15. Take a 401(k) Loan Only as a Last Resort

With the option of taking out 401(k) loans when we’re in precarious financial situations, it’s no wonder so many Americans chose to dip into these savings when disaster strikes. But just because the option is available doesn’t mean you should take it.

You’ll be left with penalties and hefty fees to pay, not to mention the fact that you’ll be derailing your savings.

Remember, your 401(k) is specifically made for your retirement so you should plan and budget for other issues instead of relying on those funds to get you out of a nasty situation. Otherwise, you’ll be sacrificing your golden years.