One of the financial missteps that many of us make, is not being mindful about the money that is owed to us. Yes, it might sound crazy, but it is easier than you may think to lose track (or not know about) money that is owed to you. Keep reading to find out what they are.
Be sure to claim all your business expenses
Whether you work for someone else, or you are self-employed, the chances are that you have to spend your own money in the line of duty on occasion. Sadly, too many people forget to claim this back from their employers, and it can really add up to a lot of money over time, especially when we are talking about gas, public transport and the like.
Additionally, even if you have your own business such expenses can be claimed back for on your tax return. Something that doesn't wipe out the tax liability, but does reduce the entire amount you have to pay tax on, and will help you claim back a portion of this money.
To that end, educating yourself on what you can claim back from your work or business expense is vital. And it may go without stating, but filling out the forms completely, accurately and on time is important.
Make sure you are being paid child support
Most parents are entirely aware that raising a child is an expensive thing to do. Of course, if you are no longer with the other parent of that child, it can be even more of a financial struggle. Hence, child support.
Sadly, not every relationship ends on the best of terms and getting the child support you are owed can be more complicated than you expect. Luckily, if you can find a good family law attorney, they can help you with this. Something that can be very useful if you and your ex aren't on speaking terms and that can make sure you aren't left out of pocket by providing for a child that should be the responsibility of you both.
Never a borrower nor a lender be
They do say that when it comes to money, the most sensible option is never a borrower nor a lender be. Which basically means don't borrow and certainly don't lend out your hard-earned cash.
Of course, if you have done the latter in the past, it may well be time to get friends and family members to pay up. Yes, it's not always an easy thing to do. In fact, you may fear offending them or ruining your relationship.
However, if you bring it up in a calm way, and create a payment plan, then the process will be less awkward.
Or as Oprah shares, she learned a long time ago if you give a friend money view it as a “gift” not a “loan” because loans will strain relationships.
About Money & Mimosas: Money & Mimosas was started as a passion project by Danetha, a former NFL cheerleader turned entrepreneur and financial journalist. After a brunch conversation with girlfriends, Danetha was inspired to launch a resource to explore her journey of becoming rich, sexy and confident.