--- title: 5 Mistakes Costing You and Your Family Money description: As dads and leaders, we need to know the five mistakes that are costing you and your family money. Learn the mistakes and what to do instead today. image: https://www.fatherhood.org/hs-fs/hub/135704/file-2613483382.jpg --- [Skip to main content](https://www.fatherhood.org/championing-fatherhood/5-mistakes-costing-you-and-your-family-money#main) - [![NFI mark](https://www.fatherhood.org/hubfs/NFI-Assets/images/NFI%20mark.svg)FATHERHOOD.ORG](https://www.fatherhood.org/) - [STORE.FATHERHOOD.ORG](https://store.fatherhood.org/) [![NFI_logo_blue_left (1) 1](https://www.fatherhood.org/hs-fs/hubfs/NFI-Assets/images/NFI_logo_blue_left%20(1)%201.png?width=149&height=82&name=NFI_logo_blue_left%20(1)%201.png) ![NFI_logo_blue_left (1) 1](https://www.fatherhood.org/hs-fs/hubfs/NFI-Assets/images/NFI_logo_blue_left%20(1)%201.png?width=119&height=65&name=NFI_logo_blue_left%20(1)%201.png) ![NFI_logo_blue_left (1) 1](https://www.fatherhood.org/hs-fs/hubfs/NFI-Assets/images/NFI_logo_blue_left%20(1)%201.png?width=119&height=66&name=NFI_logo_blue_left%20(1)%201.png) ![NFI_logo_blue_left (1) 1](https://www.fatherhood.org/hs-fs/hubfs/NFI-Assets/images/NFI_logo_blue_left%20(1)%201.png?width=89&height=49&name=NFI_logo_blue_left%20(1)%201.png) ](https://www.fatherhood.org) - [How To Build Strong Families](https://www.fatherhood.org/build-strong-families) - [Why Father Inclusion Matters](https://www.fatherhood.org/why-father-inclusion-matters) - Show submenu for Get Involved Get Involved - [Fatherhood Programs](https://www.fatherhood.org/solutions/programs-and-resources) - [Train Your Staff](https://www.fatherhood.org/solutions/staff-training) - [State, County, and City Agency Services](https://www.fatherhood.org/solutions/collaborative-services) Open main navigation Close main navigation - Show submenu for Get Informed Get Informed - [How To Build Strong Families](https://www.fatherhood.org/build-strong-families) - [Why Father Inclusion Matters](https://www.fatherhood.org/why-father-inclusion-matters) - [Father Stats & Infographics](https://www.fatherhood.org/father-absence-statistic) - Show submenu for Get Involved Get Involved - [Fatherhood Programs](https://www.fatherhood.org/solutions/programs-and-resources) - [Train Your Staff](https://www.fatherhood.org/solutions/staff-training) - [State, County, and City Agency Services](https://www.fatherhood.org/solutions/collaborative-services) - Show submenu for Get Started Get Started - [Find Your Stage of Father Inclusion](https://www.fatherhood.org/father-inclusion) - [How Father Friendly Is Your Organization?](https://www.fatherhood.org/father-friendly) - [Get In Touch](https://www.fatherhood.org/get-started) [Store](https://store.fatherhood.org/?hsLang=en) [Get In Touch](https://www.fatherhood.org/get-started) [Store](https://store.fatherhood.org/?hsLang=en) Show submenu for Get Started Get Started - [Fatherhood Data & Statistics](https://www.fatherhood.org/father-absence-statistic) - [How Father Friendly is Your Organization?](https://www.fatherhood.org/father-friendly) - [Other Free Resources](https://www.fatherhood.org/nfi-free-resources) - [Talk With us to Get Started](https://www.fatherhood.org/get-started) National Fatherhood Initiative Blog / [Latest Articles](https://www.fatherhood.org/championing-fatherhood) [Tips & Tricks](https://www.fatherhood.org/championing-fatherhood/topic/tips-tricks) # 5 Mistakes Costing You and Your Family Money 4 min read [** Ryan Hahler ** ](https://www.fatherhood.org/championing-fatherhood/author/ryan-hahler) Ryan is Sr. Manager of Business Development with brightpeak financial. Like many of you, he’s a dad learning by experience. Ryan, his wife, and two school-age girls live in Minneapolis, MN and love to spend time biking and sailing around the local lakes when the weather is warm and skiing the local slopes when the weather is cold (which is way too often in Minnesota…). As dads and leaders, we know that creating a habit of saving is important for our families’ long-term security. And the list of things to save for is never-ending, from retirement to kids’ education to replacing the water heater that dies in the middle of the night. But when it comes to actually putting money away for them…well, sometimes life gets in the way. If we are going to be the best leaders we can with our families and with other fathers, we need to be good examples when it comes to saving. ![5 Mistakes Costing You and Your Family Money](https://www.fatherhood.org/hs-fs/hub/135704/file-2613483382.jpg?width=496&name=file-2613483382.jpg "5 Mistakes Costing You and Your Family Money") However, the importance of having money saved for your families’ future cannot be overstated. So we’ve compiled some common mistakes people make when it comes to saving their money and ways to fix them to help you start achieving those savings goals. ### Mistake #1: Not enrolling in your employer’s 401(k) plan. Whether you're leading other dads or your family, it’s easy to think retirement is too far off in the future to worry about it now, or thinking that your money would be better off not locked up for retirement. But thinking like that can cost you lots of money (and your lifestyle) in the future. And when it’s so simple to save with your employer’s 401(k) plan, it’s a mistake to pass it up. **Instead:** Take full advantage of it! The beauty of enrolling in your employer’s plan is that money can be automatically taken out of your paycheck and invested in your future. If your employer matches your contributions, it’s a good idea to consider contributing at least enough to take full advantage of their match—after all, it’s free money. Who can say no to that? ### Mistake #2: Not paying yourself with each paycheck A common practice is to save whatever is left over from each paycheck, but this can lead to over-spending and under-saving. **Instead:** “Pay” yourself a designated amount each month to put in your savings account—if you can set up an automatic transfer, that’s even better. By “paying” yourself first you have a more realistic view of what you can actually spend that month and it’s not as tempting to skimp on the savings in favor of buying things you don’t need. ### Mistake #3: Keeping your checking and savings accounts at the same bank Sure, it seems pretty convenient to keep everything at one bank: easy to monitor, easy to set up, and (here’s the kicker) easy to transfer. When transferring money from your savings account to your checking account is as easy as the click of a button, it becomes much more tempting to spend that hard-saved money on non-emergencies. **Instead:** Separate your accounts. If you keep your savings account in a different bank than your checking, the process of transferring funds from savings to checking becomes a tad more inconvenient—and that’s a good thing! That makes you really think about whether that money will be used for an emergency, whether it’s worth the transfer or not, and when the money should just stay put. As a bonus, if you separate your accounts, you can shop around to find the best interest rates for your savings account. ### Mistake #4: Paying off your debts with your savings funds While it’s great that you’re working to pay off debts, it shouldn’t be at the expense of your entire savings account. Depleting your savings in order to work off your debt puts you in a pretty vulnerable position. If your car breaks down or your roof leaks and you don’t have any savings, you may have to take on more debt and could be worse off than before. **Instead:** Try to find other spots in your budget that money can come from—it may seem like a drag since the money is sitting right there in your account, but having an emergency savings account is important to ensure you and your family’s financial security. We recommend building up to have at least $1,000 in savings. ### Mistake #5: Pretending to understand services (when you really don't)! It seems like all these banks and financial institutions are always throwing offers your way that sound good but are littered with terms you just don’t understand. All that financial mumbo-jumbo can make your head spin and cause you to either accept an offer that’s not right for you or turn away from one that’s perfect. **Instead:** If you’re not sure, just ask. It sounds simple but far too often people are paying way more than they should for something and they don’t even know it. If there’s a term you don’t fully understand, it’s worth a call or email to your bank, insurance agent, or other trusted financial source to ensure you know exactly what you’re getting and how much you’re paying. #### [![5-mistakes-costing-you-and-your-family-money-brightpeak-fatherhood](https://www.fatherhood.org/hs-fs/hub/135704/file-2624213774.jpg?width=300&name=file-2624213774.jpg "5-mistakes-costing-you-and-your-family-money-brightpeak-fatherhood")](http://info.brightpeakfinancial.com/savings-ebook?utm_source=National%20Fatherhood%20Initiative&utm_medium=Sponsored%20Blog%20Post&utm_campaign=MAR15%20Tier3%20Savings%20Tips) #### Want more savings tips? #### Get your free eBook > [Ten Simple Ways to Boost Your Emergency Fund](http://info.brightpeakfinancial.com/savings-ebook?utm_source=National%20Fatherhood%20Initiative&utm_medium=Sponsored%20Blog%20Post&utm_campaign=MAR15%20Tier3%20Savings%20Tips). It’s full of insider information on how to set savings goals, tips to make saving money easier, and ways to watch your savings grow faster. Date Published: 03/17/2015 Last Updated: 03/17/2015 ## Learn How to Build a Fatherhood Program That Works Download this free guide for a proven 7-step roadmap—from making the case and securing funding for your program, to launching and measuring real results! [Get The Guide Now!](https://www.fatherhood.org/starting-a-fatherhood-program) ![7-steps-starting-a-fatherhood_program](https://www.fatherhood.org/hs-fs/hubfs/Images/7-steps-starting-a-fatherhood_program.png?width=700&height=700&name=7-steps-starting-a-fatherhood_program.png) [ Previous ](https://www.fatherhood.org/championing-fatherhood/the-best-way-to-build-strong-children) [ Next ](https://www.fatherhood.org/championing-fatherhood/what-makes-a-parent-a-smart-parent) ## Related Articles ### [Limited Blog Series: Supporting My Co-Parent Image created with GPT Image 2. Quick Confidence Builds are brief activities that practitioners can use when working with dads in face-to-face or virtual group-based or one-on-one ... Read More](https://www.fatherhood.org/championing-fatherhood/supporting-my-co-parent) ### [Five Leadership Practices That Build Father-Inclusive Organizations Image created with GPT Image 2. Creating a father-inclusive organization doesn't happen through a new but isolated fatherhood program, staff training on how to include fathers, or ... Read More](https://www.fatherhood.org/championing-fatherhood/five-leadership-practices-that-build-father-inclusive-organizations) ### [Limited Blog Series: Fathering Stressors Image created with GPT Image 2. Quick Confidence Builds are brief activities that practitioners can use when working with dads in face-to-face or virtual group-based or one-on-one ... 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