Cringe-worthy money mistakes that send shivers through your body- we’ve all made them.
I asked readers on Twitter, Facebook and fellow personal-finance writers about some of the money mistakes they’ve made so we can all feel a little better about the ones we’ve made. Misery loves company!
No one is perfect so if you’ve made a money mistake just remember that life can, and does, go on even if it seems terrible while you’re in the thick of it.
The biggest money mistake that I made…
- I spent money I didn’t have because I was overly optimistic about the future. I thought, “Oh yeah, I’ll be able to pay this back easily!” Then the time came to pay back my debts and I wasn’t able to keep up with them like I hoped. I deferred payments on my college loans, continued to over-spend, and I got myself deeper into debt. It took doing the Spending Fast for me to get back on track financially and finally regain some financial control in my life. What I learned: The future comes sooner than you think it will. The debts that don’t seem large at the time multiply when you’re not looking. – Me
- “Don’t book a cruise to the Bahamas during hurricane season (especially with super storm Sandy forming).” What he learned: “It can cost you thousands.” – Jeremy Vohwinkle from Gen X Finance
- “Don’t write a check from a credit card EVER.” – Kathleen O’Malley from Frugal Portland
- “Don’t EVER do buy-here-pay-here on a car. (Or, on a larger scale, don’t be the person in a position that you have to do buy-here-pay-here!)” – Joan Concilio Otto editor at Man Vs. Debt
- “We bought our house at the peak of the real estate market with no money down and no budget. It was the pretty much the biggest mistake we’ve ever made, and if it wasn’t for me to starting my blog and being able to go full-time at it, I’d say I’d take it back in a heart beat ;) But you live and learn!” – Jay Monee from Budgets Are Sexy
- “Splurging in my young years on clothes and going out to eat, and running up credit card debt in the process!” What she learned: “Don’t spend what you can’t buy in cash.” – Andrea Travillian from Take A Smart Step
- “Not paying more attention to the ESIP rollover timing. I thought that the holdings would be transferred but instead they were sold and transferred.” What she learned: “The process took longer than anticipated so we couldn’t immediately reinvest.” – Julie Starnes Rains is a fellow Wise Bread writer and also blogs at Working To Live
- “I never thought about saving during my 1st job (except for college) so when I was laid-off I struggled for 9 months ’til I found my current job. Now it’s been about a year; I have an emergency fund with nearly $10,000 saved. What she learned: “My advice, regardless of your age, if you have a part-time college job, whatever it is, SAVE EVERYTHING YOU CAN!” – Reader Kale Blossom on Twitter @kaleblossom
- “Don’t loan money to relatives.” What she learned: “10 years later and I still don’t have the money back.”- Reader Amy
Still feel bad about the money mistakes you’ve made? Read on!
- Deadly Dozen Investment Mistakes by Todd Tressider at Financial Mentor
- Our Worst Money Mistakes and What You Can Learn From Them from the Wise Bread crew
What money mistakes have you made and what did you learn from them?
P.S. Ready to get out of debt ASAP? Check out the Spending Fast Bootcamp!