By their very nature Halloween monsters are supposed to be scary, but did you know they are even scarier when it comes to how they handle their finances?
Learn more about each of these frightening financial monster money mistakes.
Monster Money Mistake #1: The Mummy
Mummies are old-fashioned, wrapped up in the past and rely on papyrus (paper). Don’t settle for a monthly paper bank statement delivered to your mailbox where it can be lost or stolen. Sign up for e-statements and your monthly bank statements will be available in your Zions Bank online banking account.
Monster Money Mistake #2: Frankenstein’s Monster
Frankenstein’s Monster is built from other people. Don’t let someone else build their financial profile by stealing your identity. The Internal Revenue Service has some useful identity protection tips.
Monster Money Mistake #3: Count Dracula
Count Dracula turns his victims into mindless followers who lose their ability to act independently. In modern America many people get all their free time sucked out of them by excessively binge-watching TV shows and movies or scrolling social media. That time could instead be used to further develop your career skills, work a profitable side gig, or even stay on top of your monthly budget.
Monster Money Mistake #4: Wolf Man
Wolf Man is a normal guy until the full moon comes out and then he goes on a rampage. Make sure you don’t go on a rampage when the credit card comes out. Yes, you can spend up to your credit limit and minimum payments may be affordable, but if you make minimum payments you could end up paying thousands of dollars a year in interest payments. Use the full moon as a reminder and remember to pay off your credit card balance in full each month on time so you can avoid paying interest.
Monster Money Mistake #5: Zombie
Zombies go through life, er un-life, as mindless, unthinking walking corpses. No wonder they are terrible with money. Now you know why you’ve never heard of a zombie millionaire. In an age of one-click shopping and mobile payments, you can’t afford to mindlessly manage your money. Plan a monthly budget where you tell your money what to do before you spend it.
Monster Money Mistake #6: Godzilla
Godzilla is the nightmare of insurance companies. If he’s in the neighborhood, stuff is going to be destroyed. Accidents happen, even if Godzilla is not the cause. Make sure you carry enough homeowner’s insurance so a physical loss is not compounded by a financial loss. Everyone should make sure they have adequate coverages for home, auto, health, and life insurance. Don’t forget to look at some of the lesser-known insurance types like renter’s insurance, umbrella insurance, disability insurance and long-term care insurance to find out if you need them.
Keep those monsters where they belong — trick-or-treating on Halloween, and not making a horrible mess of your money. If you need help banishing these monster money mistakes from your life, set up an appointment with one of our Zions Bank branch managers today.
1. To avoid the Paper Statement Fee, you must enroll in Online Banking, and opt your account out of receiving paper statements. You may opt to receive either electronic or paper account notices and tax documents at no additional cost. If multiple accounts are linked in a combined statement, you must have opted your primary account out of receiving paper statements.