Thinking your finances don't matter because you're broke
Even if you don't have two pennies to rub together, how you manage even the tiniest bit of money you have is important. "Anyone who has income has cash flow," Roberge says. "You have income and expenses. It's up to you to create a strategy that works for you so that at the end of the month, you have something in your hands that you can do something with." Whether you pay off debt, or save, or invest your money, what you do with every little bit is important.
Not understanding your expenses
There are fixed expenses everyone pays each month -- stuff like food, rent, and gas for your expensive car. Those aren't going anywhere unless you move back in with your parents. Roberge says people often don't realize that all the fun stuff you do is a choice -- getting dinner, traveling, and going out with friends. Once you recognize how much money is left over after your fixed expenses, you get a better picture of how much you're able to save, rather than simply throwing it into the wind by getting bottle service at a club one weekend.