Saving Money
How We Save For A Spend-y Summer
Pay yourself first. It’s one of the core tenets of personal finance. Treat your savings like an obligation – your number one priority, in fact – and you can spend what’s left in your bank account guilt-free. I’m a bit of a misfit when it comes to saving money. I don’t actually pay myself first…
Read MoreAn Unhealthy Obsession With Saving Money
I sometimes worry that I’m not saving enough money. It’s a silly obsession, given that we don’t have any consumer debt, we save more than one-third of our income, and I have a defined benefit pension plan at work. I try to strike a balance between saving and spending money, but I’ll admit that I mostly prefer…
Read MoreFrom The Boomer & Echo Mailbag: I Don’t Make Enough To Save
Q. I know I should be saving 10% of my income, but I just don’t make enough money. My bills take up just about all my paycheque. I can’t afford to save. You can’t afford NOT to save. I find that the very people who believe they can’t save somehow manage to give the bank…
Read MoreHow To Save For Large Purchases
As a financial blogger I get asked all the time how to save for large purchases such as a vacation, renovation, or an expensive Christmas season. My answer is pretty simple: make a spending plan at the start of the year. I’ve been tracking my spending for many years and one thing that has allowed me to…
Read MoreAre You Wasting Time To Save Money?
A lot of people think frugality is all about saving money, and saving money on things you already buy or want to buy is a smart idea. But, are you spending too much of your time trying to save a couple of dollars? Your time is just as precious. Being frugal is making the best…
Read MoreSave Money By Avoiding Costly Add-Ons
There have been numerous studies showing how people who pay for their purchases by credit card spend more money than if they would have paid by cash because they upgrade or buy impulsively. But, a lot of people pay off their balances in full each month and use their credit cards for various reasons –…
Read MoreThe Dollar Store Boom
Once upon a time I would never have set foot in a dollar store. I thought, “Why would I waste my money on their cheap, shoddy merchandise when I can buy a better quality brand name?” Then about ten years ago dollar store giant Dollarama came to my Calgary neighbourhood. I don’t know what impulse…
Read MoreBartering for Goods and Services
There was an interesting post some time ago in the Financial Uproar blog called The Financial Planning Affordability Paradox which noted that the people who could most benefit from financial planning advice are the least likely to be able to afford it. I fully agree with Nelson that when someone is up to his or…
Read MoreWhy A Savings Plan Is Like Starting A Diet
Jeff M says, “I know that I’m supposed to be saving at least 10% of my income, maximizing my RRSP and TFSA contributions, and enrolling in my employer’s matching pension plan. But, my expenses are pared down to the bone. I have no savings and I just can’t afford to start. What do I do?”…
Read MoreWant A Better Deal? Just Ask
When I worked in the hotel industry at the front desk we had a policy that allowed us to discount a room by up to $20 per night if we thought the guest would walk away from the hotel and go elsewhere. The truth is that I rarely had to rent a room for less than…
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