I've made these mistakes with my money - save yourself a lot of headache by learning the lesson rather than living it [the hard way]

SHOOT: I've put off buying a home for a while, and credit card debt has whittled away at savings for a few years. Credit card companies sell 'peace of mind' and of course, that is the opposite of what you get from a credit card. Fortunately, both of these are likely to change. And I am happy I didn't buy a home in the last 2 years since they became massively over-valued.

IOL: The number one reason people put off buying a home is that they believe they can't afford it. More often than not, they're wrong.

It is a common misconception that to buy a house, you need to have a massive deposit. Banks may lend you 100% of the purchase price. Ask around. Even if the bank does insist on a 10% deposit, that should form part of your goals and should not be an excuse to give up.

Firstly, many people don't realise how much of a house they can get for the equivalent of their current rental payment. In addition, you aren't really building your wealth until you buy your house. Secondly, you're at the mercy of others when you rent.

SHOOT: I've experienced this - the mercy of others - firsthand. Click on the link below to read about 14 other mistakes to avoid making with your money.

clipped from www.iol.co.za Mistake 4 - Ignoring credit card debt Credit card debt can be incredibly destructive, killing relationships and causing untold misery. There is no doubt that credit card debt is stressful. Firstly, knowing that you owe a company money and that you're being charged as much as 33% interest on the outstanding balance will make even the most laidback person anxious. Secondly, the anxiety never goes away until the debt is paid off. If you discover any inaccuracies or mistakes in any of your credit reports, get them fixed immediately. The procedures for doing so are relatively simple, and the individual companies will tell you exactly what is required. Mistake 10 - Waiting to buy a house If you ask a professional adviser whether you should rent or buy a house, the answer is always, unequivocally, "buy". When you own your own home you are building equity for yourself. When you rent you are building someone else's equity.