5 Money Traps to Avoid in 2026 (Especially in Canada)

Money isn’t about how much you make. It’s about how much you quietly burn on “normal” stuff and then wonder why you’re not moving forward. You’re smarter than that, and you know it.

Let’s clean this up together.

At number five is the shiny new car. Financing a 45K car or a pickup near 70K isn’t success, it’s you working for a payment schedule instead of your dreams. It drops in value the second you drive off the lot, but the monthly payments own you for years. Tip: Don’t buy a new car. Choose a solid used one that fits your reality today, and send the difference into investments so your money starts working for you, not for the dealership.

At number four is the natural diamond ring. A one‑carat natural can run 5–8K US; the same size lab‑grown is around 1.5–3K, and no one can see the difference without special equipment. You’re not proving love with a price tag; you’re deciding if your relationship starts with margin or with pressure.

Tip: Give the groom a break. Choose lab‑grown and redirect the extra thousands toward the wedding, the house, or your portfolio, places that actually support your life together.

At number three is whole or permanent life insurance. The story sounds sophisticated; the result is often slow, expensive, and locked‑up money. You’re handing over years of compounding to a product that wasn’t designed for your freedom first. Tip: Get simple term insurance if you truly need coverage. Then, treat yourself like someone worth backing: invest in an ETF like VOO as early as possible and let time and compounding carry you.

At number two are cheap throwaway products. Buying the $20 version three times is not frugal, it’s self‑sabotage in slow motion. You deserve fewer, better things that don’t break on you.

Tip: Buy the good stuff. You don’t need the rest. Think in cost‑per‑year, not sticker price, and build a life with tools and items that actually support you.

At number one is alcohol. “It’s just 20 bucks” can quietly become hundreds a month and thousands a year, and you’re also paying with your energy, clarity and self‑respect. You are more interesting, more lovable and more powerful sober than any drink can make you.

Tip: Alcohol is for ruining it. Take that 20 a day, invest it, and let your future lifestyle be what gets “drunk” on those decisions instead of your body.

Bonus: Online shopping is the quiet killer running in the background. One click here, 20 bucks there, a box at the door you barely remember ordering, it’s all frictionless for a reason. You’re being trained to trade your future for small, short hits of “nice to have.”

Tip: For 30 days, track every Amazon and impulse buy. When you see the number, don’t judge yourself, use that shock as fuel and decide how much of that goes to assets from now on.

Here’s the coach moment: you don’t need to be perfect; you need to be honest. Be fair with your future self. Start with awareness, make one better decision in each of these categories this month, and invest as much as you reasonably can. The person you’re becoming is watching what you do today.

If you feel stuck, you don’t have to do this alone. If you want advice, a second opinion, or just someone in your corner looking at the numbers with you, reach out for a first 20‑minute free consultation at: montrealinvesting@gmail.com

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Disclaimer: The ETF example (such as VOO) is for educational purposes only and is not personalized investment advice. Investing in ETFs involves risk, including possible loss of principal. Always do your own research and consider speaking with a qualified financial professional before making any investment decisions.