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2MuchMark · 12-15-2015, 11:26 PM

Too bad that "shopping" is the first item on the "how to save money" list. I would suggest that the first item be SAVE MONEY FIRST.

It's a simple trick but it works really well.

Regardless of how much money you make, the very first thing you should do with every pay check or commission check, is put some of it into a savings account right away. In other words, pay your savings account FIRST, before you buy anything. If you make $500 a week, pay yourself $50 FIRST. If you earn $1000 a week, pay yourself $100 FIRST..

Your savings account will add up fast. After you get a thousand or so in it, go to your bank and invest it into anything they have to offer such as a GIC or Term Deposit, even if the interest is low. Forcing yourself to save and getting some of your money slightly out of reach, you learn to live without it.

If you have more money coming in but lack good savings discipline, consider this crazy idea : Borrow money from the bank to purchase an RRSP (Canada).

Here's why: Let's say you borrow $10k from the bank and buy a $10k RRSP. First, it's an easy loan to get because the RRSP helps act as your guarantee to the bank. While the cost of the loan is more than the return on the RRSP, it still forces you into the habit of saving money because you have to pay back the loan, and, the cost of the RRSP can be deducted from this year's taxes. Of course, do this for only smaller RRSP's. Don't borrow more than you can afford to pay back in a year.

Here's another : STOP USING YOUR CREDIT CARDS WHEN YOU SHOP. If you go out shopping and really want to buy that shiny new thing, use your debit card to buy it. If you don't have the money or can't afford it, don't buy it. Save some money and try again next month.

Speaking of credit cards: If you are carrying a balance on several different cards, pay the card with the biggest debt and / or the biggest cost first, while making at least the minimum payments on all of your other cards. As you pay down each card to zero, concentrate your efforts on the other cards in the same order.

12-15-2015, 11:26 PM
2MuchMark Videochat Solutions Industry Role: Join Date: Aug 2004 Location: Canada Posts: 49,007	Too bad that "shopping" is the first item on the "how to save money" list. I would suggest that the first item be SAVE MONEY FIRST. It's a simple trick but it works really well. Regardless of how much money you make, the very first thing you should do with every pay check or commission check, is put some of it into a savings account right away. In other words, pay your savings account FIRST, before you buy anything. If you make $500 a week, pay yourself $50 FIRST. If you earn $1000 a week, pay yourself $100 FIRST.. Your savings account will add up fast. After you get a thousand or so in it, go to your bank and invest it into anything they have to offer such as a GIC or Term Deposit, even if the interest is low. Forcing yourself to save and getting some of your money slightly out of reach, you learn to live without it. If you have more money coming in but lack good savings discipline, consider this crazy idea : Borrow money from the bank to purchase an RRSP (Canada). Here's why: Let's say you borrow $10k from the bank and buy a $10k RRSP. First, it's an easy loan to get because the RRSP helps act as your guarantee to the bank. While the cost of the loan is more than the return on the RRSP, it still forces you into the habit of saving money because you have to pay back the loan, and, the cost of the RRSP can be deducted from this year's taxes. Of course, do this for only smaller RRSP's. Don't borrow more than you can afford to pay back in a year. Here's another : STOP USING YOUR CREDIT CARDS WHEN YOU SHOP. If you go out shopping and really want to buy that shiny new thing, use your debit card to buy it. If you don't have the money or can't afford it, don't buy it. Save some money and try again next month. Speaking of credit cards: If you are carrying a balance on several different cards, pay the card with the biggest debt and / or the biggest cost first, while making at least the minimum payments on all of your other cards. As you pay down each card to zero, concentrate your efforts on the other cards in the same order. __________________ Custom Coding \| Videochat Solutions \| Age Verification \| IT Help & Support www.2Much.net