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.
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Tom Drake is the owner and head writer of Canadian Finance Blog.
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Yes even i have heard about the phrase and it is indeed a smart way of saving some money and more so in recessionary times. Make sure that you do it in a regular basis to make some good use of the money. So keep this is mind
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Hey nice post i have ever seen.Keep blogging and sharing new ideas