In light of new poll results that found Canadians are spending a lot of time worrying about money, one personal finance expert shares some simple tips to help Canadians avoid making some common, costly mistakes with their cash.
According to results of a new poll, while Canadians spend a lot of time worrying about their finances, many continue to overspend."The first thing is to get a great handle on where your money is actually going," Thompson told CTV's Your Morning on Thursday, suggesting it sounds obvious, but it works. "You need to start with a budget."
Once people can track their spending, Thompson says it’s easier to reduce expenses in certain categories, as well as investing and saving. "From there, you'll be able to identify what are the different places that I'm spending money on, that I may not need to be spending money on," she said. "And then you can allocate that money towards paying down extra debt or putting money towards investments."
Thompson also had some advice for shopping trips, suggesting people need to be wary of spending money for no reason. "Not every sale is a bargain," Thompson said. "There is a trade-off. And when it comes to spending, when it comes to buying, we need to understand our behaviours or the psychology around why we're spending the money that we do.""You want to make sure that you're spending money on the things that really provide value for you," she said.
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