenses.

Until next time,

Christine Walters

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