As Halloween approaches, you could be gearing up to watch your favourite scary film or go trick-or-treating with your children or grandchildren.

But have you thought about the truly “scary” factors that could affect your own life – not just on Halloween, but all year round?

In keeping with the season, keep reading to discover seven spooky personal finance mistakes we see business owners and professionals make time and again.

1. Succumbing to lifestyle creep

“Lifestyle creep” describes a gradual increase in outgoings as your income rises. A pay rise might lead to a new car, a bigger house, or more annual holidays – enhancing your immediate lifestyle but not necessarily improving your long-term financial stability.

While there is nothing wrong with treating yourself to the finer things once you start to earn more, it’s equally crucial to allocate money towards building long-term stability.

Saving and investing for the future means you can maintain a sustainable lifestyle, rather than backing yourself into a financial corner.

2. Ignoring your pension

If you plan to sell your business upon retirement to fund your later years, it’s easy for your personal pension to take a backseat in your financial planning.

However, the future is uncertain, so relying on your business alone to fund your retirement may be a mistake. Paying into a pension regularly could ensure you have a more diverse stream of income once you stop working, and it’s tax-efficient too.

If you’re an employed professional, remember that your pension contributions are tax-efficient and may be the ticket to a secure future. It is worth reviewing them regularly and ensuring you’re contributing as much as possible.

Read more – Pensions: How to invest in your future as a business owner

3. Trying to time the market

We probably don’t need to tell you why investing is a crucial part of building wealth. But for many, investing becomes a “game” that involves cleverly timing the market to get the “best” return on what you put in.

Worried about a future downtown, you might decide to move your money to cash hoping to avoid a possible fall in the value of your investment. Similarly, you could read that a certain tech company is the next big thing and buy shares in that business, anticipating that they will rise in value.

The truth is, history shows that timing the market isn’t as reliably effective as simply investing with consistency.

By allocating a portion of your income to your investment portfolio regularly and ensuring you own a wide range of assets, you increase your chances of reliable gains – without wasting your time on gamifying the stock market.

4. Leaving your retirement plan until it’s too late

For busy professionals who work longer hours than average, long-term future planning often falls out of focus.

That said, leaving your retirement plan until the very last minute could:

• Narrow your business exit options
• Leave little room for tax planning before your income changes
• Cause you undue stress when you reach what should be a positive milestone.

So, while it might be hard to find the time, leaving between 5 and 10 years to plan the retirement you deserve is, in our experience, worthwhile.

Read more – Stop procrastinating over your retirement plans. Do this instead

5. Letting your will gather dust in a drawer

If you already have a will, you’re in the minority. In June 2025, RTÉ reported that 70% of Irish citizens do not have one.

Without a will, your estate would be divided according to the laws of intestacy, rather than your personal wishes. This could lead to disappointment among family members and leave your estate vulnerable to lengthy legal disputes.

One key issue here is that most people treat wills as a “set and forget” exercise.

If you have already made your will, don’t let it gather dust in a drawer. It needs to be reviewed regularly, especially after key life events like:

• A marriage or divorce
• The birth or death of a beneficiary
• The purchase or disposal of key assets like property or business holdings.

The idea of your will being declared invalid after your death may be enough to spook you. Take the time to review it carefully.

6. Avoiding uncomfortable inheritance conversations

It is entirely normal to feel uncomfortable talking to your loved ones about money – especially in the context of inheritance.

Nevertheless, it could be a mistake to avoid such discussions. Setting expectations helps your family plan ahead and reduces the risk of disputes after you’re gone.

If you are struggling to bring it up, try to put a positive spin on the conversation. Focus on the wealth you’ve built and your desire to share it, rather than the sadness often associated with death.

7. Managing your finances without professional help

The world is changing quickly, and even if you’re financially savvy, managing your company and maintaining a personal life will take up most of your time.

By going it alone without an accountant, tax adviser, and financial planner, you could be missing out on:

• Tax breaks you didn’t know about
• Professional investment management
• Robust estate planning measures to support your family
• Sensible, no-nonsense advice tailored specifically towards your needs
• Ultimate peace of mind that your wealth is set up for the generations to come.

We’re here to help you avoid frightening pitfalls and create a clear plan for your future.

Email us at clients@iqf.ie, or call 353 71 915 5560.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.

iQ Financial is not a tax adviser and tax advisory services are not regulated by the Central Bank of Ireland.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.