This error is said to be consistent and depressing as you play 3/4 hrs of game play. It’s what it feels to loose all your game play when you can’t save. There are actually ways to solve this.
Developers verified it’s game related issue and made a patch to resolve it. Find it here. Note that this specially common with the World Adventures expansion.
I made a post about tweaking the memory for the game, find it here.
Editing Saves Live
Mod the sims made a guide to this.
Too bad. You can go to Edit town mode, click on your household icon (the home icon) and evict it. After island paradise expansion you can move your family to a new town by a phone call. Or use Nraas Porter mod to move the household.