Many people are their own worst enemies. When it comes to money, they continue to make the same mistakes over and over again. People fall victim to their own money mistakes. For those who desire financial independence, recognize and eliminate money mistakes today. This way you can start to live a more peaceful life tomorrow!

The majority of people are impulse buyers. They spend more than what is in the bank because of the need to keep up with their neighbors. Some people buy things because they hold a belief that they will feel better. If you’re an impulsive buyer, make a list of the necessities you need to purchase and then go shopping.

Another money mistake people make is not having a savings account. Putting $10 or $20 a week into a savings account will eventually add up!

Many employees do not take advantage of the 401(K) that their employer offers. Most companies will match their employees contributions. Put the maximum amount into a 401(K) account and watch the dollar amount grow over time. Those who save now will benefit in the long run.

Some people rely on family and friends to bail them out. This is a big mistake! It’s one thing to accept help when the situation is dire, but avoid making a habit of it. Family and friends have their own lives and must take care of themselves as well.

A budget is a great tool that will help many people avoid making money mistakes. Budgeting is not that difficult to do. List monthly expenses such as rent or mortgage, utilities, car, cell or mobile, clothing, eating out, and other expenses that appear each month. Start by curbing or cutting out expenses such as clothing, food, and entertainment. Cook at home because it’s cheaper and will keep you trimmer!

Finally, do not let your emotions or past experiences get in the way of making money mistakes. Remember, most people make purchases based on their emotions. Logic seems to go out the window, although not entirely. Take a step back, deep breathe, and put the IPod back on the shelf. Besides, Apple will probably come out will a new and improved IPod next year. The one you buy will be obsolete!

Are you caught in the “eye” of a financial storm? If you watched Suze Orman on Oprah’s September 23rd show then you know she is fired up. She gave no sympathy to a couple who is $90,000 in credit card debt. The wife did not want to hear that the right move to make was to sell the house. God forbid the couple move into an apartment. They must enjoy yard work, routine and not so routine maintenance, and the typical house work. Then again, maybe they hire people to do this for them which is why they are $90,000 in debt. For “5 priceless money saving tips by Suze Orman, please visit MSNBC.com.

Clipping coupons is a great way to save money on groceries and personal items. The dollars you save will add up over time. Take the extra cash and put it into a savings account. When you are ready, take some of the money and put it into Treasury Bills and Bonds and Treasury Money Market accounts.

Give up the Starbucks Coffee for awhile. It may seem cruel and unusual, but it will be worth it in the long run. Think of all of the extra money to be deposited into the savings account. Not only will you save money, but reduce time and gas consumption. Plus, cutting down on your drive time will decrease the amount of emissions being released into the air.

Money Saving Links

1. The Dollar Stretcher. Find out how to live better for less.
2. Bank Rate. “Original and objective personal finance stories to help consumers make informed financial decisions.”
3. Money.CNN. Gerri Willis gives you personal finance and savings tips.
4. Woman’s Day. Has money savings tips from finding a cheap flight to how to do-it-yourself household cleaners.

Most Americans are in credit card debt beyond what their eyes can see. Too much indulgence and not enough self-discipline equals a financial disaster. Unfortunately, this can all be avoided with a little frugality.

Now is the time to face the truth of the situation. It will not be easy at first, but once you stop lying to yourself and others it will get better. Do what you have to do for a brighter future. If you have children then you better sit down and face the facts. Is it fair to make your children suffer for your mistakes? This is something to think about now and going forward on your financial quest. A little honesty goes a long way. Get real, get out of debt, and start saving for those rainy days and not so rainy days.