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Budgetingis crucial.
Why, you might ask?
Its because it can unlock a long-term future of financial security.
Fortunately, the overwhelming majority of Americans are doing this.
According to Debt.coms seventh annual budgetingsurvey, as of 2024, 90% of Americans said they were budgeting.
While this is welcome news, its still possible to make mistakes when it comes to budgeting.
Here are five common mistakes people make when spring cleaning their budgets.
Also see35 useless expenses you oughta slash from your budget now.
It should go without saying that debt creates a financial drain by eating a hole in your bank account.
According to Goldstein, one key mistake people make when spring cleaning their budgets is not getting professional help.
Consider hiring a financial advisor who can assist with creating acomprehensive financial planthat includes both short-term and long-term goals.
As a result, that could lower your overall credit score.
Additionally, as per LifeStore Bank, its important to review your credit report forerrors or inconsistencies.
Any unaddressed mistakes may cause problems later on, especially if youre trying to get a loan.
In fact, according toCNET, the average American pays over $1,000 each year on subscriptions alone.
So its critical to review your bank statements to identify any unnecessary recurring charges, according to Goldstein.
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