Advice from a friend pays off
Years ago someone had told me I was doing the wrong thing by paying down my mortgage. They told me to contribute to my RRSP first then take my refund cheque and put that to my principal. I started immediately and in ten years I have added over $300,000.00 to my portfolio. Thanks old friend.
- Anthony in Ontario
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It's pretty simple
A monthly budget is made, keeping records of the past year makes it simple. Take advantage of a "budget plan" - even payments for cable, utilities and natural gas. Does away for digging for extra $$s. Only use your VISA when there is money in the bank to pay for ALL the bills when they come in. Take advantage of making weekly mortgage payments. And a further advantage of making extra payments to reduce that principal. Plan for a "stash" emergency fund in your budget, too.
- Ian in Alberta
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Simple saving strategies that work
I have just read your Vault paper with interest and couldn't agree more. Saving money is a discipline and an art that one masters through practice. I would like to share a few savings strategies that have worked for our family.
- Annual Tax Return: We look at our tax returns as a bonus and when it arrives we splurge some but ensure that a significant amount is saved in our Investment Savings Account with compound interest.
- RESP: we would highly recommend this savings plan for families with kid/s. A simple automatic deduction each month will go a long way towards that perfect gift when your kids are ready for university. If for whatever reason university does not work out, the plan is flexible enough to divert to RRSPs. You can't go wrong.
- Charities: generous donations are a good way to support your community as well as give yourself a tax deduction.
Hope this helps!
- Melita, unknown location
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Finding her Find the Money Factor
I have been thinking lately that if I don't get things in order I might get myself into trouble in the near future. The Money Finder™ calculator did confirm that maybe I am living a bit higher than I can afford, so I need to make some changes to meet my goal of getting my debt paid down faster. It was a great eye opener. I am going to concentrate on not spending on things I don't need, save for emergency and maybe adjust my rsp contributions. It will be great to revisit this annually to see how I progress.
- Tara in Saskatchewan
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Grandmother will help send grandchild to university
I'm going to be a first time grandmother in about 6 months. I would like to see my grandchild have the opportunity to attend university/college. Since I have "FOUND MONEY" by taking the bus to work, I will be able to put away a portion of that each month to help achieve this goal.
- Susan Nova Scotia
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A "healthy" way to save
Very interesting information in the Vault article. One of my personal ways to save a bit of money (and simultaneously get in some good exercise, eliminating the need for a health club membership) is bicycling to work twice a week, weather permitting. The 10km trip saves about $1 in gas each way, plus $.65 bridge fare, not to mention wear and tear on the car. Bicycles are probably the most economical mode of wheeled transportation there is, and when something does go wrong with it, $20 or less usually fixes it. Compare that to the average automobile service.
- F.C in Nova Scotia
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