Putting Money Back For A Rainy Day

By Latoya Silmon, The News On 6

TULSA, OK -- If you're like most people, money is tight and you need to watch every penny, but one Oklahoma money expert says it's easier said than done.

There are some big money mistakes people make but there are ways to avoid them.  For many, money is in short supply these days, but don't throw in the towel yet.

"Just because you're drowning in debt or just because you're not as well off as you used to be or want to be don't let that stop you from fighting for your financial freedom," said Jake Dollarhide, Longbow Asset Management.

Jake Dollarhide says common money mistakes can keep you down for the count.

"We are a society of instant gratification nuts," said Dollarhide.

This leads to another money mistake.

"Eating out to much, buying too much non-needed or junk items at the grocery store can really blow your budget," said Jake Dollarhide.

Another sucker punch concerns your job.

"What if you're laid off from a job? You want to have time to take your time to find the right next job for you," said Dollarhide.

He recommends saving six months worth of expenses and for retirement.

Dollarhide says if you save just $100 a month and receives an annual return rate of 5 percent, you'd have more than $83,000 in saving after 30 years. In fifty years your money would almost triple to more than a quarter of a million thanks to compound interest.

But the biggest budget buster is bills.

"Not paying your bills on time which not only can hurt your credit but could also lead to very unnecessary and expensive fees, Jake Dollarhide said.

And that can keep you from winning your financial freedom, but if you follow this advice, Dollarhide says you have a fighting chance.