Are you always counting the days until you can get your next paycheck? You are not alone. So many people live from paycheck to paycheck. It’s a vicious cycle of earning and spending money without setting aside anything for savings or emergencies.

But most of the time, the reason why people live from paycheck to paycheck is that they don’t do financial planning in Vancouver and they have countless bad habits that are ruining their finances. These are just some of the bad habits that people do:

1. Ignore their financial problems.

We get it. It’s tempting to just put your financial problems behind you rather than face them head-on. It’s scary to see all those numbers on your credit card statement. But if you know how much you actually owe and how much you need to live your life comfortably, you can have a better assessment and control over your finances. This lets you see which areas of your life require more control.

2. Spending money on discounted or buy-one-take-one promotions.

Before buying anything, ask yourself this: do you really need it? Is it just going to end up as clutter in your home? Is it just going to collect dust overtime? If yes, you are only wasting money. Stop spending money on garbage. If you don’t need it, it doesn’t matter if it’s on sale. You still wasted money.

3. Putting your savings last.

Financial planning in Vancouver entails paying yourself first. After paying off your bills and debt, don’t spend what’s remaining of your money on things you don’t need. Put aside a portion of it for your savings. No matter how small it is, it will add up. Set aside a separate account for your savings and automatically put a percentage of your incoming money to this account. You won’t even notice the money gone.

4. Using your credit card way too much.

There is no harm in using your credit card. Just make sure you pay it off on time and you don’t abuse its privileges. It’s dangerous to spend money you don’t own, even if you think you have the means to pay for it. If you can’t pay for it with cash, don’t buy it.

Get the help you need when it comes to curbing bad financial habits. You can turn to Cadence Financial Group to learn how to get started in financial planning in Vancouver.

For more details about GIC rates Vancouver please visit our website: cadencefinancialgroup.com