16 money mistakes you are making

1) You don't save

We've all learned from a young age that saving is good for you. Failing to save means you have nothing to fall back on when you need it. It also means you are more likely to borrow and increase your debt when you need funds for certain things like having a wedding, furthering your education and more.

2) You don't have a budget

Your budget is the key to achieving all your goals. Just as we have limited time, most of us have limited means. So, how you choose to spend your money can either help you take that dream trip to South Africa or can keep Cape Town in your dreams. Without a budget, you also run the risk of falling into debt, a huge hindrance to achieving goals.

3) You don't have a rainy day fund

Setting aside a bit of money every month for emergencies could save you big time when you least expect it. You never know what could happen, and having funds to turn to could help you get through bad times in life.

4) You buy unnecessary things

If you do not plan your expenditure, you could end up spending a lot of money on things you do not need. Just because something is on sale, does not mean you should buy it.
Always think about how much you need the item. If you don't already have it, think carefully if you will actually use it if you did own it.

7) Paying unnecessary fees

You could be paying a lot of unnecessary fees if you don't check your bills before paying. For example, credit card insurance that you never signed up for, or telco service subscriptions you did not know about.

6) You don't have a retirement goal

Very few people think about retirement and when they realise it, it is too late to start saving. Plan and save for retirement from your first paycheck to ensure a comfortable retirement.

7) You have inadequate insurance

Choosing wrong insurance plans will affect how much you can receive when you are in need. Think carefully about the policies you are offered and read up about which insurance plans work out best for your lifestyle.

8) Falling for gimmicks that make you spend more

Malls and card companies have a range of incentives which encourage people to spend more. Spending is encouraged with 'reward points', lucky draw, privilege discounts and more. Beware of these marketing gimmicks and stop yourself from spending on things you might not actually be able to afford.

9) Not looking for better prices

Many people save a lot of money by doing their homework before shopping - finding out which merchant has the best price for the product they want. You can also take this further, by always trying your luck to negotiate for better prices on big item purchases. You never know when you might get a good deal.

10) Making bad or emotionally-driven investments

It takes a certain kind of bravery for people to dabble in investments. Many experts have warned that making investment decisions based on your emotions and fear can jeopardise your ability to reap rewards.
"You can't let the outside environment dictate every single change you make," Mr Scott Thoma, investment strategist for Edward Jones told Fox Business.

11) Falling into credit trap

Many consumers are guilty of this - signing away their lives to credit companies in exchange for products they want but do not need. While credit cards make it easy to spend, paying for debts is not as easy, especially with interest rates. Try not to reach your credit card limit every month and if you can, avoid using it at all.

12) Not investing in career advancement

Spending money on entertainment and leisure is good, but make sure that you can also afford to spend on classes and opportunities which are good for your career. Taking up a Chinese for business class, for example, could be very useful if you plan on expanding your business networks overseas.

13) Applying for bad loans

If you need to take on a loan for your house, car, education or other purposes, be sure to do your research and obtain for a loan which is best for you. Don't fall for marketing gimmicks. Instead, think about interest rates and the realistic capability you have to repay the debts incurred. If you don't need to take out a loan, maybe you should not even apply for one at all.

14) Spending too much on habits

Spending $5 a day on coffee adds up to a lot of money over a month. You could save a considerable amount if you cut down or stop spending so much on things you do not need to have every single day.

15) Ordering drinks when eating out

You can afford to have a meal without buying a drink when dining out. Bring your own water or wait till after the meal to drink some. This means healthier meals for you too!

16) Eating out for lunch

Many people are used to having lunch out of the office because they are too lazy to prepare a meal beforehand. If you have time to spare, prepare a sandwich the night before so that you don't have to spend a single cent at lunch. Dining out could gradually damage your wallet in the long run.

Tips for picking the best economy class seats

You can get better value for your money if you know which ones offer you the most comfort - in terms of extra legroom, storage space and a good recline. A survey conducted by flight search website Skyscanner last July reported that 46 per cent of respondents would choose to sit in the first six rows of an aircraft. But not all seats in the front (say, the first 10 rows) are necessarily the best. Take the Airbus 320-200 operated by Philippines Airline for example, the worst seats are along row 8 where the seats do not recline due to the emergency exit located behind that row in this particular aircraft configuration. So how do you pick the best seats on your next flight? SeatGuru, a website with over 700 airplane seatmaps from 100 different airlines, has come up with a list of best and worst seats in economy class for full-service airlines operating out of Singapore Changi Airport. The selection was based on the most common aircraft used by these airlines for its operations in this part of Asia. Local flag carrier Singapore Airlines was not included in the list because of the variety of aircraft it uses to regional destinations. As a general rule of thumb, pick the seats at the front of each cabin class or those with, the emergency exit located in front of you. The best seats provide the much-needed extra legroom (especially when you are 1.8m tall or are flying long haul), storage space and a good recline. According to SeatGuru, the worst seats are typically located at the last row of the aircraft near the galley or lavatories where it tends to be noisier or smelly.