1. You don t have a plan for your savings
If you don t have a plan for your money, you re more likely to leave it sitting in your checking account, waiting for whatever comes up. This isn t an efficient way to build wealth.
Instead, decide how much you d like to see go towards each of your financial goals, and set up an automatic transfer from your checking account to your savings, retirement, and investment accounts each month.
A plan can help make your dreams a reality, and let you save what you need while directing the rest towards other goals and bigger growth opportunities.
A low cost of living makes for smooth sailing in retirement. Hanneke Luijting/Getty Images
Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.
For anyone thinking about relocating for retirement, affordability is a big consideration.
Blacktower Financial Management data shows the best states for retirees are Florida, Iowa, and Ohio.
Other states include Minnesota, Texas, Wisconsin, Nebraska, and Pennsylvania.
Choosing a state for retirement can be a big challenge.