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A sure way to prosperity is to save some of your disposable income over a long period of time, ultimately having a sizeable nest egg.

But along the way, there are mistakes that can derail the ultimate end goal.

1. Using credit for everyday purchases

Using your credit card for everyday purchases like gas or groceries can mean unnecessary interest fees if a balance is carried over time.

2. Not having enough insurance

Disability, car, home, life, and health insurance are all important to have as they help take care of big emergency expenses. Without them, you will have to pay out-of-pocket when emergencies happen.

3. Spending more than you earn

Just $25 per week spent on dining out costs you $1,300 per year, which could go toward an extra mortgage payment or a number of extra car payments. If you’re enduring financial hardship, avoiding this mistake really matters.

4. Not having a budget or tracking spending

Create a budget for monthly income and expenses and track spending. Tracking spending can help to reduce unnecessary frivolous spending.

5. Getting into a too-big mortgage

A home is the largest purchase you will ever make, be sure to work with a professional realtor and mortgage professional to ensure that your budget for the down payment and overall price point fits your monthly budget. Banks may offer large loans on homes, but do your own calculations and look at your monthly budget closely before closing on that giant mortgage.

6. Buying a car beyond your means

Everyone has a dream car, but do you really need that expensive one that stretches your monthly spending unrealistically? Don’t buy a car to impress others or to ‘keep up with the joneses’, buy one that fits within your monthly budget.

7. Never-ending payments — check-in on recurring monthly memberships or payments

Things like cable, or movie and streaming subscriptions, your mobile phone, music services or gym memberships can force you to pay on an ongoing term. When money is tight, or you just want to save more, creating a leaner lifestyle can go a long way to fattening your savings and cushioning yourself from financial hardship.

8. Not having a financial planner

A financial planner will help you take that money you are saving and make the most of it – providing advice and help along the way. When the markets are slow or volatile, they’re there to help you make decisions about whether or not to move your investments around or not. Just be sure to choose someone who is accredited in Canada to be a financial advisor. Look for the CFP (Certified Financial Planner) designation behind their name, and research the firm they work for to make sure they’re reputable before placing any of your hard-earned savings in their hands.

9. Don’t forget about retirement

It’s great to focus and pay attention to your kids and saving for their education is important, however, retirement is also a big factor and you don’t want to put that off until later. Make sure you invest your money on your retirement as early as you can, as compound interest grows significantly the more time it has to earn.

10. Don’t blow it all on the wedding or first child

A one-time large expense like a Wedding can blow a budget or deter savings quickly. Plan a manageable budget that fits within your existing expenses for that big event and stick to it.

Spending too much on unnecessary products or services on the baby my blow not only the current spending plan but impact the time that either mom or dad is on maternity/paternity leave from work meaning less income is coming in already.

Avoiding these mistakes can lead to a healthy nest egg and personal wealth over the years.