The worst money habits you can have + how to fix them

Unnecessary short-term spending

Have fun, live a little, indulge, treat yo’self, etc, etc. But everything in moderation. Do you need Starbs everyday? Probably not. Eating out 9 times a week? Not the best idea. Be smart with your money with simple money-saving techniques.


Being financially illiterate

You know how to spend money. Why not take the time to learn about it? Knowing the ins and outs of finances and basic monetary concepts means you’re less likely to develop bad financial habits.


Mindless spending

You’re on your phone all day everyday. Download a budgeting app like Mint to keep track of your spending. In between swiping on Tinder and taking NSFW Snapchat pics, make use of a budgeting app to really monitor your cash flow so you can spend smarter.


Not investing

Okay, you’re not Jordan Belfort and investing doesn’t have to be like a scene from Wolf of Wall Street! Investing can be as simple as putting up the money and letting it sit there. Actually, studies have found that the most successful investors are the least active. Get in the know with some investment resources.


Taking investment risks

You’re into investing? That’s cool, it’s a great way to make your money grow. Don’t be too aggressive in your pursuit of investment riches, though, as industry experts suggest going slow and steady by putting money in index funds instead.


Bank of Mom & Dad

Your parents love you and probably want to help you out however they can, but don’t expect their financial support to be indefinite. If you’re holding down a job while you study, try to limit how much they pay for. Take care of things like your phone bill, groceries, activities and booze money. If not, be wary of how much you’re spending. Before you buy that $100 bottle of whiskey to turn up with your roomies or drop some bills in Wilfred, remember that someone is working their ass off for their money. And it’s not you.


Not having adequate insurance

It just takes one stupid prank or totally innocent accident for you to end up in the hospital. Make sure you’re covered under your parents’ insurance. If you’re not, it’s time to protect yourself. Insurance is one of those things that you think you don’t need…until you actually need it, and by then it’s too late. Look into contents insurance too. It’s another thing to find money for every month, but think about the money you’ll have to fork out your laptop, charger, phone and other valuables gets stolen.


Using credit cards 

We get it, sometimes you need a credit card. But the smartest way to use one is by using it as little as possible. Have one for emergencies, online purchases, and to start building a credit report, but don’t start spending on things you can’t afford. Credit cards are great until you realize you’ve hit your $1000 limit and you have all that money to pay back. #Oops! If you need credit, a smart way to keep your balance down is to use the card then transfer that amount from your chequing account so it’s paid off right away.


Following the crowd

Don’t overextend yourself financially by letting friends influence decisions about things like where to eat, live, or shop. Just because they can afford it, doesn’t mean you can too.


Not saving 

Easier said than done, but keep some money stashed away for that month you party a little too hard or the week you forget to save for groceries. Hold it in an account, never let your balance get below a certain amount, or take out $40-100 and hide it in your underwear drawer so you can’t accidentally spend it on your card.



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