3 Common financial mistakes #financial

While you may think that you’ve got your finances sussed,
you could be making some money mistakes you’re not even aware of. So that you
can stay in control of your wealth, here are three common financial habits you
might want to break.

1. Skipping life insurance

Unlike certain types of financial
protection, such as car cover, life insurance is an optional policy that you
have the choice of purchasing. Although you may currently be in tip top
physical shape, the fact is that you could be struck down with a serious
illness or experience a fatal accident at any time. If you were to become ill,
or even die, and you were no longer able to provide an income, you could be
leaving your family is an extremely stressful and financially difficult
position. To ensure that your loved ones are looked after in your absence, you
should consider taking out this type of cover. Normally, you can pay for your
life insurance premium monthly and it can be as little as a couple of pounds
each time. Purchasing a policy is easy and hassle-free, and you can get a
life insurance quote
on the internet from a broker website, where
you will be able to review and compare different policies from a wide range of
providers before settling for one that is perfectly suited to you.

2. Failing to have an emergency fund

It’s near impossible to predict
when something bad is going to happen. Whether your car needs an urgent repair
or you’ve got a leaky pipe at home, unless you have the funds readily
available, it’s likely you’ll find yourself in a tricky situation. To avoid
this, it could help to have a stash of money saved which is there for you
should you need to use it. Having some funds set aside for emergencies will
mean you’re prepared should you become stuck, and it will give you added peace
of mind.

3. Not contributing to a pension scheme

In your younger years, it can be
easy to consider pensions as a waste of money and it’s difficult to imagine
what your life might be like decades down the line. The truth is, if you make
the effort to contribute into a pension scheme now, you’ll be better off once
you get to retirement age and be able to continue living a comfortable, happy
life as you get older. This may not be enough to meet your needs in later life,
so it’s a good idea to pay into a work-based or private pension

If you’re guilty of making these
mistakes, now is the time to step back and reassess your financial priorities.

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