Although money it makes the world go ’round, it’s surprising how little people know about it. Either through ignorance or avoidance, many make financial mistakes that could lead to everything from monetary losses to jeopardized future prospects.

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GOBankingRates spoke with money experts to uncover some key money mistakes and how best to correct them.

See also four money mistakes the rich never make.

Accumulating too much credit card debt

Credit card debt is particularly expensive, according to Richard Barrington, a financial analyst for the Credit Sesame.

“The average credit card rate is more than 10% higher than the average personal loan rate and more than three times the average mortgage rate,” he said. This can make repayment difficult. And therefore, it can lead to individuals carrying around credit card debt and accrued interest over the long term.

“Your goal should be to minimize interest by reducing your balance as quickly as possible,” Barrington said. Unpaid balances can have a negative impact on your credit scores, so work to pay them off as quickly as possible.

It is best to stop using your credit card if payments have become inaccessible. Another option is to try refinancing into lower cost alternatives.

Check: 5 unnecessary bills you should stop paying in 2024

I’m not saving for retirement

Many tend to think that if they can’t save much for retirement, they might as well not save at all. But small, incremental contributions really add up, especially early in one’s career when there’s a lot of time left, because that money can compound. The more someone starts saving now, the less they will have to do later.

According to the advice of Fidelitythe goal is to save at least 15% of your income per year in a tax-advantaged account. And that includes a match from employers. If 15% is not feasible, start with what is feasible and gradually increase when possible.

Following the short-term investment hype

Paul Gabrail, founder and host Everything Moneysaid that one of the most common money mistakes he sees is young or inexperienced investors chasing the hype of a rising stock instead of understanding the “basic fundamentals of why a stock will perform in a certain long-term way”.

Gabrail explained that such short mistakes can cost a lot of money. Instead, he recommended focusing on education and learning the basics of the stock market, as opposed to falling prey to greed and fear.

Spending too much on housing

right National Credit Counseling Foundationa good rule of thumb is to never spend more than 30% of your gross monthly income on housing costs. This could lead to problems paying other bills or saving money.

Instead, living with family or roommates can be a smart move until your finances are more stable. For those who prefer to live on their own, consider looking for landlord promotions or trying to secure a lower interest rate, according to Fidelity.

Paying for subscriptions you don’t use

Most people would be shocked to learn that subscriptions and subscriptions to streaming services, websites and gyms that they stopped using months ago are still routinely draining money from their accounts. This could be the equivalent of throwing over $1,000 annually out the window. So a little vigilance could go a long way.

Thrive recommended checking bank accounts regularly and noting recurring payments. There are also subscription discount apps that can help track recurring charges and make it easy to unsubscribe from unused services.

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This article originally appeared on GOBankingRates.com: The 5 dumbest money mistakes you’re making this year and how to turn them around