Dumbest money mistakes you can make

Don't Waste Your Money

We all know what we should do with our money:  Spend wisely, save some, and not go over our monthly income.

But a new report says many of us don't know the dumbest things to do with your money.

Lots of us Make Mistakes

Lots of people make silly money mistakes:  Buying a bigger house than we can really afford, spending too much on our car, or blowing a bonus at the slot machines.

But the bill organizing website Manilla.com says the dumbest mistakes are those we could easily avoid.

Among them:

    --Paying a bill late:  This hits you with interest fees and penalties.

    --Bouncing a check:  This could cause a domino effect of penalties.

    --Carrying a big balance on your credit card:  You'll pay 20% interest. And no, contrary to popular belief, it won't boost your credit score.

Doesn't That Stink?

And from the "doesn't that stink" file, the dumbest of dumb money mistakes:  Not having an emergency fund.

When the air conditioning or your cars transmission fails, if you don't have a thousand dollars you'll say doesn't that stink?

You'll need to put it on a credit card -- at a high interest rate -- or take out a cash advance, at an even higher rate.

So skip that fancy dinner, and build up an emergency account first.

Bottom line:  The dumbest financial move you can make, according to the Manilla.com report, is to spend more than you bring in every month, and not save a dime.

It will catch up to you.

So spend wisely so you don't waste your money.

Don't Waste Your Money is a registered trademark of the EW Scripps Co.

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