The Smart Canadian's Guide to Building Wealth

10 Common Money Wasters

1. Dining out often at restaurants

2. Buying expensive clothing and jewelry

3. Using name-brand products when generic will do

4. Expensive vacations

5. Buying a brand new car

6. Using premium gasoline (if you car doesn't require it - and most don't)

7. Dry cleaning clothes you could wash yourself

8. Having excessive high tech bills (cell phone, text messaging, cable/satellite, internet)

9. Purchasing unnecessary extended warranty plans

10. Buying DVDs, CDs and computer games

 

4 Good Reasons to Cut Up Your
Paid-Off Credit Cards

Why are credit cards like bad relationships that need to be ended?

1. Even when you buckle down, pay off a card and cut it up - it's still not over! You must phone the credit card company and cancel it or the card will be there ready to rise again and rack up debt!

2. You may get a credit card balance to zero by getting a consolidation loan or line of credit and think you should keep the credit card around just in case, for possible emergencies. But if you haven't dealt with your free-spending ways chances are you'll run up the card again!

3. Know that whatever credit limit is on the card, that limit is considered potential debt by lenders. After all, if you don't cancel the card, it will remain open on your credit file. A card that has not been canceled is ready and waiting for a spending spree!

4. Every credit card in your name lowers your credit score. If you have multiple cards, your combined limit can be very high; as far as the credit agency is concerned, you can go on a massive spend-a-thon anytime you like!