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% 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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