27 Tips to Improve You Financial Position. Originally by The Financial Diet, shared by Maddy's Roadmap a not-for-profit in Hamilton ON

27 Things You Might Be Doing Wrong with Money

Posted on Posted in Savings, Spending
Here are some amazing tips the lovely ladies at The Finacial Diet shared in one of their videos. These 27 tips can save you a lot of time and effort in the long run. Check out their channel for more great content.

1. Not automating your savings

This is an effortless way that you can ensure you are keeping on top of your spending goals. Most banks in their online banking service provide a simple way to set this up online. Have the payments come out the say you get paid and you will never miss that money.

 

2. Not using your credit cards for bills so you can rack up the points, build good credit.

Always make sure you pay your credit card in full every month.

 

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3. Not tracking your overall net worth. 

A lot of apps like Mint.com make this very easy to do by automatically importing all of your purchases you can easily see what is coming in and what is going out every month as well as trends over time.

 

4. Keeping too much money in your chequing account.

The ladies at The Financial Diet recommend no more than $1000 at once. This money can be better utilized in a savings account with a higher interest rate or in an investment acount. Moral of the story, you money is working for your when it is sitting in your chequing account.

 

5. Not buying groceries in bulk or on auto delivery

For household items like cleaners that don’t go bad yet you use regularly buying these in bulk or subscribing to get them sent to you every so often can save you money. Amazon.ca now offers this service for certain products buy chosing to get it every 1-3 months they give you a small discount.

6. Keeping your student loan repayment structure, the same year after year.

You should reassess your student loan payments at least once a year to see if there is any way you could be potentially saving.

 

7. Not finding the painless ways to invest.

For example, apps that round your change and invest it without you even thinking about it.

 

8. Only making minimum payments on your credit card or keeping a running balance when you don’t have to.

Eliminating this one bad habit can save you hundreds of dollars a year.

 

9. Buying things last minute.

This almost always means spending more, for example with airfare there are a lot of great apps to help you save on that big ticket price.

 

10. Not review bank transactions at least every 3 months.

Do this to check what subscription you have opted into that you don’t actually need.

 

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11. Not checking for coupon codes to use online.

Apps like honey can be added as browser extensions and can save you money by searching for coupon codes, honey also offers cash back on certain purchases.

 

12. Keeping too much money in your emergency fund.

An emergency fund is essential, but once you have 6 months of expenses saved up any access can be invested much more wisely.

 

13. Paying for ATM fees.

Just don’t do it!

 

14.  Increasing your spending when you get a raise.

When you get a raise use that money to pay down debt at add to savings, don’t use it to buy more crap that you don’t need.

 

15.Not buying generic groceries.

Test them out, if generic is just as good stick with it. Only get brand name if it is absolutely necessary.

 

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16. Putting off saving for retirement.

It is never too late to start; it is also never too early.

 

17. Not considering all post-secondary education options.

Depending on the career you chose to pursue university may not be the right path, college or apprenticeships may get you the education you need a fraction of the cost and time. You can also potentially enter the workplace faster.

 

18. Not fully utilizing your health insurance plan.

If you have coverage make sure you are going to the dentist, optometrist or any other covered services that you need regularly.

 

19. Not knowing how to properly freeze food.

 

20. Throwing away unwanted, but good quality clothes.

It is important to either donate these (value village offer up to 30% off for donations) or reselling them.

 

21. Not doing a seasonal purge of your closet and possessions a least twice a year.

This keeps you aware of what you already have so you don’t repurchase things you already have and potentially can help you bring in some extra cash from selling what you don’t need.

 

22. Never updating and adapting your budget.

As your life circumstance changes you budget needs to as well.

 

23. Using single use containers and water bottles.

 

24. Not making clear lists before every shopping trip (not just groceries).

 

25. Driving everywhere even when it’s not necessary.

 

26. Thinking about purchases under $10 as no big deal.

Just because it is only $10 doesn’t mean it doesn’t matter and you can buy whatever you want under this amount, every dollar counts and small purchases can REALLY add up over time.

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27. Thinking you are too busy for a side-hustle.

 

 

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