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Are you guilty of one of these finance sins?

Are you struggling to keep on top of debts, meet your bills and regular payments, and make your wages last until the end of the month? The reason for your financial troubles might just be one of these finance sins. Read on to learn about the monetary pitfalls to avoid...

1. The save and splurger

Regular saving is to be commended, but periods of strict saving followed by periods of splurging and spending is an unhealthy habit and definitely one of the more common finance sins. To avoid this "binge spending", think in moderation. Always allow yourself a little pocket money to indulge in treats now and then, otherwise you'll feel deprived and are likely to go over the top the next time you start spending.

2. The loan co-signer

So you've good a great credit score and a healthy savings account balance? Good for you! However, a friend or family member could unwittingly destroy this by asking you to co-sign on a loan or act as a guarantor on a property rental. Should they default on their financial responsibility or make late payments, you could suffer a blot on your credit history. What's more, you may even be liable to pay the whole debt yourself.

3. The credit abuser

We all know someone who uses loans and credit cards to live beyond their means. A good rule of thumb is to pay off any debt before you make any expensive purchase. So that means if you want to take a holiday, you have to pay off last year's before booking with your credit card.

4. Accept the rates your given

Changing banks can be a bit of a hassle (although it's usually a fairly straightforward process these days), so rather than shopping around for better interest rates, consumers often just stick with the first bank or credit card they open. This could cost you thousands a year!

What do you think? Are you guilty of any other finance sins?

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