- Not having a grip on your expenses: You need to figure out your spending habits and start keeping track of where your money goes. Watch impulse buying — it can get you into trouble.
- Not paying off high-cost, high-interest debts first: Think about consolidating your debts.
- Not having an emergency fund: Try to save three to six months worth of living expenses to get you through a financial crisis.
- Over-extending your credit cards: Be careful not to get into debt, especially when using credit cards. Pay off the balance every month to avoid interest charges.
- Not protecting yourself and your family with adequate life, medical, property and disability insurance: See an insurance specialist to make sure you’re properly covered.
- Not having an up-to-date will: Everybody should have a will — especially if you have dependents. If it’s more than three years old, review it; the law or your personal circumstances may have changed.
- Poor investing practices: Making all of your investments through one vehicle can be a devastating error — it’s better to diversify your portfolio.
- Not planning for retirement early enough: Set up a retirement savings plan as early as possible and try to contribute what you can afford.
- Not saving early for children’s education: Start saving by opening a Registered Education Savings Plan (RESP). The federal government adds to your contributions each year to help your child’s plan grow.
- Not having an understanding of tax benefits: Take full advantage of all of the tax credits and deductions available
Top 10 money mishaps
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