My Biggest Money Regrets and What I’ve Learned

Do you ever wish you could have a do-over when it comes to money regrets? I certainly do. I think about it often. I wonder what my financial outlook would be if I hadn’t made these mistakes.

We all make money mistakes. How we recover and move on is even more important. As you read these you will see that I definitely made life harder for myself as I grow older.

My Biggest Money Regrets

Getting a Credit Card in College– I was so financially green that I never realized that I could have my own credit card when I was in college. Then, I saw a friend organizing her wallet and she had a credit card. I thought it was so grown up! I had to have one! Getting approved was so easy and I was very responsible, paying it off each month. Then, I began purchasing bigger ticket items because it was just so convenient. It spiraled out of control eventually and I even brought that debt with me to my marriage. Not a great way to start off married life.

Cashing In Retirement/Investments– When I got married my husband and I moved to another state. I honestly didn’t think we would ever live in our home state again, and so I pulled out three years of retirement just to have the extra money. Several years later when we moved back and I started investing again, we got in a tight spot financially and I pulled out those investments. I regret this deeply because the investments would be worth much more by now. I’ve also lost those years and money towards my retirement and will have to work longer. I can’t afford to buy them back.

Buying a Home On One Income– Right after I left a job, I convinced my husband we needed a house. It was a basic starter home and not very expensive, but because I wasn’t working, this put a huge financial strain on us. We had to end up selling the house. It broke my heart, but we adjusted back to apartment living for the next four years. I went back to work full time and we now own a home again. I am very impatient and this taught me that having patience is key to making good financial decisions.

Not Saving Earlier– I started working a “real job” when I was 21. I never saved a penny I earned back then, blowing it on CDs, clothes, and nights out with friends. If I couldn’t afford something I would just charge it to the credit card. What if I had saved even just a little of what I earned over the past 25 years? What if I had invested those savings? I certainly wouldn’t be sitting here trying to figure out how I can ever afford to retire.

So there you have it. These are my biggest money mistakes so far in life. The majority of them were made when I was younger. I’ve definitely lived and learned since.

What are your biggest financial mistakes? How did you recover?