9 Money Mistakes You’re Making Without Realizing It, Here’s How They Add Up Over Time
KEY TAKEAWAYS Generosity can become costly when social spending—such as buying a round of drinks, over-gifting, or saying yes to every event—undermines your savings goals. Tracking where your money is going can reveal patterns and help you make spending choices that align with your priorities. Generosity is good—but what if it starts to sabotage your savings? You might be spending out of habit or social pressure without realizing how much it’s costing you. “One of the first things I tell people who consider working with me is that I’m not the fun police,” says Erik Scudder, a certified financial planner and founder of Trailhead Financial in Fairfax, Virginia. He has prospective clients fill out an expense worksheet. The task isn't about telling them what not to do, he says, but to see how they're spending money. “They’ll often come back and say, ‘Oh, I didn't realize I was spending this much on this or on that.’” To find areas to cut back on, he suggests looking at your sp...