Author and family finances expert Elaine King recently offered sound advice on a wildly popular television show in the Spanish-speaking world, Un Nuevo Dia.
The segment focused on some of the most common financial mistakes people make. During the interview, King explained how you can improve your finances by avoiding these pitfalls:
Failing to Plan for the Whole Year
If you know you have a special trip, anniversary or a child’s graduation coming up this year, plan for it now! That way, you won’t be scrambling for cash a week before the event.
Having Only 1 Bank Account
King recommends that you open a savings account that’s separate from your checking account. In your checking, only keep enough money for your everyday expenses and monthly bills.
Having Too Many Credit Cards
Limit yourself to 2 credit cards, King recommends. This way, the financial expert says, it’s easier to keep track of your spending.
Not Having an Emergency Fund
King suggests you work toward saving 6 months of expenses in case of an emergency. That way if your car breaks down or you lose your job, you’ll have a cushion to fall back on.
In addition, the expert in family finances touched on other common financial struggles like deciding the best terms for a mortgage or creating your monthly budget. Don’t miss out on these excellent nuggets of advice from the money guru herself! Watch the full interview below.