3 Money Mistakes to Avoid

During times like these, every mistake you make with your money is even more costly. We’d like to share 3 important money mistakes to avoid during this financial crisis .

1 – Don’t Keep Cash at Home!

Many bank failures has people wondering if their money is safe in a bank. One of the worst things you can possibly do is to start stashing your cash under your mattress (or in a dresser drawer).

If you have your money in an FDIC-insured institution, your deposits are now covered up to $250,000 per individual. Your money is safer there than in your home, where it’s at risk of being stolen, or being lost in a disaster (like a fire).

2 – Don’t Skip Payments!

This may sound like an obvious tip, but don’t stop making payments. If you’re in danger of falling behind or you can’t make a payment, call your creditor to let them know you’ll be late. Don’t ignore the problem… it will only ruin your credit and make the problem worse.

3 – Don’t Assume Your Job is Safe!

Unless you’ve been living in a closet for the past 6 months, you know that hundreds of thousands of jobs have been lost, and 2009 is not likely to see a dramatic change in that trend.

If you’re worried about job security, consider continuing your education to learn new skills and improve your value to your company.

Ask yourself these questions: Are you a problem-solver? Do you generate profits that increase the bottom line? Are you willing to take on any task that comes your way?

Do whatever you have to do to make your job more secure by making yourself more valuable to the company you work for.

These are just a few of the things you MUST DO NOW to avoid making dangerous money mistakes in 2009.