I’m not writing this as an expert.
I’m writing this as someone who has made mistakes, ignored things I should have dealt with earlier, and is now trying to turn things around.
The Biggest Financial Mistake I’ve Made So Far
If I had to point to the biggest financial mistake I’ve made so far, it would be this: not saving money.
For a long time, I thought saving money was boring and unnecessary. I kept telling myself that I should focus on earning more, not saving more.
I didn’t save because I didn’t see the point.
That mindset cost me a lot of stress, discomfort, and avoidable problems.
One example goes back to when I was around 17 or 18 years old. I attended a free seminar about getting rich with JT Foxx, a self-promotional business coach.
I was there with some of my coworkers from a sales job, and by the end of the seminar, I was completely hooked. He offered a more in-depth seminar, a personal business meeting with him, and some other resources. Altogether, it cost around 12,000 NOK.
I wanted it badly. I could already picture the opportunities and the money it might lead to.
There was just one problem:
I didn’t have the money.
Fortunately—or unfortunately—my boss offered to pay for it, and let me pay him back later.
I took that deal.
At the time, I was working in sales on commission only, and I didn’t have enough money in the following months to pay him back. I don’t remember every detail now, since this was over ten years ago, but I do remember how uncomfortable it became. At one point, he showed up at my door asking for the money. I was living with my family at the time, so everyone got involved, which made the whole situation even more uncomfortable.
Looking back, all of that could have been avoided if I had money saved.
I still would have made a bad decision and lost money, but I wouldn’t have had to go through the stress, embarrassment, and pressure of owing someone money I couldn’t repay.
This pattern has shown up in other ways too.
There have been times when I’ve had to use credit card debt to cover expenses.
One example was a vacation with my girlfriend. I had planned the trip, but I didn’t have enough money saved to enjoy it without stress. That created an uncomfortable situation between us, and I ended up relying on a credit card so we could still have a good time.
It took me over a year to pay that debt back.
What I’ve learned from this is that saving money may feel boring in the short term, but not saving can create a lot of unnecessary stress.
Having a small financial buffer protects you when life does not go according to plan. It helps you avoid panic, bad decisions, and relying on debt just to handle normal situations.
It also gives you options. If a real opportunity shows up and you have nothing saved, you may not be able to take it.
If you are just starting out, I think the first goal should not be to become rich fast. It should be to build a small emergency fund. Even 500 or 1,000 NOK saved can give you more breathing room than having nothing.
I used to think saving was something I could always do later.
Now I see it differently.
Saving money is not just about building a bank account. It’s about creating stability, freedom, and peace of mind.
I can’t change the mistakes I’ve made, but I can learn from them.
Not saving money has probably been the biggest financial mistake of my life so far. It has cost me peace of mind, created unnecessary stress, and made my financial situation harder than it needed to be.
That’s why I now believe saving money is the first step. I wrote more about this in my post on how to start saving money when you’re broke.
-Markus
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