Budgeting and setting financial goals is not always easy, but you will regret not doing it in the long run. Whether you forget to make a budget, or you didn’t enroll in your 401(k) plan, there are a number of financial mistakes that you will end up hating yourself for in the next decade.

Not Paying Off Your Credit Cards

When you get a credit card, it is far too easy to spend money that you do not have and get into debt. Many people fall into the trap of carrying over a balance from month to month. In a single year, you can waste hundreds of dollars on interest

Paying off your credit card each month saves you when it comes to interest. It also ensures that your credit card debt does not grow out of control. If you continuously have problems paying your credit card bills, there are ways to help you. If nothing works, you may need to rethink having it in the first place.

Not Budgeting Your Money

Too many people put off budgeting until later in life because they don’t think it’s necessary. Budgeting does not mean denying yourself fun toys or splurges, you just have to be more responsible about it.

You can still buy a new phone–but you have to add it to your budget. Your budget helps you figure out where you are wasting money and what you could change. Instead of wasting money on cable or coffee, you could save that money for a vacation or put it toward a 401(k).

Once you get used to having a budget, it becomes easier to save money and hold off on impulse splurges.

Forgetting to Invest in Insurance

Not investing in life insurance, health insurance, and other insurances can ruin your finances.

If you were to die today, would your family be financially secure? If you became ill, could you afford the doctor’s bill? These are questions you need to consider.

One of the biggest causes of bankruptcy is medical debt. Right now is the time when you should be considering disability insurance, long-term care insurance, and health insurance policies. Accidents happen, and it is important to make sure that you are prepared for them as much as possible.

Buying a Car You Cannot Afford

A vehicle might be necessary to get you to work, but it does not have to be brand new. Too many people buy a car that they cannot afford. If they use a car loan, then they also have to pay higher costs for car insurance.

A car payment can easily cut into your budget and your retirement plans. Once you stop having a car payment, you will find it surprisingly easy to afford things like vacations or an emergency fund.

Skipping Your Emergency Fund

Sooner or later, accidents will happen whether you’re ready for it or not. Your car might break down, or your child may fall ill. Life is full of mishaps, and you will most likely have a financial emergency at some point.

Your emergency fund should have at least three months of expenses set aside. Some people have closer to 12 months, but it all depends on your situation. If you are single and can easily find another job, you might need less. If you have children and the sole breadwinner, you will need more money set aside.

Your emergency fund should be placed somewhere that you can easily access it, but you should only do it when you absolutely have to. The entire goal of the fund is to provide you with cash when an emergency happens, so you need it somewhere that you can easily reach. You could try an online savings account or a savings account at your current bank.

Neglecting Your Retirement Plan

Because of compound interest, you will have more money in your retirement account if you start saving now. Plus, retirement accounts, like a traditional 401(k) can lower your tax bill in the current year.

Social Security is not enough for a secure and happy retirement, so you need to make sure that you are prepared for your golden years.

Forgetting to Discuss Money Matters With Your Spouse

For your family to reach your financial goals, you have to work as a team. You need to make decisions together, this way, everyone is aware of what’s going on.

Financial problems are a leading cause of divorce, so discussing money matters can help your relationship as well as your financial situation.

Save Yourself from the Regret

To reach your financial goals, you have to make sure to avoid these mistakes. By planning ahead, buying insurance, and setting a budget, you can make sure that your household is protected from financial mishaps.

You will never forgive yourself later in life if you don’t try and financially prepare yourself for the future. It seems nearly impossible, but by realizing it now, you can save yourself a lot of trouble later on.