10 Financial Choices You’ll Regret in a Decade

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7. Not Taking Out Life or Disability Insurance

Hypothetically speaking, if you die will your family be financially ok? If you just answered no to that question you need life insurance. You also shouldn’t delay putting disability insurance in place, or long-term care insurance if you are aged 60 or older.

You might plan on living and working for a long time, but the world might have other ideas. Just like having an emergency fund, insurance policies play a similar role in the cushioning the blow. How tragic would it be, if your family was left to fend without you? Not only mourning your loss but broke too.

8. Putting Off Your Retirement Plan

The earlier you start saving for retirement, the better off you will be in the long run. Nowadays, pensions rarely exist, and it’s up to you to make payments into your 401(k) or IRA. If you only start to save during your 50s, you might never be able to retire. And if you were thinking of trusting Social Security, think again. Social Security benefits aren’t very likely to maintain your lifestyle unless you can live on roughly $100 per month. There is no time like the present, and if you’ve got some time on your side, even better.

9. Neglecting Important Money Conversations with Your Spouse

If you’re married, it’s important that you and your spouse are on the same page financially. You need to have the same financial goals, and regularly discuss and agree on strategies for retirement etc. If you are both heading down the same financial path, it’ll be a lot easier later on in life. You’ll be better prepared for things like retirement, and two salaries have much more saving power than one.

10. Being Blind to Your Recurring Expenses

Your monthly costs can be expensive. And a few subscriptions that felt inexpensive can soon add up. Take a look at your finances and cut back on things you don’t need or use. If you have a large cable bill, see if you can get a discount or think about cutting the cord.

The same goes for an expensive gym membership – if you don’t work out enough to justify the cost consider working out at home instead. Do you need Apple Music and Spotify? Do you need Netflix, Amazon Prime Video, and Hulu? Probably not. Cut back, and funnel the money you would have spent into your savings account instead.