My top three money mistakes
I’ve been writing about money for over ten years — during that time I’ve written about everything from high finance to how to save money at the grocery store. But just because I write about money doesn’t mean I haven’t made my own mistakes over the years.
Updated February 7, 2013
I’ve been writing about money for over ten years — during that time I’ve written about everything from high finance to how to save money at the grocery store. But just because I write about money doesn’t mean I haven’t made my own mistakes over the years.
For example, there was that time I was 18 and backpacking through Europe — against my best friend’s wishes, I spent all of my emergency money on a pair of shoes in Florence (and no they weren't walking shoes). Not a great move: we ran out of money and ended up sleeping on a beach for four days. Aside from a case of sand fleas, I came out of that one relatively unscathed.
But I’ve also made mistakes that could have had longer-term effects — and could have been avoided with a little advice and know-how. Here are my top three:
1. I didn’t start saving early
I’ve had a job since I was 15. As a student, I always worked during the school year and all summer right through high school, university and grad studies. It meant I usually had some extra money left over after paying for my expenses. I ended up spending it on travel — and I’m glad I did. But I also wish I’d saved and invested at least some of it for the future (although I do have great memories of the gorgeous places I was able to visit).
2. Not taking on enough risk
When I finally got my first full-time job (after years of grad school), a colleague of mine encouraged me to open up an RRSP. It was a great tip and I diligently put money in every month. The thing is, it wasn’t diversified properly. Instead of seeking out good advice or doing my homework early on, I ended up putting most of my hard-earned money in low interest GICs. It didn’t grow much and it’s put pressure on me to save even more money for retirement today (just as I am coping with the added expense that comes from having two small kids!!).
3. Buying the wrong home
Years ago, when I bought my first place I acted way to quickly. My agent had shown me a few condos and to be honest, I didn’t do my homework — I ended up in a neighbourhood that I thought I would love but in fact ended up hating. I thought living there would be fun and cool — instead, I was surrounded by club kids who partied all the time and there was no place to buy vegetables within walking distance. Major mistake — I ended up selling it less than a year later and moving to a neighbourhood that was better suited to me. And luckily I didn’t lose any money in the process.
The thing about money mistakes is that it's important not to let them set you back. Everyone screws up at some point — the main thing is how you go about making it right.
GET CHATELAINE IN YOUR INBOX!
Subscribe to our newsletters for our very best stories, recipes, style and shopping tips, horoscopes and special offers.
FILED UNDER: