1. Putting the Kids First – You have great intentions in setting up those college funds for your kids, but keep in mind while there are endless payment options available for college, there’s no such thing as a scholarship for retirement. Set yourself up before worrying about the children. Stash 15 percent of your annual income in a 401(k) or an IRA first. Use retirement calculators to determine how much you need to save to live the life you want in your golden years. Once you reach that amount, start thinking about college tuition.(https://www.avadiancu.com/prodserv/iras/)
2. Not Thinking about the Unthinkable – According to a recent study*, a whopping 65 percent of us don’t have a will. If you and your spouse pass away, a judge decides who will raise your children and how they’ll receive your assets. Get a will and a trust. That way, you designate not only who cares for your kids but how your money gets used.
3. Sweating the Small Stuff & Skipping the Big Stuff – Plenty of us penny-pinch every day on the little things, but how many of us really take the time to evaluate our big payments, like our mortgage, insurance, utilities, etc.? Commit to giving big-budget items a second look. You may save money if you refinance your home or car. You could cut costs by cutting your cable service in half. The savings on the big items will definitely outweigh the time and savings you get from coupon clipping.