Not having an automatic savings plan
In the absence of a forced, automated savings plan most people tend to spend everything they earn and live paycheck to paycheck. If you find yourself in a similar situation, you definitely need an automatic savings plan. Your company 401(k) can do this, or you can set up automatic bank transfers to an IRA on your payday. Even if it just 5% to start, that’s the beginning of an important lifelong habit.
