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Not having an emergency fund -

When unexpected events arise, such as a job loss or unplanned medical bills, having an emergency fund is crucial. It can protect you from crippling debt and give you peace of mind during stressful situations.

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Not having an emergency fund -

Many financial experts suggest saving at least three months' worth of salary, and preferably more. So make sure to include your emergency fund in your budget.

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Paying off the wrong debt first -

Should you work on student loans, your credit card debt, that car loan, or a home mortgage? This can be confusing, but financial experts suggest you start off with your highest rate of "bad" debt first.

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Paying off the wrong debt first -

Bad debt is anything that doesn't boost your financial situation, such as credit cards, personal bank loans, and automobile loans. Focus on paying off what is charging you the highest interest rate.

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Excessive spending -

Does it seem like you're barely making it between paychecks? Chances are you have the bad habit of careless spending.

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Excessive spending -

Try paying with cash, as you'll physically see the money. Make a grocery list, pack your lunch, and try eating most of your meals at home. Also, limit your online shopping.

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Telling yourself financial lies -

It's easy to tell yourself financial lies to make yourself feel better about your account balance. You might even avoid looking at your bills or financial statements.

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Telling yourself financial lies -

The problem is that these financial lies make you blind to the reality of your money habits. Take an honest assessment of your finances and build on that.

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Never-ending payments -

Ask yourself if you really need items that keep you paying every month. This includes music services and high-end gym memberships.

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Never-ending payments -

When money is tight, or you just want to save more, cutting some of these payments can go a long way to fattening your savings.

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Not tracking your money -

By tracking your money, you'll have greater awareness of your spending habits and where your money is actually going.

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Not tracking your money -

You may think you're doing all you can to spend wisely and save, but then you might notice that those happy hour drinks are adding up to more than you can afford.

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Living on borrowed money -

Using credit cards to buy essentials has become a common practice. However, it's not a wise financial move.

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Living on borrowed money -

Credit card interest rates make the price of the items more expensive. In some cases, using credit may also mean you'll spend more than you earn.

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Staying loyal to expensive banks and utility providers -

Just because you're a long-time customer doesn't mean you'll be getting the best deal on offer. More often than not, the exact opposite will be the case.

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Staying loyal to expensive banks and utility providers -

Some banks and utility providers offer great cash rewards and interest rates. So it's definitely worth shopping around if you think you could get a better deal.

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Buying a new car -

Many people have no choice but to take out a loan to buy a car, but how many consumers really need a large SUV? Such vehicles are expensive to buy, insure, and fuel. These types of cars are a disadvantageous purchase.

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Buying a new car -

If you need to buy a car, or need to borrow money to do so, consider getting one that uses less gas and costs less to insure and maintain.

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Spending too much on your house -

When it comes to buying a house, bigger isn't necessarily better. Unless you have a large family, of course.

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Spending too much on your house -

Choosing a huge home means higher taxes and increased maintenance and utility fees.

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Living paycheck to paycheck -

Unfortunately, many people live paycheck to paycheck, which could make an unforeseen problem an instant disaster.

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Living paycheck to paycheck -

The cumulative result of overspending often puts people into this precarious position. Try to cut back on that spending.

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Not investing in retirement -

Even if you think it seems far away, making monthly contributions to a designated account is essential for a comfortable retirement.

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Not investing in retirement -

The standard advice is to try and save between 10 to 15% of your income for retirement. And the sooner you start, the longer that money has to accumulate interest.

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Paying off debt with savings -

By doing this, you'll be losing the power of compounding, meaning the earnings. And it's very hard to pay back those retirement funds, plus you could be hit with hefty fees.

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Paying off debt with savings -

With the right mindset, borrowing from your retirement account can be a viable option, but even the most disciplined planners have a tough time placing money aside to rebuild these accounts.

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Not discussing finances with your significant other -

Talking about money can be awkward, but if you're getting serious with someone, it's time to have that talk. You can start with your views about money, how you deal with big purchases, and how you invest and save.

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Not discussing finances with your significant other -

Have honest, open discussions about your views on money, and work on planning your financial goals together.

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Not having a plan -

Our financial future depends on what is going on right now. You might think it's pointless to set time aside for your finances, but it can be life-changing.

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Not having a plan -

However, you need to know where you're going. Therefore, make planning your finances a priority.

Sources: (CNBC) (Entrepreneur) 

See also: Financial rules of thumb everyone should know

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