Tell Us How You Found the Money
Every day, Canadians are finding the money in places they’d never thought of before. If you have a story about how you reached a personal or financial goal, we’d love to hear it.
Do you have a dream you are working to realize and a plan on how to get there? Did you identify ways to cut your daily expenses? How are you making your found money grow? Have any of our tools, tips and articles helped you find money you didn't know you had? You can even let us know if there are other things you would like to see on this site. We will post the most relevant stories and comments on this site on a regular basis. Tell us your story.
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Featured Stories
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Read more success stories.
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Featured Stories
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Working it with one income and three kids!
I am a single Mom with three teenagers approaching their university years beginning in 2007. I will have 3 kids in university ALL at once at one point over the next few years! So, my priority for the past 4 years has been to pay off my mortgage, and I am happy to say that this will become reality in January 2005!
How did I do this?
1. I pay weekly which reduces the principal at a much faster rate than monthly.
2. Each year, in the fall, I reach my CPP, EI maximum contribution, therefore my take-home pay increases. I take that $15.00 per week and increase my weekly mortgage payment by that amount. When the new year rolls around I do not reduce my mortgage payment; I simply find a way to absorb the increase in payment by cutting back on something (it's one less pizza or dinner out a month for the family). It's tough for a few months, but I get through it, and then when my pay increase comes through in the fall, I have more expendable income for Christmas. The whole cycle starts again. I have been able to pay off my mortgage 7 years faster than originally anticipated by doing this.
3. AND by adding a lump sum payment annually when I receive my bonus from my employer, I have cut chunks out of the principal. Part of my bonus goes to my RSP and the remainder to paying down the mortgage.
Try it! It works, AND the sense of accomplishment and pride is well worth the short term "squeeze!"
- Sue in Ontario
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Paying off the mortgage early
Most of the info on this site is based on common sense and to my surprise, I've been subscribing to most of the info without knowing it. About six months ago, I took some time to calculate my expenses and re-evaluate my needs and wants. To cut out unnecessary expenses, I stopped my cable TV and cable internet subscription, and disposed of my cellular phone. I stopped the coffee and snack expenditure during the regular coffee breaks at work, only drink water at work, and I brown bag it daily. Although I still have dinner out occasionally, I have started entertaining more at home.
My income is fairly average but all this has resulted in me being able to almost double my mortgage payments (the extra going towards the principle). I've had my mortgage since January 2003 and even though I'm single and paying it off on just one salary, my calculations lead me to believe that I will have it paid off in under 10 years.
The option of being able to increase your regular payments plus being able to put any extra towards the principal is one that everyone should take advantage of. I am doing it and, should I be able to keep up with it, I will be debt free fairly soon.
- KW in Ontario
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My boyfriend and I decided that when we were planning to go on vacation, we needed to save money ahead of time. We each would put aside $20 per week. I would put the money in a plastic container downstairs and when it got to $1000, I would go to the bank & deposit it. When I went to the bank, one of the tellers told me about the Money Master High Interest Savings Account that would give me at least 2% on my savings. Why not put the money in there until we were ready to go on a trip and let it earn some interest for us? What a great idea. We now each put in $40 per week (we want to travel further) and the plastic container has been retired. The interest that we make may buy us a tank of gas or a nice dinner while we are away. Thank you Scotiabank.
-Carol from Ontario
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Saving what you can, when you can
20 years ago, I started investing in RRSP'S. I was a construction worker with a modest income, that had a good credit rating, but little cash. Although, I was hesitant at the time, I got a loan and invested the money in RRSP'S. I used my income tax return, which increased because of my tax deductible RRSP'S, to pay of my loan. This worked so well I have repeated the process every year. Twelve years ago I decided to build a new home. Because of my investments I was able to borrow some of my own money, through the homebuyer's plan.
Construction Workers wages vary, some years I invest a small amount of money, in good years I maximize my RRSP'S. I have set goals for myself and I have proven that a modest amount of money over a period of time invested wisely can result in a success story.
-DB from Newfoundland
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Finding money on a fixed income
Finding money for those of us on a fixed income is sometimes difficult - sometimes easy. Several articles of Money Finder recently have shown us many ways to save for those "future expenses". One of those future expenses for us has always been Christmas and finding the money to pay for the gifts we wanted to give. We tried setting aside some funds each month but something of greater importance always seemed to deplete the fund before Christmas was in sight. We developed an idea which is working for us and wanted to share our story.
One year at Christmas I gave my wife a Loonie Bank - one of those with the three towers - and a small calendar as one of her gifts. In it I included a note that suggested "Christmas Giving Made Easy" by setting aside a Loonie a day. Each day she would put a loonie into her bank and mark the date off on the calendar. I also bought one for myself and did the same thing. To our surprise - by the beginning of December we each had approximately $330. in our banks! Needless to say, but, that Christmas was most enjoyable knowing that we didn't have to rob some other 'future expense fund' to pay for our Christmas giving for our family and friends.
Since that first year we have continued to use the loonie saving system with success. At times we found it difficult to put the money in each day, or we would forget to do so. Our calendars were constant reminders that we had to stay on track if we were to make our goal. In January of each year we usually began faithfully to put away the loonie a day but when we slipped we might put in 5 - or 10 loonies at once to catch up, but each time we would mark off each day of the calendar to know just how far we were behind. In fact - if we had a windfall of money at any time - we put some of it into our loonie banks and marked off the days that are coming up to match the extra amount we had put in.
The system works for us . . . maybe it will work for others.
-Floyd from Ontario
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Starting early
My neice was 16 just starting her 2nd summer job. In February, we sat at my kitchen table with all of her pay stubs, bank books and calculated how much she saved. It was less than 1%. I told her the importance of starting an RRSP because we were not sure old age pensions would be still available. I told her about the idea of tithing. She set up all of he accounts a week later, one for saving, one for chequing, one for tithing and a general accounnt for spending.
A certain portion of each of her paychecks would go to these accounts. She has continued these practices and now is in her 4th year at Guelph Univerisity hoping to be accepted for veterinary medicine next year. She turned 20 on the 3rd of September and has been able to pay for her yearly tuition, still contribute to an RRSP , still tithe and still have some money for spending.
I am proud of my niece, and I wish someone would have thought to teach me those things when I was only 16!
-Sue from Ontario
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Small changes can make big differences
I'm a student trying to balance school, work, and finances. It's not easy cutting back, but now I save $3 a day brewing my own coffee at home and packing a lunch to school every other day. Also taking public transit has saved me quite a bit of money rather than paying $4 for parking everyday and gas (prices have skyrocketed to 90¢+ now). All in all these have definitely decreased spending and I'm starting to contribute to an RRSP early...
-Stan from Ontario
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Dream vacation realized
In November, my spouse and I came up with the pipedream idea that we could save up for a vacation to Cuba. We felt that it was a stretch goal, but with the idea of a Money Master account, we felt that the hands-off approach of the account made for a promising start. The account grew quickly and without knowing it, we had $700 saved in just under two months.
My spouse had an unfortunate accident and her glasses were damaged. At the time, she had no eyewear coverage with her insurance company but I did. The difference was though that I needed to pay upfront for them, and then claim the money later. Without this savings account having been set up for the trip, we would have never had the funds readily available. We eventually used these funds for medication and numerous others needs that we simply did not foresee happening, all the while getting the money replaced with insurance benefits.
We are now only 5 months past our savings start date, and we are 3 days away from visiting the travel agent to book our vacation. Without the help of Scotiabank, I sincerely doubt that my spouse would be standing on Cuban soil with me, watching the sun go down through brand new glasses, and having never felt the strain of saving. We learned that it’s not what you are giving up, it’s what you have to gain.
- Geoff from Nova Scotia
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Tell us your story. Share your "find the money" experience with us.
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