We’re taking a look at the mistakes we commonly make that end up burning wider holes in our wallets.

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A budget can help you track where and how you spend your money
You knew this was coming but a budget can help you track where and how you spend your money. There are so many options ranging from Excel or Google sheets to fintech apps.

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Talking about money can help relieve financial anxiety
Talking about money and debt can still be a taboo subject but studies have shown that talking about money can help relieve financial anxiety and make women feel better about their money. Conversations about and around money can also be a good way to find help and gain control over your spending habits and debt.
RELATED: 20 money myths we're busting for 2020.
RELATED: 20 money myths we're busting for 2020.

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Stop being judgmental about your spending
We start the year determined to stay on budget, then we splurge, then we beat ourselves up, tell yourself that we’re just not good with money and give up. Instead of that negative self-talk, forgive yourself for that splurge and get back to your budget. Tomorrow is another day.
It may help to read about money saving tips for people who struggle with saving.
It may help to read about money saving tips for people who struggle with saving.

Ben White
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Living with your partner can lead you into debt
Living with your partner could lead you into debt. A report from Finder.com found that Canadians racked up a combined $160 billion. The report found that debt can be created via purchases made through a joint bank account, purchases made specifically in the partner’s name, divorce and the death of a partner.
RELATED: How much divorce will actually cost you in 2020.
RELATED: How much divorce will actually cost you in 2020.

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Paying the minimum means delaying inevitable debt
Companies want you to pay the minimum because they make more money from you. When you pay the minimum balance on credit card debt, which has a high interest rate, you’re stretching out the amount of time to pay it off and racking up new charges. Inevitably, you end up paying back more than you borrowed.
SEE ALSO: The 10 best credit cards in Canada in 2020.
SEE ALSO: The 10 best credit cards in Canada in 2020.

Joslyn Pickens
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Not having an emergency fund can set you back
Not having a rainy day or emergency fund can set you back and could put you in debt says David Lee, a financial advisor at BlueShore Financial. With nearly half of Canadians $200 away from insolvency, try to save, he says.
YOU MIGHT ALSO LIKE: why women need to save more than men for retirement.
YOU MIGHT ALSO LIKE: why women need to save more than men for retirement.

Emily Hsueh
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Stretching your dollar means you live within your income
Lee says that it’s key to learn how to stretch your dollar when you’re younger — “It’s harder to do that when you’re older and have more responsibilities.” Learning to stretch your dollar means you’ll be better able to live within your income — and you’ll have a stronger understanding of how far that dollar can actually go.
RELATED: 20 ways to save $1,000 a month.
RELATED: 20 ways to save $1,000 a month.

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Unconscious spending contributes to keeping you in debt
Those subscriptions that automatically renew, that gym membership you’ve stopped using, your feel-good weekly trip to your favourite clothing store or that streaming subscription you never use. All of that can contribute to keeping you in debt, explains Stacy Yanchuk Oleksy, the director of education and community awareness for the Credit Counselling Society. “It’s about being consciously aware of some of those spending habits that we have and shifting the unconscious spending, which can break our budgets very quickly and shifting it over to conscious decision making.”

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Look at interest rates and pay off the higher one
If you have a student loan and credit card debt, you might be tempted to pay off your loan first. Instead, look at the interest rate and pay off the highest one first. The interest rate for federal student loans is 2.5% plus prime while credit cards sit at 19.99% on purchases and 21.99% on balance transfers.

Anh Nguyen
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Financial anxiety can lead to ignoring money and bills
We hear you. Most of us don’t get a financial education and seven out of 10 Candians have some kind of financial anxiety which can lead us to ignoring our money and our bills. This creates a cycle where we get deeper into debt, ignore those bills and face them when debt collectors come calling.
RELATED: How the zodiac signs spend their money.
RELATED: How the zodiac signs spend their money.
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