Bee Sure Financial


Hey everyone, this week we wanted to take a moment to discuss some of the most common financial mistakes.

Get these common issues wrong and they may become your worst enemy when it comes to personal finance.

And perhaps the biggest determining factor between being way ahead of the game or

well behind where you’d like to be is your ability to identify and avoid some common money traps.

1: Excessive/Frivolous Spending

Excessive spending is the single biggest financial mistake we see many of our customers making. Frivolous spending is excessive spending above what you can safely maintain as a base lifestyle cost. 

Don’t worry we’re not telling you to get rid of your Netflix subscription just yet having a conscious mind when thinking about money and how you spend it is the first step to saving.

Make sure you do not have unnecessary costs coming in and get rid of your exercise spending habits ASAP.

2: Not Allocating Spending

A major financial mistake is not making a plan to allocate your spending. When you fail to allocate your spending you fail to make the best use of your money.

If you fail to review your financial statements and correctly allocate your money then it will never have its full impact potential.

A great suggestion is to closely monitor your expenses and allocate the spending to specific categories. This will enable you to have a true view of spending allocation and velocity across categories.

Setting aside some specific time to review, the current expenses is the number one way we advise customers to keep an understanding of where their money is going.

3: Living on Borrowed Money

Living off credit cards and Buy now, pay later services can be great if you are diligent with your payments. However many people find it difficult to make the correct payments on time and across services. This results in interest charges and late fees. 

Try and spend money that you actually have in a say in a cash account.

4: Spending Too Much on Your House

As Australian’s, we take great pride in our homes. One of the best ways to increase the comfort of your home is by improving creature comforts but be wary. Having too much fun decorating can be lost money.

While you may want to take some money out of your home loan as cash out to renovate make sure you are not over capitalising and get the right advice before you start.

5: Living Paycheck to Pay-check

One of the biggest problems we see people make is not saving some money for a rainy day. Instead, they are living pay-check to pay-check. Spending your total pay-check every week or fortnight is a sure-fire way to make sure you are always stretched.

6: Not Investing

Even a small investment made on a regular basis will have a huge impact. Compound interest will be your best friend here. Start small and save even if it’s just $5 a week. There are some great apps out there that help you round up payments into savings to help you get started.

7: Paying Off Debt With Savings

One of the keys to financial freedom is being able to pay the debt off with income and not with your hard-fought savings. By using savings to pay off the debt you undermine your future self by whittling down your savings.

8: Not Having a Plan

You can’t get where you want to go without having a solid financial plan.

That’s why at Beesure we always advise that you have a financial plan for your long-term savings. In the previous steps, we discussed knowing where the money is going so that you can reduce spending.

Now set aside some time to draft out a plan to make sure you know the money is working for you and not against you.


No matter what state your personal finances are in there is always a way out. Take the time to avoid these financial mistakes and you will be well on your way to financial freedom.

Please make sure you avoid these steps and start on a path to true financial freedom. There are always savings to be made but avoiding these fundamental mistakes will go a long way to moving your forward. 

If you would like more information about how Beesure Financial can help you contact us today on 0434 113 962

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