Sharing some tips we picked up from a recent article by Adam Mayers in the Toronto Star on how you can save your money:
- The 24-hour Rule: Fight impulse buyng by waiting 24 hours before you go ahead and purchase something. If you still want that red dress tomorrow - go back and buy it.
- Bundling: "Bundling services gives the service provider more business in return for a better deal for you". This will apply to banks (if you have RRSPs, RESPs, investments - the bank will want your business and you can negotiate for better fees and rates) & cable and internet.
- Pay bills on time: Paying late fees is a waste and most people end up paying them for lack of planning and management. For example, a late fee for a $3,000 credit card balance at 19% will amount to $50.00. Do pre-authorized payments for utlility bills.
- Shop with a list: Grocery stores are savvy marketers. They know the average shopper is female, 5'5 in height and often bring kids. Why do you think why cereal is placed at a 7-year old's eye level.
- Weekly mortgage: You get four extra payments a year that go to the principal amount owed, reducing your amortization period and interest paid on the life of a mortgage. Better yet, if you can afford it, double up on your mortgage payments when you can.
More tips on the article.
Remember, sound financial management is a good goal to include in your 2013 new year's resolution. Hope this helps.