Overspending on housing.
It's almost impossible to get ahead financially unless you save a significant chunk of your income—ideally, $1 of every $3 you earn. But many people get tripped up by their housing costs. Traditionally, financial advisors have encouraged buyers to spend about one-third of their income on housing. But for many people, especially anyone with student loan debts, child care payments, or other hefty expenses, that's too much money.