Money

[CristyCurves 169032]

I am a spendthrift,was left some money and was surprised how fast it can go when you spend ,spend and spend and don't save,duuhhhh!Oh well ,I'm a little better now,investing some,occasionally looking for sales,but still need to work on being the one who always has "her hand in her pocket',when it comes to friends,get togethers,ect.

Are you good with money,a saver,spender,do you have any good money tips you'd like to share?

[tokan 16826]

I try to be a saver, although I can go on splurges with the best of them.

 

One tip I find that works is not to keep a lot of cash on hand, when I keep it in the bank I tend to be more reluctant to withdraw it or use my debit card to buy things I don't really need. Also if you can get to the states and visit some of the factory outlets you can get some ridiculous deals on stuff. You'll have to stay overnight for a day or two though if you don't want to pay duty.

[roamingguy 300292]

I have some savings. What I do, this lifestyle as an example, is pay cash as I go, using disposable income...and avoid credit cards. That way I only spend what has been earmarked to be spent. If I don't have cash on hand to spend, then I don't spend till I get some cash on hand

RG

[mrgreen760 37785]

I never wanted to be owned by my work and planned accordingly. Lived below our means and saved money as I would never be in a pension plan. Have one vehicle (nice one but purchased used) and live in a 100 year old 865 sq foot home with a huge garden that we recently updated. Not rich but very secure and live well and was able to take the last year off to oversee the reno and make a career change. We never gave a darn about keeping up with the Jones or anyone else. To me it's about priorities, I recognize quality and choose to buy less and buy better.

 

I'm lucky and appreciate that I am.

 

Peace

MG

[drlove 37204]

Smart financial planning refers to always living below your means - never at or above. I'm very involved with investing, so now the idea of saving money is second nature. Granted, it wasn't always like that, but then again there are some lessons you have to learn the hard way. However, I digress. Here are some tips: Start by having an emergency fund; that is, try and save up six months worth of income and leave it in your bank account, and only use it for real emergencies.

 

Next, get a financial advisor whom you trust. Open an RRSP and invest regularly, thus benefiting from dollar cost averaging. As a general rule, you usually get a third of what you invest in an RRSP back on your taxes. Take that money and re-invest it. When you get to the point where you are maxing out every year, open up a TFSA. Later, you may want to branch out into real estate. Right now the return on owning a property is better than that of the markets.

 

The best way to do all this is to start small. Train yourself to live on less. track all your purchases and cut out unnecessary expenditures, like lattes, for instance. Try and save at least 10% of your income every month - more if you can. After awhile, you will find that you've developed good financial habits, and from then on your path to a secure financial future will be a piece of cake. :)

[Maverick 2873]

I don't have a credit card and I only keep a little bit of money in my chequing account so my debit card is basically for emergency purchases. I only pay cash, which means I can never spend more than I have, and it means I actually have to put in the effort to get money if I want to buy something, so I only end up buying stuff that I really really want, or stuff that I need.

[Cara Silver 32413]

It's never too late or too hard to start saving. Even if it's just a dollar a day. A dollar by itself is nothing but once they start accumulating it's amazingly soothing.

 

I worry constantly about saving. Knowing that you're slowly building something is a great reason to tell your anxiety to go away for another day :)

[Boomer 33202]

I was rather lucky in that the company I worked with for many years offered a share purchase plan. I contributed 10% of my salary and they made a contribution. Once you start a regular savings program like this you don't miss the money when your pay comes in. Although not many companies offer this sort of vehicle, many will deduct for an RRSP or the like, and it's not missed after a while.

 

Bottom line, many years down the line there's a nice nest egg.

[drlove 37204]

P.S. Here are a couple of other tips I forgot to mention in a previous post: There are certain bank accounts out there that will waive their monthly fees if you maintain a certain minimum amount of funds in it - great way to avoid bank charges. Also, if you use a credit card, make sure you use one with a point/loyalty system e.g (cash back, travel points etc.) Preferably it will be one without an annual fee, but if you spend enough, cards with a fee attatched can be worth it as well. Also, try reading a book called "The Automatic Millionaire" by David Bach. His system and advice will get you started on the right path.

[oldblueeyez 15475]

One thing I somewhat envy about Providers is that the government sees only what they want them to see. With all the talk about savings accounts, RRSPs, etc, I just want to remind you to invest only what a person in your reported income bracket would realistically invest. As for what the government doesn't see, maybe bullion coin collecting?

 

Maybe you could start a little side business in a field you fancy? Do you make something as a hobby which you could sell online or at a local market? Or maybe do some webcam shows during your downtimes? With a body as well endowed as yours, you needn't show your face on webcam, or you could just wear a mask. Just a couple of ideas for generating a little extra cashflow.

 

As for vehicles, owning them sucks and is very expensive; if you live in an urban area, screw them; use taxis, walk, bus, and rent a car if you want to go for a weekend drive/getaway. I'm sure you know all about Value Village and Sally Anne; I recently bought a snazzy coat for $5 which everybody compliments me on.

I don't recommend cheaping out on food; you are what you eat and if that's canned/fozen/drive-thru processed foods then your body will suffer sooner or later and that means big medical expenses later on in life.

 

You have to make a list of what's important to you in life, from the most important down to the least, and start chopping from the bottom.

 

My list goes:

1. Wine

1. Women

1. Food

 

If you drink beer or wine, try making your own. It can be surprisingly good!