5 Savings Mistakes to Avoid
5 Savings Mistakes to Avoid Regardless of why you're saving, be sure to avoid these common errors. You know that have a savings plan is important. Whether you are saving for retirement or college, it's important to consider your options and stick to your plan. Unfortunately, there are some obvious, and some not so obvious, pitfalls that could cost you dearly. Here are five savings mistakes to watch out for. 1. Waiting Too Long No matter your savings goal, it is important to start now. No more excuses. Waiting too long to start saving, whether it's for a home down payment, retirement or a vacation next summer, cost you money in the form of compound interest. You've seen those comparisons that tell you that you could have more than $500,000 socked away, instead of $245,000, if you just started saving for retirement 10 years earlier. The longer you wait to save, the less time the magic of compound interest will be working for you. 2. Neglecting Tax Adv...