13 Common Mistakes That Can Blow Your Finances

You pack your lunch, and never buy items at full price. You pay your credit card on time every month, and save up for that much-needed vacation every year. If you’re doing these things, you’re likely on top of your finances. But a new year is always a good time for a new challenge–and we have one for you: In 2013, vow to take your finances to the next level.

The Certified Financial Planners (CFPs®) at Alfa Group Canada have seen the fiscal situations of a lot of people. They know what mistakes people are likely to make, and they know the best ways to fix them. So we’ve turned their collective wisdom into a must-read guide for turning 2013 into your best money year yet. Read on to find out what exactly not to do—and how not to do it.

• Not saving for retirement when you’re employed
• Not having a game plan for getting out of debt
• Not doing the math before you take out student loans
• Not having a budget
• Living paycheck to paycheck
• Not having enough in emergency savings
• Not understanding the importance of your credit score and credit report
• Not understanding the terms of a co-signed loan
• Not realizing that a car payment can affect other goals
• Not having a will if you have minor children
• Not having life insurance if you have minor children
• Not having long-term disability insurance
• Not having a plan for your finances
• Need more help with budgeting?