Good financial habits like saving are good for the economy. However, bad financial habits are more common than you think, it’s important to identify them in order to correct them.

“Better money control generally has a positive effect on our lives, because it is a tangible tool that enables us to achieve personal goalsand to the extent that we learn how to manage properly, avoiding common financial mistakes, it will be easier to move from dreams to practice”, recommends Esteban Correa, commercial assistant manager of Andalucía.

What are the financial mistakes that harm the family and personal pocket the most?

Personal finance: What is consumption and what is investment?

How to reverse these financial mistakes?

Know your costs: Technology can become a great ally, there are many free online platforms that can help you manage your money.

Identify, prioritize and eliminate: After making a list of necessary budgets, it is easy to identify which ones can be eliminated or reduced. “Obviously, any expense that is not within daily needs and that does not directly affect our lives is an irrelevant expense,” says Francisco Parodi, dean and professor of finance at the Universidad del Río.

View your debts and account statements: Remind yourself, try to settle old debts before acquiring new ones, there are expenses that are necessary, but they still have to wait.

Limit your credit card to the maximum: It is ideal to use it only for those expenses that are profitable and are a long-term investment, for example, a thing that is essential and that will help improve the quality of life in some aspect, always checking the prices, various options and the ability to pay. Having several credit cards is not a negative, if you are responsible for managing them.

Don’t use your card as extra money: It should always be remembered that it is a financing instrument that includes value and interest for its use, i.e. debt.

Start saving: Do not delay this good habit, financial institutions can become great allies by providing safe alternatives, where you can save your money, from small amounts, it will also make you an investor.