1. Don't focus on your finances.

The reason most people get into debt is because they don't spend enough time focusing on their finances. You need to get a grasp of where you're at financially, keep track of your income in relation to expenses and spending habits.

2. Failure to develop a good financial plan

No one would imagine going on vacation without planning for it. Yet when finances are concerned, many people don't plan. A good financial plan can be the difference between comfortable living and struggling to get by.

3. Waiting too long to invest

When making investments, time is of the essence. Compound interest earns money over time; so don't wait too long to save for retirement. The longer you wait to invest, the smaller your return on investment.

4. Marrying the wrong person

Who you marry has a huge impact on your finances. Couples with different views on money, create stress in their marriage. Divorce apart from the emotional pain and suffering causes financial heartache.

5. Habits

Although habits seem minor, the prices add up. Buying a $1 coffee each day cost you $365 every year. Imagine how much more money you spend by eating out regularly. If you smoke, the cost of cigarettes along could drive you to quit.

6. Running up credit card balances

If you carry unpaid balances on credit cards, you are already losing money in interest payments alone. Credit card companies have high interest charges that accumulate with unpaid balances.

7. Be under-insured

You need to protect yourself and your family from unforeseen emergencies, sickness, accidents and possible death. The goal is to make sure that you have proper financial coverage incase anything should happen.

8. Investing in things you don't understand

If I had a dollar for every sure fire stock tip? I'd be rich. Then I'd lose that money by investing in those tips. Make sure you know what you are investing in, by asking a lot of questions, don't hesitate to get another financial opinion.

Richmond Acheampong is the Founder of Parent Tree, an online family resource web site. He studied Canadian securities, debt management strategies and investments vehicles. He combines his strong research background with his passion for family health. For more information visit: http://www.parenttree.com