Money mistake #3: Purchasing a new car
Few people can afford to pay for their new cars in cash. But this does not stop millions of cars from being bought every year. How? Enter loans.
This wouldn’t necessarily be a problem if people understood the difference between being able to afford the payment and being able to afford the car. Most of the times people buy big, fancy cars that are expensive in terms of insurance, fuel and related costs. Why not stick to a car that suits your needs and budget and use that money to pay off other debts?
