Here are some money mistakes you could be making

Reporter: Andryanna Sheppard
Published: Updated:

As we age, our relationship with money changes.

But whether you’re in yours 20s, 30s, or even 60s, there are money mistakes that you’re making that could cost you thousands.

Here are ways to fix those mistakes.

“The same old money mistakes have been talked about for generations is living outside of your means,” said Renee Varga, a certified public accountant with Moss, Krusick and Associates, LLC.

But certain money mistakes are more common for particular age groups.

In your 20s, racking up too much student debt is one of the most common mistakes. Taking out more than a $30,000 loan for a profession that pays less than six figures could have you paying back your loan for decades.

In your 30s, not starting to invest is a big mistake.

Varga said start up by building an emergency cash fund, then tackle maximizing your retirement account.

“The 401k. If you, if it’s offered by your employer, take advantage of it. Especially at a young age,” Varga said.

As for those of you in your 40s, the biggest mistake is not aggressively paying down debts.

According to date from the Federal Reserve Bank of New York, people in their 40s had the most debt of any age group, averaging about $78,000 per person.

Raiding your retirement fund in your 50s or co-signing loans in your 60s are mostly mistakes to make.

Being on the edge of retirement, you need every penny you can save.

Another common mistake in your 50s and 60s is not delegating financial responsibilities before cognitive degeneration sets in.

According to a Georgetown University study, the peak financial decision-making age is 53.

Waiting until your 70s or 80s can lead to costly financial mistakes like not reading the fine print on investment accounts.

Copyright ©2024 Fort Myers Broadcasting. All rights reserved.

This material may not be published, broadcast, rewritten, or redistributed without prior written consent.