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Wednesday, December 10, 2008
It Pays To Be To Spare That Dollar - Some Money Savings Tips
Saving money for the rainy day is old news, but its importance has never been as important as today. While this concept makes sense, it is much more challenging to execute into practice. Anyone can save, no matter how much you earn. If you don't have much to put away, the correct attitude is to think small and work hard over time to build your personal wealth. Even a $50 savings per week translates to $2,600 per year, not an insignificant amount especially when it's made over years and exposed to the wonders of compound interest. It's those small savings habit you need to make them part of your lifestyle.
Here are some simple cost savings tips:
What is the use of buying excess vegetables only to throw them out after every week? Only buy the groceries that you need. You can also save some extra cash buying stuff at no frills stores like Loblaws and Food Basics. These stores also are good in selling prepackaged goods as well as in-season foodstuffs. You can make extra savings by bringing your own bag (about 0.05 per beg. That's sounds downright mean, but it's the motivation that's a greater price). These stores offer the exactly the same kind of merchandise offered by their costlier counterparts, so why pay more.
Another habit you need to develop is to remember keeping those coupons in the car so that you can use them to get the discount at a store. Coupons are like tax-free money, and thus you should make the effort to put them into an organized small folder for easier use. Reward programs like President Choice rewards at Loblaws may also help you get that extra cash. You can also buy the groceries that you need anyway using a reward credit card. But remember to pay the balance lest you end up paying interest for rewards which really isn't worthwhile.
You can cut your telephone installation bills by subscribing to a second ring service. This is a telephone service that enables an additional number to be routed through your primary landline. It has a distinctive ringtone and therefore you would know who the phone is meant for. Most importantly, it removes the need to install an additional land line.
You can also save money by making smart retail purchases. Compare prices and only purchase what you actually need. In fact, if you can list your shopping trips, your temptation to make unnecessary purchases will be reduced.
The last concept which is nothing new is to develop a personal budget that you religiously follow. Some people look at a budget as a negative thing, but when it is managed effectively, it can be both empowering and effective. The first place to start is to create a list of all your fixed expenses; those that are the same every month. Next, make a list of all other expenses or otherwise called discretionary expenses. Discretionary expenses are those that you have control over. Take these two amounts and subtract them from your net income. This is the amount that you have available as excess funds to be used for savings. Track your expenses daily until you build both strong financial management and savings habits.
Monty Loree is the founder of www.canadian-money-advisor.cahttp://www.canadian-money-advisor.ca which helps Canadians better understand their money, credit and the financial industry in Canada. In our financial podcasts, we are interviewing industry experts who give our visitors the truth about the financial industry. Canadian Money Advisor is an important source for Canadians to learn more about their money. More about saving money: www.canadian-money-advisor.ca/tags/personal-finance.htmlhttp://www.canadian-money-advisor.ca/tags/personal-finance.html
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