Financial Wellness Minute: Are You Making These Financial Mistakes?

Get smarter about your money with this Financial Wellness Minute. I'm Jackie Formo, manager from Mid Minnesota Federal Credit Union's Fergus Falls Office. It's easy to make mistakes with anything. However with money, there are certain pitfalls that are easier to avoid than others. Here are some common money mistakes that hopefully can be avoided:

1. Buying Too Much House. Just because you got approved for a large mortgage doesn't mean you need to use it all.
2. Not Investing for your retirement. High-yield savings accounts can't match the returns of the market over time. If you can put a little bit into investments on a regular basis, it has the potential for higher returns, helps beat inflation, and allows for long-term wealth growth.
3. Paying for Things You Don't Use. Go through subscriptions and cut the ones you don't need or rarely use. Those little fees add up over time.
4. Not Tracking Your Money. If you don't track your spending and savings, you may be paying for items you never bought, or miss opportunities to set aside more to savings.
5. Not Checking Your Credit Report. You can check your credit report each year for free. Check for errors on your report and fix them. Go to annualcreditreport.com to get started.

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