(NC) — The financial decisions you make today will determine your future happiness.

Avoid these five common blunders:

1. Investing without advice

Seek the guidance of a good investment advisor. Websites like www.franklintempleton.ca can explain how to find one.

2. No budget, no plan

Live within your means and make paying down debt a priority.

3. Thinking short-term

Open a Registered Retirement Savings Plan (RRSP) account to save for your future. “Get advice and ensure you allocate your contributions according to your goals and risk tolerance,” said Don Reed, president and CEO of Franklin Templeton Investments Corp.

4. Not preparing for the worst

Purchase insurance to ensure the people who depend on you financially are taken care of.

5. Living paycheque to paycheque

Financially prepare for unforeseen events like unemployment, illness and death by having an emergency fund.