Money Regrets? 9 Practical Ways to Turn Things Around

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Turning Money Regrets Into Rest: Why It’s Never Too Late to Start Fresh

Turn things around! No matter what stage of life we should be putting our money where our mouth is. With so many of us juggling career goals, family responsibilities, and long-term planning, mistakes are often made along the way. With financial freedom in mind, it’s important to avoid certain money mistakes that could have long-lasting consequences. Whether you’re just starting to build your wealth or looking to improve your financial habits, let’s dive into some of the most common money pitfalls and how to get them turned around.

1. Neglecting to Build an Emergency Fund

One of the most important steps in financial security is having an emergency fund. Life can be unpredictable, and unexpected expenses — whether it’s medical bills, car repairs, or job loss — can arise at any time no matter who you are. Unfortunately, many of us put off saving for emergencies or just don’t make enough to save from.

Proverbs 21:20 reminds us that “There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up.” This speaks to the wisdom of delayed gratification, saving and being prepared for life’s uncertainties.

Many will advise to save at least three to six months’ worth of living expenses, which is not at all bad advice, however it’s important to be reasonable and break that task down. If you are wondering where to even begin and it feels next to impossible to fathom saving 3-6 months whilst living paycheck to paycheck, the advice below could be for you.

This is where the psychology comes in. Ever heard of the snowball method to pay off debt? It’s where you focus on paying off your smallest debt first (whilst making minimum payments on the rest), then once paid off, roll that payment into the next smallest and keep repeating till all debts are paid off.

I propose to you to apply the same concept but with building your savings. Cut down the largest variable expense you can, as hard as it may be (multiple subscriptions, online shopping, grocery bill) and use that to save towards your smallest fixed monthly expense. Only focus on saving 3 months of one small monthly expense. Set up an automatic transfer to your savings account each payday. Use the victory of that accomplishment to start on your second smallest expense and up the amount you were saving previously to reach this goal faster.

2. Ignoring Retirement Savings

Retirement might seem like it’s decades away, but the earlier you start saving for it, the better. Compound interest works in your favor when you start investing early, you should be putting away a percentage of your income into retirement accounts if you have access to them or reputable stock brokerage accounts.

Proverbs 13:22 says, “A good man leaveth an inheritance to his children’s children: and the wealth of the sinner is laid up for the just.” For me, this highlights the importance of legacy planning, wise stewardship and generational blessings long after we’re gone.

Contribute to your retirement account as much as possible, even if it’s just a small amount at first. Remembering that the goal is consistency over time, not a large upfront investment.

3. Living Beyond Your Means

It’s easier than you think to get caught up in the lifestyle of “keeping up with the Joneses” — spending on things we don’t need to impress people we don’t even know…or like (sheesh). However, living beyond your means can quickly spiral into debt and disappointment, leaving you with little room to build wealth.

How’s this for an illustration? “For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him, saying this man began to build, and was not able to finish” (Luke 14:28-30). This paints a vivid picture in my mind of all the goals and the heights I want to reach and I hope you picture those things for yourself and hear the echo’s of “count the cost” before making that next purchase, taking out that next loan or moving in a direction not fruitful to the destination you want to reach.

Live below your means, and prioritize spending on what truly adds value to your life and future life. Consider creating a budget and tracking your expenses so that you can identify areas where you can cut back. “If you fail to plan, you are planning to fail”. Don’t have a consistent way to manage your finances? Consider trying what we use to stay on on top of things.

4. Not Investing in Yourself

Investing in yourself is arguably the best investment you can make. Whether it’s further education, skill development, or even personal growth through therapy or mentorship, investing in your mind, body, and spirit pays off in the long run. Many people focus solely on career and material wealth, but personal development is just as crucial. Don’t count yourself out!

“Wisdom is the principle thing; therefore get wisdom: and with all thy getting get understanding”. Proverbs 4:7. Never underestimate the value of investing in your knowledge. From time to time it’s good to reassess what I call your E.E.E (Economic Energy Efficiency) it’s just fancy for measuring how wisely you’re investing your energy and economic resources vs the income, impact, or increase it actually produces.

Set aside time and money each quarter for courses, books, and experiences that contribute to your personal and professional growth goals.

5. Avoiding the Hard Conversations About Money

Talking about money, especially in relationships, can be awkward, but it’s necessary. Whether you’re married or in any other financial partnership, discussing financial goals, debt, and spending habits openly can prevent misunderstandings and set a clear path forward.

Proverbs 27:23 invites us to, “Be thou diligent to know the state of thy flocks, and look well to thy herds”. Always pull your weight in shared financial goals, in communicating and moving forward collectively.

Schedule regular financial check-ins with your financial partner/household to align your goals, share challenges, and celebrate wins.

6. Failing to Set Financial Goals

Without clear financial goals, it’s easy to become the drifting ship in the sea. Financial goals give you direction and motivation, whether it’s buying a home, paying off debt, or building an investment portfolio.

Proverbs 16:3 says, “Commit to the Lord whatever you do, and he will establish your plans.” When you align your financial goals with your values, you’re more likely to succeed.

Get smart and set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals.

7. Carrying Too Much Debt

Debt is a huge barrier to financial freedom, and the longer you’re in it, the more it does damage. Whether it’s student loans, credit card debt, or personal loans, it’s crucial to develop a plan to tackle debt systematically and some times aggressively.

Romans 22:7 states, “The rich ruleth over the poor, and the borrower is servant to the lender” . It’s obvious that paying off debt allows you to focus on other important financial priorities and I know it may feel like a long road for some of us however I encourage you to begin that journey today so you don’t have to only just be starting years down the road.

Pay off high-interest debt first (like credit cards), and consider consolidating loans to make repayment easier. Do your research, look into different strategies to pay off debt, seek debt forgiveness where it may be available to you, pray to our heavenly to redirect your path and show you the way through.

8. Overlooking Insurance Needs

Insurance can feel like an unnecessary expense, especially when you’re young and healthy, but it’s crucial to have the right coverage in place. From health insurance to life insurance and disability coverage, protecting yourself and your loved ones is essential.

Genesis 41:35-36 “And let them gather all the food of those good years that come, and lay up corn under the hand of Pharaoh, and let them keep food in the cities. And that food shall be for store to the land against the seven years of famine, which shall be in the land of Egypt; that the land perish not through the famine. Preparing for the unexpected through insurance, wills, trusts, food storage and other means will almost always have you on the better side of things.

Review your insurance policies every year to ensure they align with your current life circumstances, such as having a family or buying a home.

9. Relying on One Source of Income

You may have heard the saying that millionaires have at least seven streams of income—but did you know the Bible teaches the same principle? “Give a portion to seven, and also to eight; for thou knowest not what evil shall be upon the earth.” Ecclesiastes 11:2 Coincidence? Let’s reflect for a moment on what has happened to those who did not diversify their income:

Those who only invested in the stock market lost everything in the 2008 financial crisis. Those who depended solely on real estate saw the housing bubble burst. Those who only followed the “go to college, get a good job, buy a house” formula ended up with student debt, underpaid jobs, few assets, and the crushing cost of living. And those who relied only on a job were caught off guard during COVID—facing layoffs, illness, and financial chaos.

Yes, our ultimate hope is in God alone—however I believe building multiple income streams is like building an ark. It’s wisdom in action. When the storms of life hit, you’ll be prepared to float, not sink.

Start small. List your skills, passions, and resources. Ask God to show you where you can multiply. Even one new income stream this year could be the breakthrough your family needs.

Solidifying your Financial Foundation

Remedy common money mistakes and take proactive steps to build wealth today! Grab your budget template to get started in removing the overwhelm of money regrets. Then come back weekly for more blog posts, resources, and guidance to help you reach your goals in the areas of life that matter to you.