Don't hurry to pay off a low interest mortgage. Buy US I bonds instead. The current rate is 7.12% payable through April 2022. You can't access your money for 12 months but give up access to any mortgage prepayment anyway. Search for I bonds on this blog for more info.
Don't be a sucker when the ad says "supplies are limited," "only a few left" or "limited time offer or similar" effort to get you to buy now or you will lose out on savings. It's simply marketing language to get you to part with your money NOW!
Don't track every penny spent. Did I really write that? Most people don't need to obsess over every dollar they spend. Simply follow the 50/20/30 recommendations: 50% of your pay for rent/mortgage and other essential bills (electricity, fuel, etc.); 20% for savings (includes emergency fund, short term goals, and retirement contributions); and 30% for remaining expenses. Pay yourself first with an automatic saving/investing contributions. Pay bills automatically (utilities, insurance, credit cards).
Don't fall for FOMO (fear of missing out). Skip the cryptocurrency rage and invest in time-tested strategies described in this blog: Keep expenses low, diversify and buy index funds.
Thanks to Veronica Dagher, writing for The Wall Street Journal, 12/29/21
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