Common Mistakes
The biggest mistake people make with the Monthly Budget Impact Tool is not taking the time to input all their expenses accurately. I know it can be tedious, but getting a clear picture of where your money is going is crucial.
For example, I have a friend who kept forgetting to factor in his monthly gym membership. By the time he realized it was missing, his budget was way off.
How to Avoid Them
When you use the Monthly Budget Impact Tool, that's an easy one to overlook, but things like subscription services, car insurance, and even the occasional Uber ride can really add up if you're not keeping close tabs. Another pitfall is not adjusting the tool when your financial situation changes.
