Kindly Rewind: Why Certain Money Issues Always Will Haunt You
Filed Under: Personal Finance
But for most, you have a few regrets as far as money goes, namely what could have been done differently. If you're on the road to retirement or winding down your career, you can't find that elusive and nonexistent time machine to go back and fix it.
For those who still have quite a few years before they decide to retire might want to consider a few changes so that you aren't wishing and hoping when it's going to be too late.
The most glaring issue is most likely your participation or lack of in your retirement plan, specifically leaving lost money on the table by not investing at least four to five percent into a 401K if your company is offering some sort of match. Those who are in and around the one or two percent are missing out on free money.
A good rule of thumb is to increase your contribution every year, particularly if you get a raise each year. That extra money shouldn't find its way to being spent, unless of course, you are going to use it for paying off debt, adding a few more dollars to a credit card payment, for example.
Not having a budget as you go from one paycheck to the next also can hold back your ability to be able to save money, and creating one as early as possible in your work career means you'll track expense and income correctly and without much question. If you don't have a budget, that means you're only in the guessing game as far as what you're spending versus saving, so any money that gets put away is more luck than actual planning on the part of the individual or family in question.
Having money decisions you'd call "poor" are ones that are going to resonate more so as the year pass when you are thinking about retiring or take a look at your financial situation and believe that you've missed out somewhere along the way.
If you're still in a position to do something about it and change that trajectory, do so by readjusting your budget and rethinking your retirement.
Keep reading with: Why These After Christmas Sale Items Can't be Ignored