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How to Prevent the 10 Most Common Money Mistakes


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10 Most Common Personal Finance Mistakes

All of us are guilty of a few bad financial habits. When financial advisers first meet with clients, they usually find a familiar set of money-losing miscues, from checking credit reports too infrequently (or not at all), paying too much for insurance, or buying stocks for the wrong reasons.

Rarely are any of these bad habits alone enough to sink us. But taken together over time, these small leaks in our financial ship rob us of amounts we’d never stand for losing all at once.

We asked several financial advisers to name the most common personal finance mistakes they find, and provide solutions to each. The good news is that some of the most frequently made missteps are also the most preventable.

Ahead of the new year -- always the season for financial reckoning -- we offer a look at these common mistakes, and ways to stop making them.

By Jennifer Leigh Parker
Updated 20 December 2012

Photo: Rubberball | Getty Images