12 money mistakes & regrets to avoid

Hands up who’s made a mistake with money 🙌 Pretty much everyone’s hands should be in the air because we are all human, so mistakes are our specialty, are they not? But that doesn’t make you a failure – it means you’re exactly like everyone in the ‘this is money’ community. You’re amongst friends.

I (Glen James) want to help us all learn from each other’s mistakes and between Jess Brady (host of Financially Fierce) and myself, we’ve got 12 money mistakes and regrets we’ve seen with financial advice clients over the years. Let me know if any of these resonate with you:

#1 not starting sooner

Delaying taking control of your finances can mean missing out on valuable opportunities for growth and stability. It’s better to start making small changes, a little bit each week or month, continuing to learn, than hold off because you’re unsure, or procrastinating.

This is particularly important with investing, as by holding off you miss out on the effects of compound interest over time. You’re better served by investing even a small amount each week into a micro-investing app, and advancing your investing step by step over time as you learn. Time in the market is what you want.

Even with basic budgeting the same principal applies - nobody can turn their finances around overnight. But by making small changes each week, give it a few pay cycles, you’ll start to see the direction of your finances change for good.

#2 not being intentional with your money mindset

Your attitude towards money shapes your financial decisions, so it's crucial to cultivate a positive and purposeful mindset. How do you view money? Where did that come from? Do you need to change your perspective? Spend some time on this.

#3 not having a clear goals-aligned plan for income

Without a structured plan that aligns with your goals, your income may not work as efficiently or effectively for you. Jess released an episode about how she makes goals – check it out of Spotify or Apple Podcasts to start making goals.

#4 not investing at all, or not taking enough risks

Avoiding investment altogether or playing it too safe can hinder your financial growth potential in the long run. The key to dismantling fear of risk is through education. The more you know, the more options you'll have.

#5 letting someone else make big financial decisions for you (and not protecting yourself)

Entrusting others with your finances without adequate safeguards can leave you vulnerable to undue risks or exploitation. Ensure you always have access to and control over your money and your financial decisions. Always.

#6 thinking it will all work itself out

Passive optimism won't magically solve your challenges with money. Likewise things don't just get sorted if you ignore them – make a move. Fill your knowledge gaps, ask dumb questions, be a beginner, and develop your overall understanding so you can make decisions and actually start achieving your financial goals.

#7 following the crowd

Ever felt the pressure to copy someone else's money moves? Well, unless you're their clone, it's probably not the best idea. Your financial journey is as unique as your fingerprint, so ditch the comparison game and craft your own game plan. What works for someone down the street might not be your golden ticket to financial freedom.

#8 ignoring your money behaviours

Ever wonder why you can't resist a sale or why investing makes you break out in a sweat? Understanding your money personality is like having X-ray vision into your financial habits. Whether you're a squirrel stasher, a spontaneous spender, or an investing wizard, knowing thyself is key to building a bulletproof financial fortress. You can build guardrails where they’re needed, structure your bank accounts to prevent spending or free up cash so frugal ol you CAN spend with freedom and without guilt.

#9 changing plans constantly

Don’t change plans every month — you’ll be wasting time and missing out on potential growth, particularly with your investments. Likewise, avoid the ‘get rich quick’ schemes. Imagine trying to build a house on quicksand – that's what constantly changing financial plans feels like. Stick to a strategy that's steady and let it ride. Slow and steady wins the race, my friend.

#10 not preparing for the future

Living in the moment is great until your future self is left holding the bill. Take a peek into the crystal ball of your finances and plan ahead. Break it down into bite-sized chunks – think short-term (up to 5 years), medium-term (5-7 years), and long-term goals (7+ years). It's like playing financial chess; you might not see every move, but you'll definitely be ahead of the game.

#11 not controlling your impulses

We've all been there – the siren call of instant gratification is hard to resist. But before you swipe that credit card or dive headfirst into a big purchase, hit the brakes. Trust me, I've learned the hard way. Take a backseat, sleep on it, and if it still makes sense in the morning, go for it. Your future self will thank you.

#12 chasing perfection

Nobody's perfect, especially when it comes to money. So stop chasing that elusive perfect financial score and embrace the beautiful messiness of life. Sure, you'll stumble, you'll fumble, but as long as you keep moving forward in the right direction, you're golden. Imperfection is where the magic happens, my friend.

Jess released an episode on Financially Fierce recently where she walked through this – go have a listen to it on Spotify or Apple Podcasts.