Money Mistakes to Avoid

'Some habits seem responsible but are short-sighted.'

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Remember the saying "penny wise, pound foolish"? This means that some of your money mistakes may seem smart at first, but could cost you a lot later, especially if you are in your late 20s and early 30s when every financial decision starts to carry more weight.

Whether you're building a career, starting a family, or just trying to stay afloat, it's tempting to cut corners that feel smart now, but could cost you a lot more later. Ester Ochse, product head at FNB Integrated Advice, says some habits seem responsible on the surface but are financially short-sighted. "These penny-wise and pound-foolish decisions can quietly hold you back from long-term stability."

She calls attention to these five common traps and tells us how to avoid them:

#1. Delaying retirement savings because 'you are still young and think you have time'

Postponing your retirement planning is one of the most expensive mistakes you can make. "The earlier you start with the little you have, the better in the long haul. Even small, consistent contributions now will benefit from compound growth over decades."