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3 Crucial Money Mistakes to Avoid

By Townes Haas   |    February 7, 2018   |    10:59 AM

Avoid These Top Money Mistakes

When it comes to money mistakes there are a lot of factors to consider, but the number one obvious rule of thumb is that if you don’t start focusing on making wise decisions in regards to your money then you will inevitably increase the chances of making money mistakes. The good news is that if you have the time and discipline to make a difference, there are many straightforward ways to ensure excellent financial health and achieve your financial goals. What is most important is that you make a plan to avoid money mistakes and an effort to incorporate shrewd money decisions into your daily routine. Here are our top 3 money mistakes.

1. Not having clear financial goals

People tend to have strong ideas on what they want in life. For example, wanting to have children and taking steps to choose a partner who has the same dream, or pursuing and planning for a very specific career. Unfortunately, one of the biggest money mistakes people make is that they don’t have a comprehensible financial vision in their life, nor a well thought out plan about what they want financially and how they will achieve it. Instead, they may be spending money here and there, on unnecessary items like coffee and movie tickets, without a clear picture of how that affects their long term financial goals. You need to identify clear financial goals and budget accordingly. Putting your goals first and making rational decisions about spending is crucial. 

2. Not tracking your spending

Most people are aware of their major or monthly large expenses like mortgage, rent, buying a new television and so forth. However, too many Canadians make the money mistake of not tracking their spending on smaller items, whether it is buying groceries, going to a hockey game  or going out for drinks with friends. You should keep tabs on everything that you spend. There are plenty of useful spend-tracking apps to help you calculate how much you spend and where. It is a money mistake not to evaluate what your monthly expenses are, big and small. By keeping track, you can see where you wasted money and think about cutting costs.  Working out how much you can afford to save every month and moving it into designated accounts so that you can’t spend it, is the best way to avoid reckless spending.

3. Putting everything on credit 

Many Canadians make the money mistake of putting everything on credit without being able to pay their credit card debt off. Instead of buying things you can’t afford with credit you should focus on paying off credit card debt before it gets out of hand. If necessary, freeze or lock away your credit cards somewhere safe and give someone you trust the key. You can also prevent yourself from using your credit cards by putting them in a sandwich bag inside a bowl of water in your freezer so that they are trapped in ice. Once you have tackled the money mistake of putting everything on credit and paid off your debt, you can start saving for your future.

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