3) Only pay the minimum on your credit card

Say you owe €5,000 on a credit card at an APR of 18.9%. If you only make the minimum repayment every month, you could take an incredible 50 years and nine months to clear that debt, and pay €12,182 in total interest.

4) Fall for get-rich-quick schemes

If you think you can get rich by day trading shares, replying to letters from Nigerian princes or sending cash to claim the jackpot in a Spanish lottery you never entered, you will always be poor.

5) Drive like a boy racer

The more you rev, the more petrol you burn. Driving at 70 mph uses 30% more fuel than 60 mph. A speeding conviction adds to the typical premium, being caught using a hand-held device can add more and now, be sure to check the quality of your tyres!

6) Get addicted

Addiction comes in many forms, all expensive. A 20-a-day smoking habit can cost over €3,800 a year. A morning latte and muffin could eat up over €2,000. Serious addictions such as gambling will leave you broke.

7) Lie to yourself

Please don’t kid yourself that you don’t need a pension because you plan to work till you downsize to a cheaper property / scoop a massive inheritance / win the Lotto.

8) Impulse buy

The odd impulse buy is fine, but don’t turn it into a lifestyle.

9) Be loyal

Loyalty is an admirable trait… in a dog. But it’s not always advantageous to be loyal to your bank, insurer or utility company. Loyal customers can often get worse savings, mortgage and credit card rates, and pay more for their insurance and energy. Shop around for the best deals.

10) Hoard your old stuff

Don’t let your belongings gather dust, turn them into cash.Web sites like Donedeal.ie or Adverts.ie make it very easy to cash in on unwanted items

This article aims to give information, not advice. Always do your own research and/or seek out advice from a Financial Broker before acting on anything contained in this article.