With the days getting shorter and Christmas right around the corner, there’s no denying that the winter season is close at hand. If you live in the South, this may just mean some damp weather, an occasional jacket, and a greater number of cloudy, gloomy days. But for those of us in the North, winter means snow, cold, and ice – and the expenses that go along with such weather-related extremes.
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Money Saving Tips
When you attempt to save money by eating out less, bringing your own coffee to work, etc. make sure that you are putting that money you are savings towards something that will accomplish long term results for you. For example, if you cut out your daily Starbucks run and end up saving $120 per month, direct that $120 each month into your retirement savings account or pop it onto your mortgage payment. By doing so you will be enjoying the effects of compound interest in your retirement account or you will be greatly reducing your interest costs on your mortgage resulting in paying off your house much more quickly. By making your savings work harder for you, you will greatly impact your financial future.
I recently received an email from a reader with a link to an excellent graphic she created about big money wasters. Although the data is based on how Australians spend (and waste) their money, it is safe to say that Canadians and Americans also waste their money on the same things. Some of the numbers may be really surprising, and by sharing this information, hopefully it will help us all to make more informed decisions and lower our wasteful spending.
If you want to go on a family vacation such as taking a trip to Disneyland, a great way to save enough money is to do it as a family. Get the kids involved by encouraging them to think of creative ways they can contribute. Open up a savings account specifically for the trip and then as the funds come in, put them into this account. Give your family frequent updates on how much has been saved so everyone is aware of how far you’ve come and how far you still have to go in order to achieve your goal. If you want to take your savings to the next level, read this guide about how to plan and save big on Disney vacations.
Make it a team effort to come up with the money. It will be fun! Your kids can do odd jobs around the neighborhood to earn extra cash. Perhaps they are old enough to babysit or can pitch in and help with recycling. Collecting cans and getting a refund is a simple way to earn some cash. A lemonade stand is also a fun idea.
Too many Canadians are wasting at least $2 every week by buying lottery tickets. Although it is true that a lucky few do win big, most folks might get a free ticket once in a while, or win a minimal amount of money to keep them hooked.
If everyone who was in the habit of buying lottery tickets regularly decided to save their $2 every week instead, this would mean that they could save $104 per year. Now over one year that doesn’t’ sound like much, but over 10 years that is a savings of $1040, not to mention interest or growth earned from the amount saved.