Three Financial Errors To Avoid

Everyone makes a mistake with money once in a while…perhaps a careless purchase, an impulse buy, or truly falling on hard times when you have very little income and have fallen on credit cards or high interest loans to scrape by. The good news is that anyone can recover from a financial error, but it’s going to be much harder to do with certain mistakes. Money can be a stressful topic – often it is the single thing that ends marriages or causes emotional upheaval and/or depression. Keeping a tight reign on your finances will serve you well in multiple ways.

Three Financial Errors To Avoid

  • Missed and late payments
  • Buying a home you can’t afford
  • Paying Only Interest on any Loan

Missed and late payments – whether they are house, car, or student loans – do more than just set the maturity note on your loan back. The real problem is that they absolutely destroy your credit. Your biggest indicator of credit is whether or not you pay your bills on time. Missing three payments can start the foreclosure or repossession process as well – this is truly a situation of the sooner you take care of it, the better. Reach out to your mortgage company and find out what programs they have available if you are struggling. Ignoring the problem won’t make it will go away – but it will get your home taken and your credit score to drop several hundred points. There’s nothing worse for your credit health. If you have to set up automatic payments to remember to make payments on time, do it. It’s worth it.

Buying a home you can’t afford is something that many people feel pressured to do. Many people don’t realize that they really should not be spending more than 30% of their income on a mortgage payment, or maybe less if they have many loans and excessive student loans. Regardless, there is nothing worse than being “house poor” – living in a big, beautiful home, but being unable to afford to furnish it or to eat well. People cannot maintain this lifestyle and will fall behind on their payments, and catching up is nearly impossible. It’s far better to live beneath your means.

If at any point you find you’re only paying interest on a loan, that’s a problem. You’re making zero headway and only lining the loan company’s pockets. Try to make more than the minimum payment, or see if you can refinance or consolidate. See a financial planner for assistance with this no-win situation.

Are You Thinking of Buying a Home in Dubois County?

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Newest Homes for Sale in Dubois County

View the newest homes listed in Dubois County in the last 10 days:

Situated on a .31 acre lot is this 1000 sq. ft. all brick home. Features include 3 bedrooms and 1 1/2 bathrooms. There is also a 1 car attched garage and rear patio. This is a fixer upper being sold "as is". Included in the sale is the range, refrigerator, washer and dryer. $110,000 Pending

1236 W Todd Lane Jasper, Indiana

3 Beds 2 Baths 1,000 SqFt 0.31 Acres

Listing courtesy of Gary Schnell from SELL4FREE-WELSH REALTY CORPORATION.

Check out this beautiful, modern home in the gorgeous neighborhood of Deer Creek Park. Walk into this updated eat-in kitchen that extends into a wonderful living room equipped with a gas log fireplace. Off the kitchen you'll find a mud room connected to the garage with a half bath and the large laundry room. The three-car stacked garage is large enough for your vehicles, lawnmower, other lawn equipment, and other storage. Upstairs are the master suite and three more bedrooms. The spacious master suite boasts an updated bathroom and large walk-in closet. Two of the other three bedrooms also have walk in closets, and upstairs there is another updated bathroom. Downstairs there is a bonus room, bathroom, large living area great for entertaining, and a rec-room great for storage. New roof in October 2024 and 10' x 20' shed added May 2025. Don't miss out on this opportunity to own this gorgeous home! $630,000 Active

39 Hannah Lane Jasper, Indiana

4 Beds 4 Baths 4,834 SqFt 1.65 Acres

Listing courtesy of Nathan Hanselman from SELL4FREE-WELSH REALTY CORPORATION.

Come see this cute ranch style home conveniently located in a quiet cul-de-sac in town. This home boasts three bedrooms and two full baths. The kitchen wall has been fitted with a large window to the living room to give the perception of an open space. The former garage was converted into a large studio/in-law suite complete with full bathroom and additional kitchen. The property is completed with a great flat yard space in the back with a 10x12 yard barn. $195,000 Active

479 S Carroll Drive Jasper, Indiana

3 Beds 2 Baths 1,296 SqFt 0.21 Acres

Listing courtesy of Nathan Hanselman from SELL4FREE-WELSH REALTY CORPORATION.