It is that time of year, when we are bombarded by RRSP ads. We know we need to save, but can we do it? Chatelaine magazine had a very good article on page 56 in the January issue on how to put some extra dough away. Here are a few of the tips which I have paraphrased here. Sounds like I wrote it myself.
1. Pay yourself first: start a systematic investment instead of waiting to have the funds to invest. You won’t even miss the money.
2. Leave the cards at home: It is a lot harder to part from cash than charging on the card.
3. Avoid ATMs and direct debits: take a weekly allowance for play money or other expenses to avoid overspending.
4. Find the best deal for debts: A penny saved is a penny earned. Simply call the credit card company and ask for a lower rate.
5. Stay out of the aisles: Nutritious, fresh and also inexpensive foods are in the perimeter of your local super market.
6. Check the fine print: Buying in bulk is not always cheaper. Compare the unit price before buying.
7. Start a sitting or work exchange: Barters are back! Ask friends to exchange baby sitting time or help with a small job like painting or moving. That will be a great time to also have a party!