Who wouldn't like to achieve financial stability? However, in a world that encourages instant gratification, many of us succumb to the allure of overspending, accumulating debt, and therefore end up living beyond our means.
Interested in what are the biggest pitfalls to avoid, one Reddit user made a post on the platform, asking everyone to share what they believe to be the biggest money mistakes. And to their delight, many responded.
Retirement might seem far away, but the longer we ignore our personal budget, the harder it will be to catch up down the line.
#1
Buying designer shoes and expensive jewelry for your baby. eliettgrace replied: I've heard seen stories where parents send their kid to daycare in Gucci and other designer s**t like that and then get mad when the clothes are messed up cause the kid had fun. 1lilhedgehog replied: I once saw a meme that showed tiny preschooler feet in Jordan’s and it said, 'You spend all that money for your preschooler to go to school in Jordan’s...just for them to be jealous of all the kids who have the light-up Paw Patrol shoes. lol too true.
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279points
#2
Going into debt for a wedding.
armyofsnarkness replied:
This is so true. A close friend is still paying off her wedding but the marriage ended last year.
This is so true. A close friend is still paying off her wedding but the marriage ended last year.
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255points
#3
When they have designer clothes and get their hair and nails done every 2 weeks but can't afford to pay the rent.
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232points
#4
People who refinance their home in order to take a vacation.
You took a week off and only thirty years to pay for it.
Brilliant idea, bozo.
You took a week off and only thirty years to pay for it.
Brilliant idea, bozo.
AssicusCatticus replied:
The neighbors across the street maxed out $25,000 in credit cards to take the family on a 'dream Disney vacation.' She said she'd be paying them off forever, but it was 'worth it for my kids to have this experience.' I was absolutely dumbfounded.
The neighbors across the street maxed out $25,000 in credit cards to take the family on a 'dream Disney vacation.' She said she'd be paying them off forever, but it was 'worth it for my kids to have this experience.' I was absolutely dumbfounded.
Downtown_Cat_1172 replied:
Kids don’t need that much. Seriously, give them a bunch of super soakers and let them loose at a picnic ground by a lake. They will talk about it for years.
Kids don’t need that much. Seriously, give them a bunch of super soakers and let them loose at a picnic ground by a lake. They will talk about it for years.
TJ_Rowe replied:
If you go to any hotel with a pool, they'll be talking about that pool for years. I'm not kidding.
If you go to any hotel with a pool, they'll be talking about that pool for years. I'm not kidding.
228points
#5
My STBXH.
- Quit his job 2 weeks after we bought our house, and then didn't tell me for 2 months.
- Has been unemployed for a minimum of 6 months every consecutive year since 2019.
- Forgot to transfer his (very small) portion of money to our joint account on payday last month, causing several of our bills to bounce. Got all defensive when I tried to explain why forgetting something like that is extremely risky, and when I tried to explore ideas on how we can prevent recurrence from something like that happening again.
- Bailed/ghosted on our tax appointment last year. As in, never showed up in the first place, and refused to answer phone calls and text messages, leaving me to fend for myself during the tax appointment.
- Suggested we take out a personal loan to cover our escrow shortage. But remember, he's unemployed. So GUESS WHO would be paying back the loan, even though we're already paycheck to paycheck? That's right, yours truly.
- Has been unemployed for a minimum of 6 months every consecutive year since 2019.
- Forgot to transfer his (very small) portion of money to our joint account on payday last month, causing several of our bills to bounce. Got all defensive when I tried to explain why forgetting something like that is extremely risky, and when I tried to explore ideas on how we can prevent recurrence from something like that happening again.
- Bailed/ghosted on our tax appointment last year. As in, never showed up in the first place, and refused to answer phone calls and text messages, leaving me to fend for myself during the tax appointment.
- Suggested we take out a personal loan to cover our escrow shortage. But remember, he's unemployed. So GUESS WHO would be paying back the loan, even though we're already paycheck to paycheck? That's right, yours truly.
I could go on and on, but I'll stop there. I can't wait to be divorced from this deadbeat.
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172points
#6
Seeing a a behemoth of a pickup truck with all the bells and whistles parked in front of a mobile home in a trailer park.
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159points
#7
Having more kids than you can afford to raise
Ok_Department5949 replied:
I only had two for this reason. Putting them through college and grad school has always been in the back of my mind.
I only had two for this reason. Putting them through college and grad school has always been in the back of my mind.
158points
#8
Signing up for a payment plan...for tattoos. I met a woman on a dating app once that had her whole body almost covered of tattoos. She had a low income job so I wondered how she could afford them. Turns out she was on a payment plan with the tattoo studio and I was like 'yeah, no thanks.'
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152points
#9
My friend's roommate once asked him to borrow money so he could order novelty fart-smell spray from Amazon, instead of waiting for his paycheck.
There are worse financial choices than going into debt for a can of fart spray, but it's certainly the funniest one I've heard.
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149points
#10
My wife’s siblings each just received a 117k disbursement from their mothers trust. So far one brother who doesn’t own a home nor a pension plan and is 55 went out and bought a brand new Harley Davidson Full bagger bike. The other brother, who was homeless three months ago is shopping for a Dodge Charger. He is 65 and can’t afford to retire. Her three sisters haven’t made any big purchases yet.It is tough to watch knowing how hard my in-laws worked to leave a little money for the siblings.
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135points
#12
I had a coworker who once complained that he was spending more money every week on cigarettes for his wife than what he spends on rent.
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124points
#13
Wearing a $900 Gucci belt with your McDonalds staff uniform
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122points
#15
Ordering out for breakfast, lunch, and dinner every single day.
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118points
#16
Buying a timeshare.
Participating in a MLM scheme.
tripsz replied:
Don't you talk about my sister that way. She's a small business owner! She earned the privilege to get recognized at a company event this month and gets to purchase her own plane ticket! I'm sure her CPA husband is jealous of her success.
Don't you talk about my sister that way. She's a small business owner! She earned the privilege to get recognized at a company event this month and gets to purchase her own plane ticket! I'm sure her CPA husband is jealous of her success.
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114points
#18
Bottled water.
It costs more per gallon than gasoline and most people have been told that city water is sucky even though a ton of bottled water companies get it from municipal sources anyways.
And if you care, filter it at home.
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111points
#19
Driving a very expensive car with tons of body damage because all their money is going to their $800 a month car payment and they can’t afford to fix the damage they caused with their s****y driving.
Windir666 replied:
I had this exact conversation with my friend today. If you cant afford to fix your car, you probably shouldn't be owning a 2022 $60,000 Mercedes.
I had this exact conversation with my friend today. If you cant afford to fix your car, you probably shouldn't be owning a 2022 $60,000 Mercedes.
tristanjones replied:
The financially responsible decision is driving a beat-up reliable car because you own it outright and most people intend to drive it into the ground before buying another one.
The financially responsible decision is driving a beat-up reliable car because you own it outright and most people intend to drive it into the ground before buying another one.
108points