Top 10 money mishaps

1. 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.
2. Not paying off high-cost, high-interest debts first: Think about consolidating your debts.
3. Not having an emergency fund: Try to save three to six months worth of living expenses to get you through a financial crisis.
4. 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.
5. 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.
6. 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.
7. Poor investing practices: Making all of your investments through one vehicle can be a devastating error — it’s better to diversify your portfolio.
8. Not planning for retirement early enough: Set up a retirement savings plan as early as possible and try to contribute what you can afford.
9. 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.
10. Not having an understanding of tax benefits: Take full advantage of all of the tax credits and deductions available