You’ve probably heard this phrase before, Pay Yourself First. This is likely the easiest way to save money. Many people say they’ll save whatever money is left over at the end of the month. The problem with that is the temptation to spend on “must have” items. Then at the end of the month, there is no money left to save.

Be paying yourself first, you save a set amount each time you get paid. The usual advice is 10% of what you make, but any amount that you can comfortably do is better than not saving at all. You could have you employer deduct money straight from your paycheque and put it into Canada Savings Bonds. A better long term idea would be to set up a TD eFunds account and have an automatic withdrawal a day or two after your pay date.

You will find that this simple saving concept can add up quickly and you won’t likely miss the money. Once you’re comfortable living on the remaining cash flow, you can then accelerate your savings rate by saving the future raises you receive at work.

• 95+ Money Saving Tips - From the readers!
• Money Saving Tips - 02/02/2007
• Money Saving Tips: 122 Ways To Trim Your Budget

Related Posts:

• Use Your Raise To Increase Your Savings
• Investing Your Charitable Donations Credit
• Where To Find Other Sources Of Income