Are You Making One of These Money Mistakes?

Photo by: Designed by Gabriela Alford
Smartest: Aggressively Paying Down Credit Card Debt
Young Americans take on more credit card debt and pay it off more slowly than our parents or grandparents. ... more 
Photo by: Designed by Gabriela Alford
Smartest: Aggressively Paying Down Credit Card Debt
Young Americans take on more credit card debt and pay it off more slowly than our parents or grandparents. "Paying off credit card debt is definitely one of the best things you can do, because it frees up income," Travillian says.

It's all about the credit card interest, which will eat you alive if you're not careful. Let's say you have $5,000 on your card, at 20% APR. If you paid the minimum of $100 a month, you would actually be in a nursing home before you paid it all off, and $22,000 of those payments would be just for interest.

But if you jacked your payments up to $300, it would only take 20 months to pay off your debt, and you would pay only $1,000 in interest. Want to see what your personal future could look like? Try out ReadyForZero, which helps you pay down debt.
less 
1 / 8
Tue, Apr 9, 2013 11:44 AM EDT
By Alden Wicker, Refinery29



Think you need an MBA to get your financial act together? Think again. Becoming a money boss just requires the right know-how and some smart choices. That's why we've uncovered the savviest $$$ decisions a gal can make…along with a few not-so-smooth moves that could cost you, literally.



RELATED: The Lazy Girl's Guide To Saving Money


RELATED: Getting Married Later Means More Money For Women, But Not Men



Because we know you want to add a few zeros to the end of your bank account, we reached out to Andrea Travillian, a personal finance expert in Texas who coaches clients on how to reach their financial goals, to let us in on a few of her secrets. (For free, of course.)



To help you get to the point where you have so much money, you actually have to pay someone to take care of it, we'll clue you in on the smartest and dumbest moves you can make with your coin. Ready to take the first step toward getting rich?



More from Refinery29:


We Answer The Very Personal Beauty Qs You're Afraid To Ask


29 Easy Ways To Burn 100 More Calories A Day


An Expert's Surprising Secret To Getting Ahead At Work


8 Outfit Ideas For Dressing In Transitional Weather