Don't make these financial mistakes

In this episode of NPR's Life Kit, host Marielle Segarra interviews financial educator Yanely Espinal about common financial mistakes. They discuss errors related to borrowing money, such as not comparison shopping for loans and the risks of co-signing. The conversation also covers mistakes in making money, like not using high-yield savings accounts and investing based on hype rather than sound strategies like index funds and taking advantage of employer-sponsored 401k plans. Finally, they address budgeting mistakes, particularly lifestyle inflation, where increased income leads to increased spending, hindering long-term financial goals. The episode aims to inform and guide listeners towards better financial decisions.