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Financial Mistakes to Avoid
Cash in on these financial tips in order to see savings in the long run—here are nine ways to get started.
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No Big Deal: Daily Deal Sites
It's only a deep discount score if you're saving on something you need or normally use—like free time to yourself. (We're still waiting for a 2-for-1 deal on that.) Until then, exercise restraint and you'll save a bundle.
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Paying vs Payments
Save up to buy big ticket items because relying on the ‘payment plan' is a sign it's not affordable. (Some things like homes, cars, or future trips to Mars, are obvious exceptions.)
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Enough Credit Already
Serially opening lines of credit or credit cards can have lenders seeing you as higher risk, meaning increased rates on mortgages and more. Relying on willpower is key to fiscal restraint. (Sidelong glance to your closet...)
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Plug the Money Leak
You're so giving—to cable/phone companies (not asking for discounts), utilities (late charges), the bank (high monthly service fees). Give it up, get serious, and find savings on all your monthly expenditures.
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The Land of Misbegotten Fees
You signed up for Netflix (read: 6 am Dora episodes in bed), but you forgot to cancel it—along with several other sites and services you don't regularly use, yet charge monthly fees. These add up. Sign out from the insanity.
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Be Less than Upfront About It
Along came a tall, handsome stranger—or someone who said they would fix your roof—and he walked away with your cash and left a hole behind. Do your due diligence, and don't pay too much upfront for home renos or repairs.
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Have an Identity Crisis
To know you is to love you. Apparently someone in Michigan, or Prague, feels the same since they've assumed your identity—ruining your credit along the way. Order a report on your credit history at places like Equifax and ensure you're really you.
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Take Charge
The contents of your monthly credit card bill shouldn't be deliberately ignored. Go through each item, identifying it and ensuring it's yours (while silently swearing you're never again ordering take-out, or shoes).
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Dream Big
Monthly budgets should include emergency savings, debt repayment, RRSPs, RESPs, life insurance and more. But don't forget to set aside a sum—even a tiny amount—for that future goal, dream trip or purchases. A little will go a long way.
