A common goal among Canadians is to save more money. When utilizing coupons, rebates, accumulating store points, saving money on insurance premiums or by eliminating expenses – are you really saving? What do you do with those saved funds?
If the money saved just gets spent elsewhere, it’s not really ‘saving’ is it?
Here are some ideas to really help you save money:
Sock it away: Let’s say you’ve just saved $300 a year on your insurance premiums, consider taking that cash and stowing it away for a specific purpose or goal, such as saving for a vacation or a home renovation project.
Save it with a TFSA: Whenever you ‘save’ money by using credit card or store points, consider transferring those savings into a registered Tax-Free Savings Account.
Invest it: When you save money from using coupons or getting a rebate, designate that money to be invested in your retirement with an RRSP. Investing $275 a year for 20 years (at a 6% annual rate of return) would result in more than $10,000 saved! Check out this handy calculator.
Join a Challenge: If you have trouble saving money, consider committing to a year long savings challenge, then save it in your preferred method mentioned above.
If you have other inventive money saving tips, please leave a comment below.
However you plan on utilizing your savings, the first step is to start. Please feel free to give us a call for a home or auto insurance quote – 519-736-8228 or fill out this online quote request.