Five of the scariest money moves you may be making

The scariest money moves are usually not dramatic mistakes. They are quiet habits: skipping part of your employer's retirement match, missing a credit card payment, parking too much cash on the sidelines, leaving money in an investment account uninvested, and going without disability insurance. Each one chips away at your financial future, and each one has a straightforward fix.

Here are the five scary money moves covered in this article, and what to do instead:

• Underusing your employer match. Contribute at least enough to your 401(k) or 403(b) to get the full match.
• Skipping a credit card payment. Set up automatic payments of at least the minimum, and aim to pay the full balance.
• Holding too much cash. Keep an emergency fund and short-term savings in a high-yield account, then invest the rest for long-term goals.
• Not actually investing your money. Check that contributions to your investment accounts are invested, not sitting in cash.
• Forgoing disability insurance. Use your employer's coverage or buy a private policy if you are self-employed.

It's spooky season, which means Halloween costumes, candy, Hocus Pocus and pumpkin carving. For anyone doing end-of-year financial planning, it's also a natural moment to check whether any of these scary money moves have crept into your routine.

Everyone's finances are different, so what's right for your wallet may not make sense for someone else's. The same goes for goals: Some people are ahead on retirement savings while others are still building an emergency fund. But the five actions below are ones almost everyone is better off avoiding.

Are you leaving your employer's 401(k) match on the table?

If your employer matches part of your retirement contributions and you are not contributing enough to earn the full match, you are giving up money that is part of your pay. Contributing at least enough to capture the full match is one of the simplest ways to grow your retirement savings.

An employer-sponsored retirement savings account such as a 401(k) or 403(b) is one of the best ways to set money aside for your future. These accounts are tax-advantaged, which for traditional accounts means the money is taken out of your paycheck pre-tax, lowering your taxable income for the year. Many plans also offer a Roth option, which is funded with after-tax money and lets you make withdrawals later in life tax-free.

If your employer offers a retirement savings plan, there's a good chance they also match a certain percentage of your contribution. As a hypothetical example, an employer might contribute a dollar for every dollar you put into the account, up to 3% of your salary. If you don't contribute at least enough to get the full match, you're leaving money on the table.

"That match is part of your compensation, so leaving it unclaimed is like voluntarily taking a smaller paycheck," says Jon Lapp, a financial planner with Haven Financial Advisors. He says it's important to review the matching formula and vesting schedule (which determines when the employer contribution is officially yours), then automate the contribution needed to receive the full match.

The fix: Look up your plan's matching formula and vesting schedule, then set your contribution to at least the amount that earns the full match.

What happens if you miss a credit card payment?

Missing a credit card payment can trigger a late fee and potentially damage your credit, and a single oversight is enough to do it. Setting up automatic payments for at least the minimum balance protects you from that slip.

Using a credit card responsibly can help you build your credit, which matters when you want access to loans like mortgages, and it lets you take advantage of rewards programs. But the benefits of a credit card only hold up if you pay on time, every time.

The easiest way to avoid this is to set up automatic payments of at least the minimum balance, Lapp says.

"The minimum should be the floor though, not the monthly default," he adds. "Whenever possible, the full monthly balance should be paid. If that isn't happening consistently, then a budget and spending review are in order."The fixes: If you’re having trouble with falling into credit card debt, you may also want to consider a secured charge card, such as Current’s Build Card. You can only spend the amount of money available in your account and your funds are held in reserve as you spend, which are then used to pay your bill each month. Your monthly payments are then reported to the three major credit bureaus (Equifax, Experian and TransUnion) and may help you build your credit score. Members have an average credit score increase of 81 points six months after using the Build Card.

For credit cards, you can also turn on autopay for at least the minimum payment, and treat paying the full balance each month as the goal.

Can you hold too much cash?

Yes. Cash you need for emergencies and short-term goals belongs in an easily accessible account, but cash beyond that point earns relatively little and misses the growth that investing can offer over time. The goal is to hold enough cash to feel secure, not so much that your money stops working for you.

It's important to have some money easily accessible for everyday spending and unpleasant surprises, such as losing your job, your car breaking down or getting an unexpected medical bill. A common guideline financial advisors point to is an emergency fund that could cover your expenses for three to six months. You may also want to keep cash on the sidelines for short-term goals you're working toward, such as a vacation with friends or a wedding.

But at a certain point holding onto too much cash is a real trade off in terms of building wealth, says Anjali Jariwala, a financial advisor with FIT Advisors. "Even if cash is in a high-yield savings account, the returns are relatively small compared to investing those dollars in a well diversified portfolio that can build wealth over time."

A high-yield savings account is a good option for keeping your emergency fund and potentially short-term savings. With Current's Savings Pods, you earn up to a 4.00% annual bonus on your money, which you can allocate to specific savings goals. If you have longer-term savings goals, it may make sense to also take advantage of the growth potential of stocks.

The fix: Keep your emergency fund and short-term savings in a high-yield savings account, and put money earmarked for long-term goals to work in a diversified portfolio.

Is the money in your investment account actually invested?

Depositing money into an investment account is not the same as investing it. If your contributions are sitting in cash inside an IRA or brokerage account, you could be missing out on years of growth.

Putting money into an investment account such as an individual retirement account (IRA) is only the first step. Not investing that money can mean missing out on significant returns.

"I have seen accounts that sat for years uninvested, gaining only pennies in interest, while missing out on thousands of dollars in potential growth," Lapp says. "Some platforms allow you to set up contributions to invest automatically, but others require you to actually purchase the funds yourself to get the money invested."

Take a few minutes to check that money you've been contributing to your investment accounts is actually invested in stocks, bonds, exchange-traded funds (ETFs) or other assets. If your brokerage allows, it may make sense to set up the investments to be made automatically, as Lapp suggested, so that you don't have to remember to invest the money regularly. 

The fix: Log in to each investment account, confirm your contributions are invested, and turn on automatic investing if your platform offers it.

Do you need disability insurance?

Disability insurance replaces some of your income if illness or injury leaves you unable to work, and going without it is one of the riskiest money moves you can make. Many people can get coverage through work at a relatively small cost, and independent workers can buy a private policy.

Disability is one of the biggest threats to your wealth and livelihood but many people ignore or forget to insure this risk, Jariwala says. Disability insurance can replace some of your income if you become unable to work due to illness or injury.

Many employers offer disability coverage as a benefit for a relatively small cost, Jariwala adds. And if you are an independent contractor or business owner, you can get a private policy to insure this risk.

The fix: Check whether your employer offers disability coverage and enroll if so. If you work for yourself, price out a private policy.

Scary money moves at a glance

None of these fixes require a windfall or a total money overhaul. Each one takes a few minutes to set up, and once it's done, it keeps protecting your finances long after the spooky season ends.