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Thread: Ways to save money

  1. #226
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    My home is always under renovations and there's always things needed. I love Home Depot as it's convenient and not too far away. Unfortunately in this economy, money is scarce for most. I always purchase $300 gift cards at Home Depot and then it's deferred for 6 months. Then I use the gift cards for smaller purchases that wouldn't qualify for zero interest. I make sure I pay off the $300 after the 6 months, to make sure there's no interest charged to me. It's a great way to save interest and always have the card for the little things. Often we forget items or need to pickup little stuff to finish a project. This way, anyone can drive into town with the gift card to grab what's required.....

  2. #227
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    A good way to is to live on half to three quarter of your income. The part of the income that you don't use automatically goes away in savings or RRSP's and you don't even notice it! This is been working for my family very well for a long time now!

  3. #228
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    We are currently living on 1 paycheck, I was laid off not too long ago. Hubby was laid off twice last year, living on his EI and my small cheques has forced us to be creative! Gotta love the recession

    1. We wash all laundry in cold, and hang about 60 percent of our laundry to dry. Also use less then the "recommended" amount and they still come out as clean.

    2. We bank at PC for most things, and both had a tax free saving accounts. We also only have 1 credit card, a PC Mastercard that we also earn points with. Free groceries are always great, especially during the Christmas holidays.

    3. Do the math, compare the price you will pay no name vs name brand with coupon, pick whichever is cheaper.

    4. we cook and bake mostly from scratch (due to allergies) but it is cheaper!

    5. the heat gets turned down when no one is home or at night when we are sleeping

    6. I stock up on bathroom and cleaning supplies when I can get them for next to nothing.

    7. We buy club packs of beef, chicken and pork and then separate into meal size portions. each has it's own bin in the freezer so nothing gets missed and freezer burnt.

    8. allow yourself a treat, otherwise when you do get a chance you will over do it. Mine are 7/11 slurpees. 1 a weekend is a nice cheap treat.

  4. #229
    Smart Canuck Valiant's Avatar
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    1. Once in while, give yourself a holiday from shopping. See it as work, and take a vacation.

    2. After a bad shopping-experience, boycott the store for a few weeks until your anger is spent. I've saved money this way, and the time-off helps to regain my spending-perspective. Plus, the store clerks treat me lots better when I resume my shopping again.

  5. #230
    Financial Advisor ashedfc's Avatar
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    Saving is fine. But growing your savings tax efficiently, & using the growth for all future needs is even better.
    This way you have the savings & still protect your savings.
    Lot of folks out there, save like crazy & then spend all the saving as if there is no tomorrow.
    Just saving is not enough.
    [email protected]

  6. #231
    Smart Canuck mulock's Avatar
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    For me, I find setting a monthly budget and STICKING to it works. Each month I reduce/adjust the different areas, but the main goal I have is to BANK 1 full paycheck a month. So far, so good, and going on 2 years. The money I bank is being added to my house down payment.

    PS - I'm 33 and the product of a Mom who worked in the banking industry for 25+ years so she instilled all the good money saving tips in me. Now she's says I am even better than her.

  7. #232
    Financial Advisor ashedfc's Avatar
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    Quote Originally Posted by mulock View Post
    For me, I find setting a monthly budget and STICKING to it works. Each month I reduce/adjust the different areas, but the main goal I have is to BANK 1 full paycheck a month. So far, so good, and going on 2 years. The money I bank is being added to my house down payment.

    PS - I'm 33 and the product of a Mom who worked in the banking industry for 25+ years so she instilled all the good money saving tips in me. Now she's says I am even better than her.
    If you are saving for a down payment, than, you might consider keeping this extra savings in an RRSP account (which gives an additional tax deduction, so your savings gets maximized by tax refund), & when you decide to purchase your home, you can withdraw from the RRSP account tax free (up-to $25000), & use as a down-payment.
    This way the same saving is increasing without any extra effort (I am not referring to the growth in the RRSP account, rather, I mean the income TAX saving (or refund - if you are an employee & receive T4 income).
    Add some financial planning to your existing budgeting - you will be surprised with the difference in your financial future.

    I am sending a worksheet from my March Newsletter (you get an idea of your spending habits, & can learn how to manage your spending)

    http://www.data.advisornet.ca/newsle...ing_Record.pdf

    [email protected]

  8. #233
    Financial Advisor ashedfc's Avatar
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    Quote Originally Posted by ashedfc View Post
    If you are saving for a down payment, than, you might consider keeping this extra savings in an RRSP account (which gives an additional tax deduction, so your savings gets maximized by tax refund), & when you decide to purchase your home, you can withdraw from the RRSP account tax free (up-to $25000), & use as a down-payment.
    This way the same saving is increasing without any extra effort (I am not referring to the growth in the RRSP account, rather, I mean the income TAX saving (or refund - if you are an employee & receive T4 income).
    Add some financial planning to your existing budgeting - you will be surprised with the difference in your financial future.

    I am sending a worksheet from my March Newsletter (you get an idea of your spending habits, & can learn how to manage your spending)

    http://www.data.advisornet.ca/newsle...ing_Record.pdf

    [email protected]
    Oh YES, The spending record form is in fillable PDF, so you fill them & take a printout for your future reference.
    Good Luck

  9. #234
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    I'm currently on a Tim Horton's ban for this roll up the rim season. Last year, I spent a ridiculous amount of money and only won 2X, cookies/donuts. So I'm now making my own coffee, avoiding the high fat treats, and saving my pennies.

  10. #235
    Financial Advisor ashedfc's Avatar
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    A coffee a day savings (inflation adjusted) in a TFSA account for over 18yr old, will become 1 million by retirement.

    That's the power of coffee. PM for more info
    Ash

  11. #236
    Smart Canuck Valiant's Avatar
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    Seeing those stacked coffee cups really puts things in perspective.
    I don't buy cups of coffee, but this could be applied to anything.
    We don't realize what we are spending our money on until we see the empties. I've learned a lot about my spending habits just by packing up my recyclables.

  12. #237
    Canadian Genius Abby5's Avatar
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    Quote Originally Posted by Valiant View Post
    Seeing those stacked coffee cups really puts things in perspective.
    I don't buy cups of coffee, but this could be applied to anything.
    We don't realize what we are spending our money on until we see the empties. I've learned a lot about my spending habits just by packing up my recyclables.
    So true

  13. #238
    Smart Canuck starrynight8765's Avatar
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    Wow, i'm late finding this thread but I love it!

    I'm sure many ppl already are members but for Atlantic Canada, if you join the Empire Theatres insiders club they send out coupons and deals. Me and my bf pretty much only go to movies when they have the bogo deals (which is fairly often) so it makes an expensive movie night cheaper. We also go to the drug store to buy snacks instead of paying $15-$20 at the theatre concessions and that saves a lot of money (sometimes we splurge though cause the popcorn always smells so good).

  14. #239
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    I do most of the things mentioned in heer - and learned many more from this thread - Thank you all

    I also buy from Vallue Village/Talize whenever they have the 50% sale - about once every 3-4 months. I am there at 7:00 AM when they open and get lots of deals, for even cheaper than usual!!

  15. #240
    Mastermind Natalka's Avatar
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    I just can't believe the amount of people spend on buying coffee out daily, several times a day. Even if it's only McDonald's, but sheesh if it's Starbucks!

    For me, I liked buying magazines. I stopped.

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