7 Deadly Sins of Personal Finance

If you are reading this, I can safely assume that you are concerned about saving money and maximizing your financial resources. Unless you have unlimited wealth (which I can also safely assume is not the case), then you must be financially wise to take full advantage of the money you have.

The following list in reverse order details 7 deadly sins of personal finance illustrated with personal examples. These transgressions delay or possibly prevent some from ever reaping the benefits of good financial management. Avoiding these sins won’t make you a millionaire overnight, but they can improve your financial situation in surprising fashion.

Number 7. Failure to track expenses

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15 Responses to 7 Deadly Sins of Personal Finance

  1. Miranda says:

    Thanks for this great list. I especially think the priorities setting is especially important. But all of these sins lead to the greatest personal finance blunder of all: spending more than you earn.

  2. Sean Wilson says:

    People are generally better off than 50 years. Unfortunately some people have financed this by taking on debt.

    So clear off the debt and make it priority.

  3. I would add “failing to plan for the future” in that list. I think too many fail in their personal finances because they only think about today and not about tomorrow.

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  5. king says:

    nice one master

  6. Steven says:

    Great list. One more more “sin” I would add is failure to pay yourself first. What you don’t have, you don’t miss.

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  8. ebs02a says:

    great list! One that I think really rings true, and not enough people understand…

  9. hank says:

    Number 7 can be a killer before you even start. “Failure to track expenses” – if you don’t know where you are, it’s hard to chart where you want to be…

  10. CaramelSmoothie says:

    Good list. I thought the picture accompanying this story was an iron at first glance. LOL.

  11. Oasdg says:

    I confess-I rarely comparison shop. Thanks for the reminder though! Good list, but I also agree with Steven-not paying yourself first is a big “sin.”

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  14. Nickel and Diming is one of my biggest pet peeves. People say “It’s only like $5.” but when they say it 10 times a week they end up $200 down and wondering what happened.

  15. JB says:

    Great List! Another Deadly Sin of Personal Finance is overspending oneself into debt and bad credit.

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