5 Money Mistakes to Avoid This Halloween
Table of Contents
Let’s be honest, we all have financial horror stories.
Learning from these experiences are key to helping us develop a healthy relationship with money.
Here are 5 common money mistakes to avoid this Halloween.
Mistake 1 - Not Setting Financial Goals
SMART goals are defined as goals that are specific, measurable, achievable, relevant and time-bound. Not setting financial goals often leads to impulsive purchases, unexpected expenses and wasted money and resources. By setting SMART financial goals you’re helping to provide yourself with clarity, focus, direction, motivation and structure and has been directly linked to higher success rates.
Check out our other blog post for more information about setting SMART goals.
Mistake 2 - Not Having an Emergency Fund
At Thistle Credit Union, we empower our members to build a regular savings habit through our secured savings accounts backed by The Financial Services Compensation Scheme (FSCS) up to the value of £120,000. Saving regularly helps to put money aside for a rainy day, helping to reduce stress and provide you with breaking space to focus on what matters to you most.
More information about our secured savings accounts can be found here.
Mistake 3 - Not Having a Budget
Having a budget helps to create guardrails that support you to make sensible and sustainable financial decisions. A budget helps you determine how much money comes into your account each month, how much leaves your account each month and how much you have left to play with. Building a budget can also help identify areas where you can cut costs and save money.
Our FREE digital budget planner can help you see where your money goes and how much you have left to play with at the end of the month.
Mistake 4 - Ignoring a Low Credit Score
Your credit score is a numerical ranking that gives lenders a better understanding of how you manage your money and is used by lenders to determine the risk of lending to you. A low credit score can make it harder to access and obtain credit, loans or mortgages.
Building a credit history takes time, patience and careful management but taking out an affordable loan from Thistle Credit Union is a great place to start. Our loans are assess by real people, built with your best interests at heart and we never offer a loan that could cause financial harm; meaning you can trust us to help you build your credit score.
Click here for more information about how a Thistle Credit Union loan can help you.
Mistake 5 - Paying Too Much for Financial Services
Not to throw shade at traditional lenders; but at Thistle Credit Union we don’t have any administration fees or changes. Our depreciating interest rates mean you only pay interest on the current outstanding value; meaning you can enjoy lower rates.
Our not for profit approach puts you at the very heart of everything we do and helps to provide a truly sustainable alternative to traditional and predatory lenders. By borrowing from us, you are helping to build a better financial future for yourself and your local community.
Click here for more information about Thistle Credit Union or read more from Thistle below.
A Better Way to Borrow
At Thistle Credit Union, our home improvement loans are designed to help you plan ahead, spread the cost sensibly and avoid high-interest credit cards.
Borrowing up to £15,000 and spread repayments over 5 years.
Fixed repayments, no hidden charges and no early repayment penalties.
Applying is straightforward and decisions are made locally by real real people, not algorithms.
Representative Example:
- Borrow £7,500
- Repay over 5 years
- Interest rate of 11.9% APR
- Monthly repayments of £170
Apply online today or get in touch with a branch to discuss your options.
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