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5 T I P S T O AV O I D P E R S O N A L
F I N A N C E P I T FA L L S
C R E A T E D B Y S T E V E R I C E
• Managing personal
finances is a skill that
not all possess.
• Such a simple
concept when
ignored can damage
more than your
weekly spending
allowance.
• Spending without
proper precaution will
affect your future,
preventing you from
achieving the goals
you’ve worked so hard
to earn.
• By following the
simplest of steps, you
can better protect
yourself and your
wallet from the allure
of overspending.
• When shopping, purchase
with your budget and not
your eyes.
• It’s easy to see that new
television or car as an
acceptable loss, but those
expenditures add up
quickly.
• Everyone likes
something new, but
it’s not always the
best choice when
living under a
budget.
• If you’re looking to
purchase something
in the near future,
saving is always the
best option.
• Set a goal and work toward it.
• With each milestone met, reaching your desired
outcome will only feel sweeter.
• Building and
maintaining an
emergency fund is
not only a good
idea, it’s a necessity.
• Beyond covering
yourself for the
unexpected, a
backup or
emergency fund is
“found money.”
• Car breaks down
while you’re working
toward putting a
down payment on a
house?
• Your well fed
emergency fund will
manage the hit while
your plans continue,
unhindered.
• However, your emergency fund is not for use on everyday
purchases.
• If you can’t afford it without dipping into your backup funds, then
reconsider purchasing the item at all.
• Learn all you can about
your taxes, and more
importantly your tax
exemptions and
refunds.
• Every dime you make
passes through a
minefield of percentiles
levied by your state
and federal
government.
• Understanding where
that money goes
come tax season
prevents you from
leaving money on the
table or losing more
than necessary.
• If research doesn’t
cut it, don’t be afraid
to consult a
professional.
• It’s their job to understand the tax world, and
they may be able to find you exemptions that
you’d have missed.
• Ultimately, creating this budget is to preserve your financial future.
• Part of ensuring your relative comfort is making sure you pay into your
retirement fund.
• Maintaining a 401k
is an absolute must.
• Over the years, it’s
tempting to dip into
the money you’ve
accumulated, but
think of it as a
pennies in an
unbreakable piggy
bank.
• This money is more important than your emergency fund, because it’s
meant to support you when you’ve retired.
• No one wants to work well into their 70’s, and maintaining a strong
401k will keep that from happening.
• Lastly, be sure to “pay
yourself.”
• Saving with no concept
of reward will eventually
lead you to resent your
efforts.
• Save money, spend responsibly but allow yourself
some freedom.
• There is no sense in strangling yourself with a self-
imposed budget.
• This is by no means
permission to avoid the
aforementioned financial
planning, but it affords you
some freedom without
sacrificing the simple joys
in life.

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Steve Rice: 5 Tips to Avoid Personal Finance Pitfalls

  • 1. 5 T I P S T O AV O I D P E R S O N A L F I N A N C E P I T FA L L S C R E A T E D B Y S T E V E R I C E
  • 2. • Managing personal finances is a skill that not all possess. • Such a simple concept when ignored can damage more than your weekly spending allowance.
  • 3. • Spending without proper precaution will affect your future, preventing you from achieving the goals you’ve worked so hard to earn. • By following the simplest of steps, you can better protect yourself and your wallet from the allure of overspending.
  • 4. • When shopping, purchase with your budget and not your eyes. • It’s easy to see that new television or car as an acceptable loss, but those expenditures add up quickly.
  • 5. • Everyone likes something new, but it’s not always the best choice when living under a budget. • If you’re looking to purchase something in the near future, saving is always the best option.
  • 6. • Set a goal and work toward it. • With each milestone met, reaching your desired outcome will only feel sweeter.
  • 7. • Building and maintaining an emergency fund is not only a good idea, it’s a necessity. • Beyond covering yourself for the unexpected, a backup or emergency fund is “found money.”
  • 8. • Car breaks down while you’re working toward putting a down payment on a house? • Your well fed emergency fund will manage the hit while your plans continue, unhindered.
  • 9. • However, your emergency fund is not for use on everyday purchases. • If you can’t afford it without dipping into your backup funds, then reconsider purchasing the item at all.
  • 10. • Learn all you can about your taxes, and more importantly your tax exemptions and refunds. • Every dime you make passes through a minefield of percentiles levied by your state and federal government.
  • 11. • Understanding where that money goes come tax season prevents you from leaving money on the table or losing more than necessary. • If research doesn’t cut it, don’t be afraid to consult a professional.
  • 12. • It’s their job to understand the tax world, and they may be able to find you exemptions that you’d have missed.
  • 13. • Ultimately, creating this budget is to preserve your financial future. • Part of ensuring your relative comfort is making sure you pay into your retirement fund.
  • 14. • Maintaining a 401k is an absolute must. • Over the years, it’s tempting to dip into the money you’ve accumulated, but think of it as a pennies in an unbreakable piggy bank.
  • 15. • This money is more important than your emergency fund, because it’s meant to support you when you’ve retired. • No one wants to work well into their 70’s, and maintaining a strong 401k will keep that from happening.
  • 16. • Lastly, be sure to “pay yourself.” • Saving with no concept of reward will eventually lead you to resent your efforts.
  • 17. • Save money, spend responsibly but allow yourself some freedom. • There is no sense in strangling yourself with a self- imposed budget.
  • 18. • This is by no means permission to avoid the aforementioned financial planning, but it affords you some freedom without sacrificing the simple joys in life.