1. Believing that you'll be wealthy enough to pay for all of your expenses in the future, like children's wedding and college. Instead, start planning now...map out where you are right now and where you want to be...put your plan into action.
2. Saving with your right hand and spending with your left. When you make a deposit in your savings account, do you immediately make a withdrawl? Instead, learn the lost art of contentment. Don't buy something because you want it.
3. Shunning frugailty's the third mistake. Frugal's a word many of us associate with cheap. In reality, it's avoiding wasteful expenditures and finding ways to reduce costs.
4. Paying high interest debt, like college loans. Wisdom journal dot com suggests doubling up on your payments to get them knocked out ASAP.
5. Spending every penny we get, as soon as we get it. Instead, invest at least half of every bonus or additional money you get, if possible.