All of us have suffered buyer’s regret over purchases, but there is also an overall financial regret concerning how we spend our money over the long haul. It turns out, there’s a pattern to this for all of us – we all make the same mistakes – and there’s a consensus we can look to avoid falling into the same trap.
Monkey see, monkey do. Being that we’re all human, many of us make the same financial mistakes. A new survey by Student Loan Hero found that over three out of four Americans have financial regrets. Moreover, there are commonalities in the realm of financial regrets.
In other words, the majority of people have the same regrets. We can learn from these errors so that we can sidestep these pitfalls to be smarter with our money.
Here are the most common financial regrets found in the Student Loan Hero survey.
The majority of respondents, 51%, regret spending too much of their money on dining out.
Half of all respondents, 50%, realize they haven’t put away enough money for retirement and will be facing a challenge come retirement time.
Almost half of respondents, 47%, have regrets over saddling themselves with too much credit card debt.
The lack of failure to build up savings was a regret shared by 46% of respondents. However, among the sexes, 55% of women regretted not saving more as compared to 37% of men.
Not only did 38% realize they spend too much money on entertainment, but also regret spending the money on entertainment in the first place or on the entertainment they received.
A third of respondents, 33%, regret the money they have spent on clothing purchases.
Though #4 on our list above, saving more money was #1 in terms of the greatest financial regret respondents said they had in the last year. And for good reason…
If you lack savings, your financial situation can plummet and snowball should an emergency or unexpected surprise comes up. Or what happens if you lose your job?
Without savings, it could force you to increase your credit card debt to deal with the above scenarios. This only makes your financial situation worse.
The odds are that some of the above scenarios may mirror your own regrets. It’s never too late to begin budgeting your finances better in order to build up your savings, save for retirement and pay off debt.
The past is the past. We all make mistakes. Take this knowledge and move forward to change your spending habits now, so that you’ll put yourself in a better financial position for a stronger future.