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If you fret about your finances, take some comfort in the fact that you're not alone. In fact, nearly 50% of Canadians are living paycheque to paycheque. A recent survey of working Canadians by the Canadian Payroll Association revealed that 48% of people would be in trouble if their paycheque was delayed even by a week. 24% of those surveyed say they could not come up with $2,000 in an emergency!
Clearly many of us could afford to save a little bit more, so we enlisted personal finance expert Rubina Ahmed-Haq to show us some ways we may be wasting money without knowing it. Here are some common money mistakes you might be guilty of:
Doing one big grocery shop a week
While bulk shopping often seems like the most bang for your buck, in most cases we buy too much and most of it goes to waste. Or, we buy the wrong kinds of things and struggle to make those groceries work in our meal plan. Rubina's advice? Shop every 2-3 days for your pre-planned meals. That way, you're more focused in your shopping, and the food you make for you family is more fresh — and actually gets used.
Running errands at the mall
Many of us have our dry cleaner, pharmacy, or even our grocery store attached to a mall. However, according to research, on average, shoppers spend $105.11 per visit and average $3,910 in annual expenditure at a mall. While you may think it makes more sense to do a one-stop shop, doing errands at the mall makes us vulnerable to impulse buys and leaves us with less money in our wallets in the long run.
Shopping when we're tired
When we're sleepy, we tend to make bad food choices, but did you know we also make bad financial choices while fatigued? Retailers know this. In fact, one members-only retailer, Gilt.com, recently added 9 p.m. flash sales on Wednesdays and Sundays to cater to our apparently growing penchant for mid-evening impulse buys. You may think you spend less when you're tired, but many of us adopt the attitude of "I work hard, I deserve this" when we're running on empty.
Shopping without a list
Most of us already know that shopping without being prepared leaves us more open to impulse purchases. But, you may be surprised to learn that we actually spend 23% more money when we go into a store without a plan.
Using a credit card
It may be tempting to use plastic, especially if your credit card company offers incentives like travel miles or points, but with credit cards, we're more likely to buy things we don't need to chase those rewards. A credit card makes the tangible move of giving something to get something less painful. Cash helps you get a real sense of what you've spent, by looking in your wallet. You're more cognizant of the fact that you are spending that hard-earned money.
Having the wrong friends
Who you spend time with affects you and your finances, big time. You may think that having wealthier friends will cost you more, as you'll be tempted to spend in order to keep up with their lifestyles. But, the opposite might actually be true. Having rich and successful friends will afford you more opportunities to learn from those who are doing well, and make connections you wouldn't have the opportunity to make otherwise.
Using too many coupons
We're all about getting a good deal. But, if you're spending hours clipping coupons to save 10% on your groceries, you're wasting your time. Try making a list, and then check to see if any of those items are on sale using coupons or your app of choice. This allows you to keep control, rather than letting the coupons and sales drive your shopping.
Did we miss any of those common money mistakes that you find yourself making? Let us know on our Facebook page.
@adepeace
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