If the aim is to invest for retirement, then the sooner you begin, the better. Delaying will only make things worse for you in the long run.

“Investing favors those who start early,” says Andy Hill, Family Finance Coach and founder of MarriageKidsandMoney. “The longer you invest, the more time compound interest can work in your favor.”

If someone starts investing $200 per month at age 25, he could potentially have $1,000,000 by the time he turns 65 years. But someone who waits 10 years later (35 years old) would only have around $400,000 by age 65.

Jimena Huaco—MBA, director of InSight and associate director of the Career Collaborative at Champlain College—says. “The reality is, budgeting only has a chance at being successful if we can stick with it in the long run. If we only associate budgeting with constant restriction, we’ll hate budgeting and end up avoiding it altogether.”

So avoiding that splurge or that really nice pair of shoes won’t really work. Balance, and knowing when to spend is the key. Personal finances should be viewed in a healthy manner and not as a chore to dread.

Financial experts teach a more important question to their clients: Is it in the budget?

Purposeful spending means a person will be able to afford things that matter most to them. Looking around for the best deals work great as well since it works around a set budget.

A study shows that the average college GPA of American millionaires was 2.9.

“Those with exceptional academic performance can evaluate risk too stringently, coming up with dozens of reasons why an idea will not work, and refusing to act,” says James Whittaker, author of Think and Grow Rich: The Legacy.

“However,” he continues, “the most extraordinary achievers spend more time focusing on the opportunity. Obsessed with mission success, they surround themselves with the people who can bring their dream to life, and they get to work on changing the world.”

Careless or unnecessary spending can become an ongoing self-destructive tendency. Bob Finley is the owner of Virtual Asset Management, and he says that high net worth clients always question whether a purchase will improve their lives before deciding.

“Most of my clients don’t splurge on investments,” says Finley. “Despite being able to afford first class, most of my clients always fly coach because they know the cost of first class is multiple round trips in coach.”

They sound like they have the same meaning, but saving just leaves your money idle while investing is letting your money work for you.

“[Money experts] understand that their savings have to be invested in order to have the potential for compound growth,” Wes Moss, a certified Financial Planner and author of You Can Retire Sooner Than You Think says,

“Savers have a fear mentality, stash their money away in the bank, and never really get momentum from their assets. Investors, on the other hand, have their assets invested in areas that, over time, have produced high single-digit or low double-digit annual returns.”

New investor and seasoned professionals understand that risk and return go hand in hand. Coming across an investment opportunity that seems too good, may just be unbelievable.

“Consider this,” says John Hagensen, MSFS, CAS, CIS, CFS, CTS, and owner and managing director of Keystone Wealth Partners, “Why would a stranger offer you this unique opportunity rather than keeping it a secret for their own benefit? If an investment truly offered the safety of government bonds with the potential growth of stocks, all of the country’s available capital would be allocated there.”

No two people’s finances are the same and that’s a fact. Each person has a unique situation and knowing that protects both your financial and mental health.

“Your financial plan should reflect you and your life,” says Jay Zigmont, PhD, CFP®, and founder of Live, Learn Plan. “Comparison to others, general rules, or averages results in an apples to oranges comparison.”

All financial experts will agree on the need for emergency savings. “There are few absolutes in personal finance—because personal finance is personal; however, the emergency fund is one of the few exceptions,” says Vee Weir, owner and founder of Vee Frugal Fox. “Most people can’t afford a $400 emergency!”

We have to deal with inflation, high costs of living , and life’s many unpredictable curve balls, so it’s important to have at around one month’s worth of expenses saved up.

A high-interest debt can put a household budget under stress. That can lead to bad credit. But there are times when borrowing money could be a good financial move.

“Debt is a very valuable tool that can unlock financial flexibility, and more importantly, can enhance your returns if used for the right purposes,” says Kyle Kroeger, owner of TheImpactInvestor.com. “Debt tied to an asset that is income-producing and/or has the ability for capital appreciation is one of the most powerful things you can do with your money.”

However, debt used to purchase clothing, electronics, etc. is not good and should be avoided.

A lot of people say this but that doesn’t mean it’s right. Paying a lot of money for a product or service doesn’t always make good financial sense.

“Any financial expert worth their weight knows that you do not always get what you pay for,” says certified financial education instructor and founder of Frugal Confessions, Amanda L. Grossman. “The fact is that you can pay a lot for something that is worth very little, and you can pay a little for something that is worth a lot.”

With a smart investment strategy, your savings can potentially grow over time. Financial advisors cannot predict the future though so anyone who promises that an investment will beat the market, is a giant red flag.

Sandy Yong, the award-winning author of The Money Master, says, “Financial experts know that the stock market can be volatile and no one can predict the market. Also, the historical performance of a fund or a stock does not predict the future.”

There are financial advisors who will tell you to avoid credit cards and instead, use debit cards. But the money pros believe those sentiments to be misguided.

Lauren Keys, co-founder of TripOfaLifestyle.com, says “When you use a credit card, you can tap into tons of benefits like cash back on purchases, an increased credit score (with proper use), fraud protection, extended warranties and return windows, free roadside assistance, and more.”

It is very critical to avoid overspending. Pay off your credit card balance every month to avoid deep debt. That can help you enjoy the benefits of a credit card minus the high-interest fees.

Take your mental health into consideration when dealing with your finances. Not everyone manages their finances the same way. That often leads to failure.

Daniella Flores, Founder of ILiketoDabble.com, says, “It can be very damaging to someone trying to get their financial ducks in a row, but struggling in a way that others don’t experience.”

Flores struggled for years, feeling shame for how her own mental health issues (PTSD, ADD, and bipolar disorder) impacted her financial life. “I thought the way I handled money throughout my life meant that I was bad with money”.

Her therapist showed Flores that her mental health affected her finances. That’s when Flores changed her financial management strategy to suit her needs.

Having kids means lots of expenses. There’s childcare, medical bills, and extra groceries, but that doesn’t mean one should stop saving.

“Having kids who depend on you means you have even more reason to build up savings and create financial security for now and in the future,” says consumer-finance expert Andrea Woroch.

Financial security means saving for emergencies, retirement, college, and unexpected healthcare bills like braces.