The Most Common Financial Regrets People Have

If money sometimes feels like the biggest source of stress in your life, fear not – you’re not alone. More people than you might imagine have dealt – or are dealing – with some form of financial anxiety, and much of that is rooted in the regrets that have owing to how they’ve mismanaged money in the past. Here, we’re sharing in your pain while we look at the most common financial regrets people have.

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1 / 10

Not saving their money earlier

One of the biggest and most common financial regrets people have is not starting a savings account or some form of “rainy day” fund earlier on in life. The good news? It’s never too late to start. Don’t get trapped in the past, wondering why you didn’t start sooner. Instead, learn from it and immediately start crafting a realistic savings plan for yourself.

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2 / 10

Spending recklessly

Buying things we don’t need is a part of growing up. When you’re younger, it just seems easier to live for each day, and more enjoyable to give in to our every immediate “want” before our eventual “needs” ever come to mind.

Related: the worst financial mistakes you can make in your 30s.

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3 / 10

Not keeping track of their money

“Where did it all go?” is a more common question than you might think. If you find yourself scratching your head for the last-known whereabouts of last month’s paycheck, consider getting better organized. Start a receipt box, or utilize one of those user-friendly receipt-scanning apps that will get organized for you. With all of the technology available designed to keep you on the ball, there’s no excuse to become more aware of where your money goes.

For 10 more small ways to change your spending habits, keep reading on.

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4 / 10

Not seeking out the help of an expert sooner

There are always going to be financial questions that you may not know the answer to, and as much as you might rather ask friends than an expert, it’s not the smartest move. Seek out a professional when it comes to money matters – they know what they’re talking about, and odds are, there’s nothing you can come up with that they haven’t heard before.

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5 / 10

Not having a plan for the future

Instead of dwelling on the past, why not focus on the future? If not, tomorrow will come and go and you might just start regretting the unchartered territory that lies ahead. You can’t do much about the mistakes of yesterday, but you can make an effort to do better in the future. Start thinking about what you’d like to do differently, and what steps you can take now to ensure a better financial future.

See more: here are 20 personal finance myths you shouldn't buy into.

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6 / 10

Lending money

Money between friends may seem like a good idea at the time – it’s completely natural to feel compelled to help out a friend in need – but it’s not always wise. This might be one of those case-by-case situations, wherein you should be absolutely sure of the terms before you commit to lending out any money. Otherwise, be prepared for the potential aftershock of a loan gone bad that could really take a toll on the friendship.

Have your own loans to contend with? Get the top tips on how to pay off your student loan faster.

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7 / 10

Borrowing money

Just as lending can sometimes lead to murky waters between friends, so too can borrowing – even when it’s done in a form of credit between yourself and a financial institution or professional lender. No loan comes without terms, and while building credit is paramount to entering the realm of grown-up responsibility, it’s also vital that you don’t bite off more than you can chew with debt – or repay. Shop around for the best interest rates, and a limit that won’t tempt you to spend what you don’t have.

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8 / 10

Letting money concerns take over

Many health issues that people face today have in some way been triggered, or at the very least, worsened, by money stress. At the end of the day, nothing is more important than your physical and mental health. While financial issues are understandably big issues, allowing them to take over in unhealthy ways will only deepen your stress levels. Do your best to identify financial stress early on and work proactively to take control of the situation, before it takes over.

The best way to beat stress is to get control of your finances. See the 12 costly mistakes that can ruin your retirement and avoid making them.

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9 / 10

Never asking for that raise

While you should be cautious in any financial dialogues at work – ie. being realistic about what your role is worth – you also shouldn’t undervalue your services. Don’t wait until you resent the lack of zeroes on your paycheque before speaking up. If you know your efforts are worth more, and you’ve put in the hours, you should at the very least be given the space to start that dialogue of asking for a raise.

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10 / 10

Not having the right conversations with your significant other

Many people avoid the subject of money in a relationship, because they know the subject is one of the foremost points of tension between couples. What you may not realize, however, is that communication about finances early on will actually alleviate most eventual financial issues. Communicating on this subject from the start ensures there will be no surprises later on.