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.
#21
Using a check cashing store or payday advance type company.
Bizarre_Protuberance replied:
Payday loans are predatory loans and would be forbidden in almost every other country. It's basically a loan shark business. But sometimes low income people need money for emergency purposes like the car broke down and they need to get to work.
Payday loans are predatory loans and would be forbidden in almost every other country. It's basically a loan shark business. But sometimes low income people need money for emergency purposes like the car broke down and they need to get to work.
nemesismkiii replied:
Oh this 100%. As someone who has worked in financial services, I HATE these places. I will always advocate if you have lower income or cannot seem to work up savings for whatever reason, try switching from a bank to a credit union for your banking needs. They may not be as large as banks or be as good for if you need to travel, but they are local and try to help their local communities since they are owned by them.
Oh this 100%. As someone who has worked in financial services, I HATE these places. I will always advocate if you have lower income or cannot seem to work up savings for whatever reason, try switching from a bank to a credit union for your banking needs. They may not be as large as banks or be as good for if you need to travel, but they are local and try to help their local communities since they are owned by them.
Report
93points
#22
Expensive leased car, living in a sketch neighborhood.
Report
87points
#23
Bragging about how much you spent on something as if it was a positive. "Uhh, congrats on giving a corporation extra money, I guess?"
Report
83points
#24
I had a friend nearly get evicted because he spent all his money on Funko Pops. Thought he'd get rich off them somehow.
Report
78points
#26
Buying a widescreen television on tax return day and bringing it home in a car held together by duct tape and prayers.
Report
76points
#27
"Hey, can I borrow $15? I'll pay you back next week when I get paid."
With the above happening every other week.
Report
74points
#28
Frequents a Starbucks. Coffee is way to cheap and easy to make well to spend that much per cup. If you do need a specialty coffee that often you are doing yourself a massive disserve not learning to make it. Everytime I see a Dutch Bros or Starbucks cup, I instantly register "*Ah, more money than sense.*"
Report
58points
#30
I spent over 80$ tryna win a giant pikachu and failed
Could have bought that thing for 34$ but it was well worth it
Report
40points
