Everyone is free to make their own financial choices throughout their life. This is knowledge that is both uplifting in a lot of ways and potentially terrifying in others. There are some choices we could make which can haunt us for a very long time to come. Below are a few you should try to avoid.

Using Credit Cards Too Freely

Offers for credit cards are everywhere. Most of us receive them in the mail daily. These offers may be tempting, because they’re the promise of making purchases we might really want to make right now. We can buy things even if we do not have the money to pay for them. That thought alone should be enough to make you hesitate to accept any offer in the mail.

Credit card offers start arriving when we are eighteen years old if not younger. Few 18 year olds are ruled by rationality over impulse. If you overspend on your credit cards, you can expect to be saddled with that debt for a very long time to come.

Not Paying Attention to Our Credit Score

We should all pay attention to our credit score. Ignoring it is another sign of financial immaturity. Some people don’t even realize they have a credit score or what it means. If you let your score get away from you, that low score is likely to prevent you from borrowing money in the future.

The average working person has to borrow money at some point in their life. That could be to buy a car, pay for college or purchase a house. Whatever the case may be, having a poor credit score is a huge detriment to one’s ability to live normally. Things as little as being late with a bill payment to something as huge as filing for bankruptcy all can have an impact on your credit score, so watch it.

Filing For Bankruptcy

Speaking of bankruptcy, this is one of the most drastic financial decisions you can make. It will stick with you for 7 to 10 years, depending on the type of bankruptcy. While the idea of being out of debt might sound appealing, talk to bankruptcy lawyers to learn more about it and if it’s right for you.

Some people file for bankruptcy and feel an immediate sense of relief, followed by years of dread over how huge it ended up being. It clears most debts away (student loans and few other types of debt are exempt), but it also damages your credit score tremendously. However, there are some people who have no other option than to file, and if that’s you, that’s okay. Just talk to the experts to be sure.

Investing Incorrectly

Investing money and assets can be a great idea, but there are right and wrong ways to do it. Never invest anything without doing your own research. It doesn’t matter if it’s a trusted friend starting up an interesting business venture or if it’s your investment broker taking care of your retirement portfolio. Make sure your money is going where you’re comfortable. People who don’t pay close attention to how they invest can end up losing a lot of that money. Even just one bad investment can haunt you.

Taking On Too Much Student Loan Debt

Most students borrow some money in order to get themselves through college. But just because your student aid says you can take out a certain amount doesn’t mean you need that amount. Many students end up borrowing too much, and that puts them at a disadvantage down the road. You still have to make payments on those loans, whether you used the money to actually pay tuition or it went towards drinks at that party you can’t even remember. Only take what you need, but if you take more, set it aside to be used in later semesters so you can take less later on

We should all be careful about the financial decisions we make. That careful consideration can prevent mistakes that will haunt us for years to come. Pay close attention to your financial life so you don’t become a lesson to learn from.