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The Biggest Financial Mistakes I See

The Biggest Financial Mistakes I See

April 09, 2018
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It’s disheartening that with so much financial education out there, people are still making mistakes with their finances.  We need to acknowledge that perhaps we need some help to take our finances to the next level.

Before doing so, you need to understand what types of mistakes you need to rectify first. Here’s a list of the biggest financial mistakes I see.

Not Saving For Retirement

Yes, it may be hard enough for you to keep up with your bills and still have enough to enjoy life, but if you don’t start saving for retirement, how will you get to enjoy life if you don’t have enough money to do so?

In your working years, you have the advantage of time and energy to make money and to stash it away. In fact, your employer could be helping you do so right this very second. If there’s an employer-sponsored retirement plan, you may be leaving money on the table!

For example, many 401k plans have employee matches, meaning they’ll match your contributions up to a certain percentage of your paycheck. I bet you can find some wiggle room to set aside some money every month for this. Most plans are pre-tax plans where the money gets taken out of your paycheck beforehand, so you may not even miss it.

Not Saving For an Emergency Fund

As much as we’d like to think we’re invincible, unfortunate things can happen in our lives. Whether it’s a medical emergency, a job loss or a flat tire, you want to have some cash on hand to take care of it all. Yes, there are credit cards and loans, but do you really want to dig yourself deeper into debt?

Saving for an emergency fund doesn’t have to be difficult. Many people have started small, saving as little as $5 a day. And once you have that money, stick it in a separate bank account so you’re not tempted to spend it.

Not Having a Plan For Your Money

Of course, we want to make and save more money, but what is it all for? Most people start off with a bang when it comes to saving money, but quickly lose steam because they don’t necessarily have a goal in mind. If you don’t know why you’re doing something, you may not move the needle as far as you’d like.

Having a plan could be starting out with a budget and understanding what expenses you want to keep or scrap. It could then look like creating short term and long term goals as it relates to you and your family’s life. Once you have that in place, it’ll be easier to begin savings plans so that you can start to cross off your bucket list.

Final Thoughts

If you find that you’ve made some of the mistakes on this list, don’t worry. It’s not too late to get your finances in order. There are so many great resources out there (some free!) you can take advantage of. If you feel like you need some extra guidance, Clear Vista Financial is here to help. Email me at, call  800-491-4508 or click here to book your free introductory meeting.

About Mark

Mark Trice is an independent financial advisor with nearly a decade of experience in the industry. As the founder of ClearVista Financial, his mission is to help people find financial balance in their lives and to spend life well. Along with providing financial planning and retirement planning to pre-retirees and 401(k) plan participants, he is also an educator. He currently holds the designation of a Certified Financial Educator® through the Heartland Institute of Financial Education. Mark has offices in Austin, Brownwood, Temple, Houston, and Waco, Texas. Along with serving clients in Texas, he also works with individuals in California, Colorado, West Virginia and Virginia. To learn more, visit or connect with Mark on LinkedIn.