What not to spend your money on if you want to get ahead - Diana Clement
Financial columnist Diana Clement advises against borrowing for depreciating assets like luxury goods and high-end vehicles to improve long-term financial health. She emphasizes that small, daily spending choices significantly impact the ability to save for major goals like home ownership.
Why it matters
Personal finance management is critical for economic stability, especially during periods of high interest rates and inflation.
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Cars are one of the most common examples of where we borrow more than we need to. Photo / Jaime Lyth
Getting ahead financially is not simply about what you earn. It is about the hundreds of choices we make with that money every year.
The goal could be to build an emergency fund, save, buy a first home and 27% of purchases in the first quarter this year were first homes , building businesses, and so on.
There are many moving parts in making that happen. Earning more can be beneficial. So can budgeting, having a can-do attitude, and being entrepreneurial. On the other hand, there are spending decisions from micro to pivotal that quietly undo progress.
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