Five common financial regrets

We’ve all been there: spending more money than we should until regret sets in. Thankfully, it’s never too late to turn your finances around. To help you get started here are five common financial regrets people have when it comes to money and how to avoid them.

Not putting enough money away

A survey conducted by Money and Life found more than one in three people wish they had saved more money – especially for emergencies. Developing a good savings habit is the key to any successful financial plan.

A big mistake people make is trying to save more money than they can afford. Start now, even if it’s a small amount, $100 per pay will add up over time.

Not studying enough

Although not directly related to money, upskilling will influence your annual salary. According to the Australian Bureau of Statistics getting an education after leaving school can boost average full-time weekly earnings by $813 for men, and $504 for women.

If you fail to plan, you plan to fail

Having a plan is vital for a financially secure future. This involves creating simple and achievable goals to work towards. Sit down, imagine the life you want for yourself and how much it will cost. Next, see if you can afford it on your current income.

If the answer is no, it’s time to start thinking about ways to increase your income but also how you can cut costs.

Investing mistakes

Research from the Financial Planning Association earlier this year found one in ten Australians regretted investing in the wrong things. Although there are no guarantees when it comes to investments, the best thing anyone can do is conduct their own research and make an informed decision.

On the other hand, the data also found people wished they started building their investment portfolio sooner.

Living beyond your means

Living a lifestyle you can afford sounds simple but it’s easier said than done for some. Bad spending habits combined with a credit card can see debts rising quickly.

 

Successful Ways offer a Wealth Creation course where you can learn about property investment strategies, how to choose the right type of super fund for your situation, tax minimisation strategies, and the best ways to protect your wealth.

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