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Do you have money regrets? Here are some ways to make progress

What’s your biggest financial regret?

Not buying Nvidia when it was cheap, maybe? Or not purchasing a home during the housing crash, when prices and mortgage rates were low?

Whatever it is, odds are you do have a money regret — or two, or three. In fact 74% of Americans admit to harboring them, according to a new survey from financial information site Bankrate.

“The vast majority of people have them, and the types of regret are pretty consistent over time,” says Stephen Kates, financial analyst for Bankrate.

“Older people are the most regretful of all. So here’s what I would say to younger people, who have the most time and the best chance to fend off those regrets: Look to your elders, and try not to make the same mistakes.”

That in mind, here’s what people tend to regret the most about their money: 22% of all Americans pointed to not saving enough for retirement, the number-one response overall. Next was accumulating too much credit card debt, at 15%, followed by not having enough in emergency savings, at 13%.

In other words, you are not alone in dealing with regrets. In that sense, it’s heartening to know that many other people are in the same boat, struggling with the same issues.

The bigger question is what you do about regrets, if you think you have taken a wrong turn. Popular author Daniel Pink even wrote a book on the subject, “The Power of Regret,” about how you can use those feelings to fuel better decisions in future.

Unfortunately, 43% of those with money regrets say they haven’t made any progress at all in the last year, according to the Bankrate survey. That’s more than last year – and now exceeds the percentage of those who say they are making positive strides.

To help change that narrative, , a consumer fintech banking platform, breaks down those top three regrets.

The first is not saving sufficiently for retirement, and the remedy for that — presuming you have some career runway ahead — is to double down on those efforts, starting right away.

That means action items like increasing the percentage of your paycheck that gets rerouted to your 401(k) or IRA; setting up automatic escalators, to boost those savings on an annual basis; and taking advantage of catch-up contributions for those over 50, part of the tax code designed specifically for those who are a little behind.

The second-biggest money regret is credit-card debt, and addressing that issue will take discipline and time. Often that’s a result of what’s called lifestyle creep — the bigger house, the fancier car, the more lavish spending — that tends to gobble up paychecks no matter how much you’re earning.

“Taking on high-interest consumer debt for depreciating assets compounds negatively over time,” says financial planner Josh Brooks of Exponential Advisors in Weatherford, Texas. “Credit cards for vacations, car loans for luxury vehicles, or financing furniture—these decisions haunt people for years.”

So attack the highest-interest debt first, while making required minimum payments on all cards; reduce spending levels so you aren’t adding to the problem, as you chip away at older debt; and perhaps shift activity to secured credit cards, which are tied to existing amounts in your account, and still enable you to build credit history through everyday spending. You’ll want to look for one that reports to the three major credit bureaus — Equifax, Experian and Transunion — and has a low or no required upfront deposit.

The third-biggest regret is not having enough in emergency savings. That kind of fund, you want to be readily accessible — not tied up in equities or locked-up certificates of deposit, for instance, but rather in high-yield savings products. That way it will be available if need be, but will still earn a healthy rate that keeps pace with or even exceeds inflation. When looking for a higher-yield savings product, you may want to consider an online or mobile-only bank, as many offer rates higher than traditional banks.

“One of the biggest financial regrets I see is not keeping a healthy emergency fund,” agrees financial advisor Mike Zarrelli of Rockville, Maryland-based FSA Wealth Partners. “When times are good, it feels inefficient. But the moment clients need cash, it's far more optimal to pull from a high-yield savings account than to sell stocks. Any time you get a bonus or a tax refund, the first question should be: ‘Should I top off my emergency fund?’”

The result of these action steps won’t be a life without regret, which is probably impossible. But by making a few deliberate course corrections after your financial missteps, you can definitely change your trajectory — and end up in a much better place.

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