Money worries? Expert tips to avoid costly mistakes

Canadians spend a lot of time worrying about their finances, but many spend too much, according to new poll results.

Wealth management expert Robin Thompson says there are some very simple ways to save money.

“The first thing is to get a good handle on where your money is really going,” Thompson said Thursday on CTV’s Your Morning, saying that while it may sound obvious, it does work. suggesting. “You have to start with a budget.”

If people could track their spending, it would be easier to cut back on certain categories of spending, not just investing and saving, Thompson said.

“From there, I’ll be able to identify different places where I’m spending money and where I don’t need to spend it,” she said. We can invest.”

Thompson also gives advice on shopping trips, suggesting that people should be careful about spending money for no reason.

“Not every sale is a bargain,” Thompson said. “There are trade-offs. When it comes to spending and buying, you need to understand what you do and the psychology behind why you spend money.”

That means carefully weighing the value of a potential purchase compared to saving money.

“We want you to spend your money on things that are really valuable to you,” she said. Sometimes it makes me feel like I can actually solve a deep-seated problem I have.”

To hear more of Thompson’s personal finance tips, click the video at the top of this article.

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