Common money missteps

Time for some tough Tightwad love! Here are some common mistakes that are easy to fix. Spring is the perfect time to recalibrate your finances.
Dream of big tax returns Of course we all hope for big tax return so we can pay down debt or finally buy that new patio set. Unfortunately, receiving a large tax return means you're withholding too much from your pay and subsequently missing out on income throughout the year.

Fail to shop around Whether it's a new carburetor or even dental work; get as many quotes as possible. Ask friends for recommendations and let bidders know you're receiving shopping around.

Hoard cash Letting a change collection take over cabinet space is imprudent. Let it work for you by investing it, or deposit it into an interest-earning savings account. If you have a high-deductible health plan, divert some of your pay tax-free or put a portion into an education savings fund for your kids.

Ignore automatic payments They are very convenient and help you avoid late fees, but you should still review your payment details and statements to ensure you are not being overcharged with extra fees or services.

Ignore gift cards This is a waste of money… especially true since you can sell them for cash using GiftCardGranny.com, where you can receive up to 92% of your card's value.

Ignore opportunities If your employer offers a retirement matching plan and you don't open an account… that’s dumb.

Live beyond your means Using credit to fund your lifestyle will ALWAYS backfire.

Overdraft your account Tie your chequing account to your savings account to avoid overdraft fees, or ask that your debit card be declined in the event of insufficient funds.

Pay for free services Whether is free kid’s meals, ATM fees, texting packages or just taking advantage of your local library – there are opportunities available to help boost your budget.

Pay for things you don't use Do you watch the hundreds of channels that come with your expensive cable subscription? Use all the data and minutes associated with your cell phone plan? Some stats report that 80% of cell phone users overpay on their plans by up to $200 a year (ABC News).

Procrastinate There is such a thing as last-minute deals, but ultimately they're few and far between. Whether you're booking travel or considering opening an emergency savings, putting off things off can cost you dearly.

Use credit cards without rewards Make your credit work for you! Whether it's cash back, gift cards or travel points, your credit card should offer perks that help offset the cost of everyday purchases or occasional luxuries.