Roqqett Blog

January 31, 2023
Author: Sara Mucciolo

6 money mistakes you might be making

Want to learn how to be more money savvy? Start by avoiding these common money mistakes.

Quick Summary

  • Not having a monthly budget
  • Losing track of credit card payments
  • Withdrawing cash from ATMs with your credit card
  • Forgetting to cancel subscriptions you no longer use
  • Not looking for better deals
  • Overpaying taxes without realising

Before I start setting up the BBQ to grill your money habits, let me reassure you that you are not the only one. Financial decision-making is a skill that we develop over time. Unfortunately, we learn by making mistakes. Do not feel disheartened when you start ticking all the boxes for these 6 common money mistakes. 

The good news? You came across this blog. That means you can rectify these money mistakes, and move on to become the most money-savvy version of yourself. 

Let’s start grilling, shall we?

1. Not having a monthly budget

The most basic money mistake that many of us fail to acknowledge is not having a monthly budget. Whether you hate doing finances, are scared of checking or don’t care enough to keep track of your spending, this mistake is number one in our books. 

The main issue with this money mistake is the risk of falling into the trap of maintaining a lifestyle you cannot afford. I’m not saying you shouldn’t treat yourself once in a while, especially when you feel like you’ve deserved it. I’m saying that without a monthly budget to keep you accountable, you are far more likely to splurge beyond your means, and are at a higher risk of developing a nasty habit of overspending. 

Whether it’s frequent impromptu meet-ups with your mates, expensive Uber rides, or unnecessary takeout orders when you can’t be bothered to cook. All of those costs add up, making your outgoings greater than your incomings. 

My number one tip before it’s too late?

Embrace a healthy money habit by setting yourself a monthly budget and start keeping track of your spending with Roqqett

Unsure where to begin? Read this article on how to create your own budget planner in 6 steps! 

2. Losing track of credit card payments

This one is for my credit card owners. This money mistake is like not having a budget, with the main difference being that, you guessed it, you’re using your credit card as 'free money”. 

The risk? Falling into the trap of overspending, with the notion that you can always pay it back later. The issue? You’re unable to pay off your monthly statement because you spent money you never really had in the first place. 

My number one tip?

Treat your credit card as if it were your debit card. (Curious to learn more about the similarities and differences between credit and debit cards? Read this article). This will help you avoid making this money mistake, as you get into the habit of buying things you can actually afford at that moment in time. 

Just remember this...If you can’t afford to pay it right now, then you probably shouldn’t buy it. (Unless you are certain you will be receiving some money that can cover that expense in the future.)

Did you know that you can track all your spending with Roqqett, including most UK bank accounts AND major credit cards? Check it out now by downloading the free app, and connect your accounts to start keeping track of your finances. 

3. Withdrawing cash from ATMs with your credit card

Here’s a new one for you... Did you know that withdrawing cash from ATMs with your credit card negatively affects your credit score!? I know right, who knew?!

This might not be a monetary mistake you might consider to affect you right now, but trust me when I say, you DO NOT want to risk it affecting you in the future. 

The truth is, Credit Card cash withdrawals from ATMs are considered to be a big No-No for banks providing financial loans. Why? It looks like you are incapable of managing your money. The fact that you would use your credit card over your debit card to withdraw cash, appears to banks as if you have little to no money left in your bank account. That shows to them that you are not credible enough to pay back for large sums and loans like mortgages, hence the bad credit score. If you were ever to apply for a loan or mortgage in the future, a bad credit score will certainly affect your chances of getting your bank to approve your request... and not in a good way. 

What do you need to remember?

Credit card cash withdrawals = Irresponsible spending = Bad credit score = Red Flag to Banks

4. Forgetting to cancel subscriptions you no longer use

I get it. We all like to sign up to free trials or random subscriptions we think we can’t live without. But let me tell you… you would be surprised to see how many “free trials” you’ve forgotten about, which you no longer use. 

My number one tip to stop making this money mistake? Do an ‘audit’ of your finances.  Prevent any unnecessary payments from showing up on your bank statement. 


Download Roqqett and connect your bank accounts to have a full view of all your finances in one place. This will help you spot any unnecessary subscriptions you might have forgotten about. This is especially useful if you sign up for different subscriptions with different cards or bank accounts. 

5. Not looking for better deals 

Some may not consider this a money mistake, as it involves not being proactive. If doing nothing is costing you more money, then trust me, it's a mistake. If you want to master being money savvy then knowing when to switch over your bills and look for better deals (ie. broadband, phone contracts, etc..) is a key step you should take. 

I know I know, switching or looking for better deals is often seen as a hassle. But, if you can save a couple of £££ then I say it’s worth trying. Often your current providers will do whatever it takes to keep you as a customer, without you even lifting a finger. Ok, one finger to make the call. 

What do I mean by that? Let's say you want to change your mobile operator to pay a cheaper phone bill. By ringing up your current provider and voicing your wish to end your relationship with them. 99% of the time they will persuade you to stay on board by offering you better deals tailored to your needs. Trust me, they don’t want to deal with a bad break-up. 

My number one tip?

Take the first step by contacting your providers. Let them know you’re considering leaving. That’s it. They’ll do the rest to ensure you are satisfied and keep the relationship ongoing. If in the off chance that doesn’t happen, don’t you worry. There is plenty of other fish in the sea, and better deals are just around the corner! 

To help kickstart your search check out 

6. Overpaying taxes without realising

Lastly and the most painful money mistake to accept… you might be paying more tax than you should! 

We’ve all been there. Knowing how to read a payslip when you start earning a steady income is a job in itself because you’re trying to understand the tax element of it. If taxes are somewhat of a new concept to you, then it is likely you are unable to tell when you can claim a tax refund (also known as tax rebate). 

If you believe or are curious to check whether you’ve been paying more tax than you should  (whether that be due to emergency tax, being in the wrong tax bracket etc…) then here is what you need to do: 

  • Click here and check to see if HMRC has calculated your tax. If so, you should receive a P800 letter which will let you know how to claim your tax refund.
  • If your tax has not yet been calculated then head over here and contact HMRC via any of the listed options. 

Alternatively, there are many services available that go through the whole reclaim process for you, in the event you need any extra support. Some of these being: 

Disclaimer: It can take HMRC up to 12 weeks to process your tax rebate claim. If you qualify, then it can take an extra 3-4 weeks for you to actually received your refund. 

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