Website professionals also struggle with financial missteps. Here's what you can glean from their experiences.

Switching gears from dull duds, let's dive into some hard-earned financial wisdom from our expert pals. These people know their moolah, and they're here to tell you where they messed up so you don't have to.

Ditch those measly savings accounts

Ana Staples, our credit card queen, isn't too hot about her first saving account experience. "I was getting dinged with unnecessary fees and earning pathetic interest rates," she says. "I closed that account in 2020 and opened a high-yield savings account (HYSA). Never. Look. Back."

Matthew Goldberg, consumer banking expert and saver extraordinaire, echoes Ana's sentiment, "I joined the high-yield savings club late, but it's been worth it. Even in today's low-rate environment, I'm earning a respectable amount each month and outpacing inflation." So, when perusing savings accounts, remember: quality over quantity!

Invest in your future, pronto

Benét Wilson, an expert in credit cards, wishes she maxed out her employer's retirement contribution ASAP. "I didn't understand the magic of compound interest until it was too late," she laments. "Your golden years sneak up on you faster than you think, so get that 401(k) cranking!"

If your employer isn't offering a match, don't sweat it. There are plenty of other retirement savings vehicles out there, like a solo 401(k) if you're self-employed.

Get those savings categories sorted

Karen Bennett, our deposit guru, confesses that her goals got fuzzy and cost her a pretty penny. "Having clear savings goals and separate buckets for each one would have helped me reach them sooner," she says. "Avoid my mistake and see your money grow faster!"

When saving for multiple goals, it's important to keep them separate. Opening separate accounts for each goal will help ensure you don't blindside yourself, leaving one category dry while bankrolling another. Plus, Top-earning accounts can earn more than 400 times the interest you'd get with those lowly, rock-bottom rate accounts.

Cash in on credit card rewards

Katie Kelton, our intrepid traveler, laments her early reliance on cashback cards. "I could've snagged thousands in free travel and other perks," she says. "Learn from my mistakes and capitalize on travel points for a dream trip!"

If rewards aren't your thing, that's cool, but if you manage responsibly, it's worth researching and finding the ideal rewards card that matches your spending habits. Happy travels!

Play the stock market game, legally

James Royal, our principal investing writer, advises getting a piece of the stock market action sooner rather than later. "A strong index fund could have made me millions," he says. "Even without investing knowledge, index funds are accessible to anyone, and they'll make you rich over time!"

Investing in an index fund regularly and for the long haul is like buying a ticket to Millionaireville Express. No need for a Hollywood makeover or sunglasses indoors; just sit back, relax, and watch that magic grow.

Don't get cocky with your mortgage

Ted Rossman, senior industry analyst, shares his regret about playing it safe with a mortgage lender recommended by his real estate agent. "I should've shopping around more aggressively," he says. "Missing out on a lower rate can cost you big time, my friend."

When it comes to shopping for a mortgage, compare quotes from multiple lenders to ensure you're getting the best rate possible. It could save you thousands over the life of your loan.

Mind those secondary homeowner costs

Lauren Nowacki, senior home lending writer, recommends considering the post-purchase costs of homeownership. "Don't forget about property taxes and maintenance costs when budgeting," she says. "Ignoring these expenses can leave you high and dry."

When making an offer on a property, be sure to build these additional costs into your budget. Otherwise, you might find yourself short-changed in the long run.

Make extra mortgage payments, if you can

Linda Bell, our senior home lending writer, wishes she made extra mortgage payments more often. "By doing so, I would've paid off my loan faster and saved on interest charges," she says.

If you're in good financial shape and have extra cash, consider making extra mortgage payments to reduce your principal and save on interest charges.

Consider other income streams and smart cash management

Denny Ceizyk, our senior loans writer, wishes he focused on diversifying his income and improving cash-flow management sooner. "Debt became a crutch in my life," he admits. "Embrace entrepreneurship and smart cash management to reduce your reliance on debt."

To stay debt-free, take stock of your budget and explore ways to improve your income and cash flow. This could mean side hustles, investing, orfinding ways to reduce expenses.

Improve financial literacy

Those who learned about personal finance at a young age are more likely to handle money more effectively, while the rest of us might learn tough lessons as adults. To avoid costly mistakes, ask questions, question the answers, and diversify your financial knowledge sources. Talk to experts, do your research, and use free online resources like calculators to help you make smart decisions.

So there you have it, folks! Learn from the wisdom of our experts, and you'll be well on your way to financial freedom. If you have any hard financial lessons of your own, drop us a line at [email protected]. Until next time, keep rolling!

Ana Staples suggests closing low-interest savings accounts and opening high-yield savings accounts (HYSAs) to earn more interest and avoid unnecessary fees.
Benét Wilson advises maximizing retirement contributions as early as possible to take advantage of compound interest, as it helps achieve savings goals more quickly.
When saving for multiple goals, Karen Bennett recommends maintaining separate accounts for each one to ensure adequate funding for each, and avoid overspending on one category.
Katie Kelton suggests researching credit card rewards, such as travel points, to maximize rewards and earn free travel and other perks when managing credit card spending responsibly.