Financial Diva: Spending Leaks That Drain Your Future

Wednesday, May 11th 2011, 4:04 pm
By: News 9

Victoria Wood, Financial Diva

Imagine trying to fill a swimming pool with water one bucket at a time. That alone would be difficult enough, but now imagine your bucket has a dozen tiny holes in it.

How much longer would it take you? Would you ever reach your goal?

This is what it's like trying to build financial security when you have bad habits, or as I like to call them, "spending leaks".

Most of the time, these ‘"leaks" are so trivial that you make yourself believe its no big deal. But when they all add up, it amounts to a very, very big deal.

Plug the leaks! Stop working against yourself and maximize every trip to the faucet.

Credit card interest payments are probably among the most common and most annoying of leaks. It is literally a hole in your budget that may cost some thousands of dollars every year. If this is you, stop using plastic!

Finally, one strategy for preventing leaks is to simply ask questions. People make mistakes. Ask questions! My marketing assistant recently saved himself $50 in bank fees that were refunded simply because he chose to ask a question. Call up your phone, mortgage and insurance company…and pay close attention to each bill that comes in. Mistakes do happen, my friends.

Put these two tips together and you'll be well on your way to stopping those leaks!