{"id":58136,"date":"2023-07-13T00:00:00","date_gmt":"2023-07-13T00:00:00","guid":{"rendered":""},"modified":"2024-01-23T08:42:20","modified_gmt":"2024-01-23T13:42:20","slug":"how-to-avoid-common-expense-management-mistakes","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/struggling-to-make-ends-meet\/managing-expenses\/how-to-avoid-common-expense-management-mistakes\/","title":{"rendered":"How to Avoid Common Expense Management Mistakes"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/budgeting\/\">\n\t\t\t\t\t\t\t<span>Budgeting<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">How to Avoid Common Expense Management Mistakes<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Rebecca Lake<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-13T142724.979.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Top down view of a woman at a desk covered with bills and a calculator\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-13T142724.979.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-13T142724.979.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-13T142724.979.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How to Avoid Common Expense Management Mistakes &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/struggling-to-make-ends-meet\/managing-expenses\/how-to-avoid-common-expense-management-mistakes\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/struggling-to-make-ends-meet\/managing-expenses\/how-to-avoid-common-expense-management-mistakes\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published July 13, 2023 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Debt \u2014 credit cards, student loans, medical bills or something else \u2014 is a stumbling block for many Canadians as they work toward their most important financial goals.<\/p>\n\n\n\n<p>Managing debt starts with understanding the types of money habits that can leave you indebted in the first place. A closer look at how you manage spending is a good place to start.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5 expense management mistakes to avoid<\/h2>\n\n\n\n<p>Expense management isn&#8217;t all that complicated, but even small things may trip you up and keep you in debt.<\/p>\n\n\n\n<p>1. <strong>Not tracking expenses.&nbsp;<\/strong>It\u2019s easy to end up with large debt if you\u2019re not tracking expenses, especially if you rely on credit cards. When you don\u2019t know where your money goes each month, it isn\u2019t easy to get a handle on your overall cash flow.<\/p>\n\n\n\n<p>2. <strong>Not making a budget.<\/strong>A budget is your personal plan for spending money each month. On one side, you have the money that comes in; on the other, the money that goes out. Without a budget, you may run the risk of overextending yourself. If you run out of money before the end of the month, you may need to pull out a credit card to cover expenses until the next pay period rolls around.<\/p>\n\n\n\n<p>3. <strong>Overspending on non-essentials.&nbsp;<\/strong>Non-essential spending means anything you don\u2019t need to maintain a basic standard of living. If a big chunk of your budget goes to things like dining out, entertainment or expensive hobbies, you may find yourself leaning on credit cards to finance those purchases.<\/p>\n\n\n\n<p>4. <strong>Making impulse purchases.&nbsp;<\/strong>Impulse buys, even small ones, can quickly add up and drain money away from your budget. The impact can be even more significant if you use a credit card to make impulse purchases.<\/p>\n\n\n\n<p>5. <strong>Allowing credit card balances to grow.&nbsp;<\/strong>Carrying a credit card balance month to month can cost you serious money if you\u2019re stuck with a high APR. If you\u2019re only making minimum payments while continuing to use your cards, then you\u2019re likely to see the balance go up instead of down as time goes on.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tips for managing debt<\/h3>\n\n\n\n<p>If you have debts and you&#8217;re ready to get rid of them, you&#8217;ve got options. How you go about managing debt (and paying it off) can depend on how much you owe and what types of debt you have.<\/p>\n\n\n\n<p>Some of the most common debt relief strategies include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Balance transfers.&nbsp;<\/strong>If you mostly owe credit card debt, a balance transfer offer could help you save on interest as you pay it off. Balance transfer credit cards let you move a balance from one card to another and enjoy a low introductory APR for a set time period.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Refinancing.&nbsp;<\/strong>Refinancing allows you to replace existing debts with a new loan, ideally at a lower interest rate. For instance, you might refinance private student loans or a mortgage to get more favourable loan terms.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Debt consolidation.&nbsp;<\/strong>Consolidation is similar to refinancing in that you\u2019re taking out a new loan to pay off credit cards, medical bills or other unsecured debts. Doing so can help you to streamline your monthly payments and potentially save money on interest if your new loan\u2019s APR is less than the average rate you were paying on your debts previously.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Learning more about how these debt relief strategies work can help you weigh which one might be best for you.<\/p>\n\n\n\n<p class=\"has-light-grey-background-color has-background\">Thinking you want to explore faster ways to pay off your debt? You can use our&nbsp;<a href=\"https:\/\/apps.royalbank.com\/apps\/personalloans\/debt-consolidation-calculator\/?_gl=1*1mdm1sf*_ga*MTMxNzQzMzI0Ny4xNjY0OTc5NzUx*_ga_89NPCTDXQR*MTY4NDc3MDA4Mi40MS4wLjE2ODQ3NzAwODMuNTkuMC4w&amp;_ga=2.102493569.1061596063.1684688064-1317433247.1664979751#!\/\" target=\"_blank\" rel=\"noreferrer noopener\">debt consolidation calculator<\/a>&nbsp;to estimate your potential savings.<a href=\"https:\/\/discover.rbcroyalbank.com\/how-to-avoid-common-expense-management-mistakes\/#rds-legal-collapsible\"><\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-5a7deabc-8887-4ab8-9ffb-0f0014d721b6\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How to Avoid Common Expense Management Mistakes &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/struggling-to-make-ends-meet\/managing-expenses\/how-to-avoid-common-expense-management-mistakes\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/struggling-to-make-ends-meet\/managing-expenses\/how-to-avoid-common-expense-management-mistakes\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-b2072ad4-fd61-40a2-b394-f6ced8b40413\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/budgeting\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Budgeting<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"721\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_624590444.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Two people smiling and holding shopping bags after a shopping trip\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_624590444.jpg 5213w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_624590444.jpg?resize=300,211 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_624590444.jpg?resize=768,541 768w, 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/struggling-to-make-ends-meet\/managing-expenses\/what-is-lifestyle-creep-signs-examples-and-how-to-stop-it\/\" class=\"card-title h4 mar-t-0\">What is Lifestyle Creep? Signs, Examples and How To Stop It<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/thumb-account-matchmaker_402x-2.jpg?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/thumb-account-matchmaker_402x-2.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/thumb-account-matchmaker_402x-2.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/thumb-account-matchmaker_402x-2.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/\">\n\t\t\t\t\t\tAccount Types\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/account-matchmaker-should-you-get-a-chequing-account-savings-account-or-both\/\" class=\"card-title h4 mar-t-0\">Account Matchmaker: Should You Get a Chequing Account, Savings Account or Both?<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/thumb-what-empty-nest_402x-2.jpg?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Father with young adult son sitting together in a living room, smiling and laughing conveying a sense of togetherness and harmony\" 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/finances-and-relationships\/parenthood\/when-adult-children-move-back-home-how-parents-can-protect-finances-and-relationships\/\" class=\"card-title h4 mar-t-0\">When Adult Children Move Back Home: How Parents Can Protect Finances and Relationships<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-5a7deabc-8887-4ab8-9ffb-0f0014d721b6 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-5a7deabc-8887-4ab8-9ffb-0f0014d721b6 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-b2072ad4-fd61-40a2-b394-f6ced8b40413 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-b2072ad4-fd61-40a2-b394-f6ced8b40413 {\n\t\t\theight: 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