A Personal Finance Writer’s 6 Biggest Money Mistakes of 2023

As a personal finance writer, I’m constantly thinking about money and making smart financial decisions. However, even with my knowledge and experience, I still made some money mistakes in 2023. Here are six of my biggest financial blunders:

1. Failing to Max Out My Roth IRA

I had every intention of maxing out my Roth IRA in 2023, but I fell short. The limit for 2023 was $6,500 ($7,500 if you’re 50 or older), and I only contributed about $5,000.

I’m still trying to catch up on my contributions, but it’s been tough. I’m hoping to reach the $6,500 limit by the tax filing deadline.

2. Overspending on Black Friday

I love a good sale, and Black Friday is one of my favorite shopping days of the year. However, I may have gone a bit overboard this year.

My husband and I spent a lot of money on gifts, clothes, and household items. We definitely saved a lot of money, but we also spent more than we budgeted for.

3. Spending Too Much at the Supermarket

Like many people, we ordered a lot of takeout during the pandemic. And even though we vowed to cook more at home in 2023, we still spent too much money at the grocery store.

We made a lot of trips to the store each week, and we often bought more food than we needed. As a result, our grocery bill was higher than it should have been.

4. Putting Aside Too Little in Savings

I know how important it is to save money, but I still struggle to put aside as much as I should. There always seems to be something else that needs to be paid for.

We need to get back into the habit of saving a set amount of money each month. We’re hoping to start doing this soon.

5. Not Taking a Closer Look at Annuities

I know that annuities can be a good investment, but I’ve never really considered purchasing one. I’ve been too focused on other investment options, such as stocks and bonds.

However, I’m starting to think that annuities might be a good fit for me. They offer a guaranteed income stream, which is something that I’m looking for in my retirement planning.

6. Going With the First Quote for a Major Home Repair

Our air conditioner broke down in the middle of a heatwave. We were desperate to get it fixed, so we called the first company that we could find.

They came out and gave us a quote for the repair. We didn’t get any other quotes, and we ended up paying more than we should have.

From now on, we’re going to get at least three quotes before we hire a contractor for a major home repair.

Lessons Learned

I’ve learned a lot from my money mistakes in 2023. I’m more aware of my spending habits, and I’m more careful about making financial decisions. I’m also more determined to reach my financial goals.

I know that I’m not the only one who has made money mistakes. In fact, I think it’s pretty common to make financial mistakes from time to time. The important thing is to learn from your mistakes and move on.

If you’re feeling guilty about some of the financial decisions you’ve made, don’t beat yourself up about it. Just learn from your mistakes and move on. And remember, it’s never too late to make a change.