My 5 Biggest Money Mistakes (2026)
If biggest money mistakes is on your radar, this short guide cuts through the noise. Here is what is worth knowing, and how to put it to work today.
Key Takeaways
- SharePinTweetShare0 Shares When I look back on my financial life, there are a lot of things that I’ve done that I should’ve done differently...
- I’ve made bad decisions about money, that ended up causing me a lot of financial grief in the long run.
- Everyone out there probably has a few of these “shoulda, woulda, coulda” finance moments of their own, and today I’m going to list a few of...
When I look back on my financial life, there are a lot of things that I’ve done that I should’ve done differently. I’ve made bad decisions about money, that ended up causing me a lot of financial grief in the long run.
Everyone out there probably has a few of these “shoulda, woulda, coulda” finance moments of their own, and today I’m going to list a few of mine. Maybe it can help someone else to not make the same mistakes.
Here Are My 5 Biggest Money Mistakes
- Not starting to contribute to my 401k sooner: When I first entered the work force the company I was working for offered a 401k plan that allowed your contributions to be deducted pre-tax from your paycheck. I didn’t do this at the time because I would rather spend the money on things like going to the bar, hanging out with friends, etc. If I had instead invested that money in my 401k, I would be thousands of dollars ahead today. I eventually wised up to this and started contributing to my 401k, but I wasted a lot of money that could have been compounding interest.
- Getting a credit card in college… and using it: While I was in college I gave in to the temptation to get a credit card. They were giving out these excellent t-shirts at my college when you applied, so how could I refuse!Now buiding your credit isn’t necessarily a bad thing, except that I decided to use the credit card for things I didn’t need. I used it for trips, nights on the town and for buying CDs through Columbia House (we didn’t have MP3s back then kids). Luckily I didn’t get so in over my head that I wasn’t able to pay it off, but again there were thousands of dollars spent there that could have gone to savings.
- Getting more student loans than I needed, and spending the money on frivolous things: I paid for my college experience through grants and student loans. My only regret is that I probably got more student loans that I needed. After paying for my classes and room and board expenses, I found I had quite a bit of money left over. Instead of saving it or using it to pay off other debts I used it to have a good time. I bought a new computer, video games and a new stereo VCR! If I could do it all over I would have applied for less in loans, and not have spent the money on all the junk.
- Buying too numerous expensive gadgets: I have a weakness for expensive gadgets, whether it is the newest gaming system to the hottest new widescreen HDTV. When I was single I was indulging in these purchases a lot more than I am now, and it probably kept me from saving a lot more than I could have.
- Eating out all the time. I mean ALL the time: This is one that I struggle with even today. Just last month my wife and I spent $600 eating out while on vacation for 5 days! Obviously that money could have been much better spent. (For the record, we were in San Francisco, and it was very expensive to eat out there.) My wife and I are getting better with this, bringing our lunches to work, and trying to eat healthier fresh foods at home.
Those are a few of the mistakes I’ve made in my financial life, that I wish I hadn’t. Some of the mistakes we’re still trying to fix.
So now it’s your turn. What are your top 5 money mistakes? (If you post your own five on your blog, let me know and I’ll post an update here on my blog linking to your piece.)
Other People’s 5 Biggest Money Mistakes
(Seems a lot of people thought of this before I did. And here I thought I was original).
- The Wisdom Journal - 5 Massive Money Mistakes I’ve Made
- Bankrate.com - 5 Money Mistakes Even Smart People Make
- Fire Finance - Top 5 Money Mistakes
- 5 Money Mistakes Women in Couples Should Avoid
- Top Five Money Mistakes Made by College Students
- The Top 5 Money Mistakes & How to Fix Them
- Six Money Mistakes of Newlyweds
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Final Thoughts
Before you check out, double-check biggest money mistakes against current offers and any coupons you can stack. Small habits like this add up to real savings over a year.
Originally published at biblemoneymatters.com.
Peter Anderson
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