From 401(k) cash outs to splashy weddings, here's America's biggest money regrets, as told to CNBC. investinyou (In partnership with acorns.)
When asked what their biggest regret is when it comes to money, participants in the new CNBC and Acorns Invest in You Savings Survey certainly didn't hold back. From dipping into retirement plan savings to frivolous spending and being too much of an easy touch, here's a look at some of Americans' biggest financial fouls they wish they could do over.
A similar phenomenon is the plethora of online and subscription TV memberships that people purchase today. Ask yourself:"Do I really need not only a premium cable-TV package but Netflix, Hulu, YouTube Premium and HBO Now subscriptions, as well?" Smartphone app services are another area where people subscribe to what seems like a good deal but which eventually adds up and goes underused, from razor- or perfume-of-the-month clubs to grocery delivery or media outlet memberships.
Whether it's a compulsive spender or habitual gambler we're financially tied to by law or blood, or a friend who keeps asking for small loans to tide him over till pay day ... cash issues can be a relationship-killer. The fact is, sharing isn't always caring because enabling loved ones who are bad at managing money doesn't really help them — or their benefactors, either — in the long run.
You need to have access to cash so that you don't end up putting emergency expenses on plastic. It's nice to have a high credit-card balance available — but less nice is not being able to pay off that budget-busting balance at the end of the next month. Experts recommend trying to set aside as much as six months' worth of living expenses in a savings account. Sound impossible? A good starting point is aiming to sock away one months' expenses and then build from there.
The most recent Survey of Household Economics and Decision-making from the Federal Reserve Board found 42% of college students — and 30% of all U.S. adults — have incurred student loan debt. SHED figures show Americans owe, on average, $20,000 to $25,000 in student loans, with up to $300 per month owed in payments.
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