By the time you finish reading this article you will know the 10 deadly money sins not to commit to help you stay financially “saved”.  Consider this the financial edition of the 10 commandments. 

In the good ole US of A a person’s pay increases is no match for the rapidly rising cost of living.  The cost of gas alone is becoming a crippling item for family budgets.  Therefore the way you handle the money you have becomes even more important.

Committing any of the 10 deadly money sins will almost ensure you end up in financial hell.  Here are the 10 money sins to stay away from:

Sin #1: Don’t Balance Your Checkbook

Salvation: Know how much money you have and how much you are spending.  Balance your checkbook at least monthly.  Even if your accounts are low, it is better to know where you are at financially.  It is the first step to confronting your finances.

Sin #2: Make impulse purchases that cripple your finances

Salvation: Plan and save for the things you want and make smart buying decisions.  The big screen TV, new car and Manolo Blahnik’s can wait.  Really, I promise you will not die without them.  It is much more rewarding to have saved and planned for such purchases.  You will not have buyer’s remorse or fear of the bill.  You will enjoy your purchases and shopping pleasures this way.

Sin #3: Don’t Create a Budget

Salvation: Create a budget, the more detailed the better and most importantly STICK TO IT!  Revise it as needed to adapt to financial changes in your life.  Stick to it.  Stick to it.  Stick to it. 

It will give you a guide to establishing financial responsibility for yourself!

Include things like savings, Christmas and birthday spending, car registration, new tires, tax payments, etc.  These bills and events will come up and if you plan for them, they are no sweat to handle.  If you don’t you will find yourself in trouble.

Sin #4: Live Paycheck to Paycheck

Salvation: Live within your means or make more money before you increase your expenses.  This is simple logic but often ignored.  If you desire more be responsible and make more before you start spending like a movie star.

Look for a new job that pays more or start a side business.  Money sources can be created if you put some attention on it.

If you are not motivated to create more income for yourself, don’t spend more than you make.  It will leave you in debt and in trouble.

Sin #5: Don’t Put Money Into Savings Regularly

Salvation: Make saving money a routine and stick to it.  Every time you get money or a paycheck put a portion into savings.  One rainy day you will thank yourself.  Savings are more than a plan for retirement.  It offers a sense of financial responsibility and peace of mind. 

It will also create a discipline of not living off of your entire paycheck.

There will come a time when you will need your savings.  You will feel more comfortable in your finances if you create this “cushion” of money.  It will give you assurance if something unexpected happens you can handle it.

As your savings grow it will offer possibilities for financial expansion: down payment on a new house, investments, etc.  Putting money into your savings will help you build your future.

Sin #6: Buy Into the “Middle Class” and get swept up in “Keeping Up with the Jones’s”

Salvation: Financial success can mean different things to different people.  Having the best car on the block does not make you successful.  In may make you the most in debt.

It is important to think of what is most financially responsible before worrying about the materialistic things that others will see.  Consider what is best for you and your family financially before making purchases.  If you have put yourself in a place where you can spend, GREAT!  If not, don’t worry about the new SUV and boat your brother and his wife just bought.  Making smart decisions will put you in a better place for your future.  Everyone will respect that much more!

Sin #7: Shop before you pay the bills

Salvation: Handle your money in the correct order.  When you get paid put money into savings, pay your bills and play with what is left over.

Sin #8: Don’t File Taxes On Time

Salvation: File your taxes promptly and keep payment arrangements, if needed, to pay off tax debt.  The IRS is one group you do not want to anger.  They will put liens on your property and assets, drain your bank accounts and get what they want regardless of your financial situation. 

Everyone cringes at the amount we pay in taxes.  It is unfair, unconstitutional and not right.  However, until the people of the US ban together and stand up to this injustice, your will be a human sacrifice for going against Uncle Sam.  (By the way, let me know when the revolution is organized and I’m in!)

Sin #9: Use your Credit Card Frequently Without Paying Much Toward the Balance

Salvation: Use your credit card wisely.  Do not spend more than you can pay off in a short amount of time, at most 6 months.  Don’t charge money to high interest cards.  You will quickly see a rapidly increasing bill with so much interest that you will be paying that minimum balance for 20 years to pay off the charged amount.  Make sure to always maintain at least the minimum payment, if you find yourself in a situation where that is all you can afford.  You don’t want to damage your credit, then you will have a whole new set of problems on your hands.

Sin #10: Abandon Your Financial Obligations

Salvation: Pay what you owe.  You may not always have the money but make the phone calls, make payment arrangements and make good on your debt.  It will not only keep you with a clean financial conscience but will also keep your credit in better shape and open up financial opportunities for you in the long run. 

With bad credit and high debt you will get nowhere.  No new house, no new car.  You are a prisoner to your own debt.  You will be denied for things you need and want.  If you are approved with poor credit you will pay interest rates that rival the worst credit cards.  It will only cost you more in the end.  Manage your bills right up front and make the sacrifices needed to pay what you owe.

Believe me, if you stay away from these 10 money sins you will feel financially saved!

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