- Paying yourself last:
It's like we are always in a race against our own expenses. If we don’t prioritise ourselves first, which means setting aside 10% of our paycheck for ourselves before spending on anything else, we’ll find that we will never have enough left over to save.
- Using debt as a back-up for everything:
Debt has become a go-to for almost everything that we can’t afford. Unless you can pay for the thing outright in cash, you shouldn’t be using debt to fund it. (The exceptions here is education, property and healthcare).
- Not having an emergency fund:
Save up 3 - 6 months of living expenses set aside as a rainy-day fund because anything that can go wrong, will go wrong!
- Not knowing what your income and expenses are:
You can’t get to where you want to be without knowing where you are right now. Map out exactly what is coming in and out every month (I use the 3F strategy - more information in my free masterclass [ Ссылка ] )
- Increasing your spending at the same pace as your income
- Focusing purely on saving:
There is a cap to how much you can save, but the other side of the equation is infinite. Focus on making money as much as you do on saving it.
- Paying too much in taxes:
There are plentyyyy of legal ways to save money on taxes. LEGAL! Operating as a business instead of a sole trader, investing through a tax free account first, understand the options available.
- Waiting too long to invest:
Inflation is a thing and every day that you’re not investing is costing you. Once you’ve got your emergency fund, paid off your high-interest rate debt, there is no reason why you shouldn’t start investing.
