The government has given us a couple of great ways to save for the future. Using RRSPs and/or TFSAs can help you save money and save on taxes.
Financial Literacy Share Your Tips
| Tip #1 – nadiaf I stopped buying coffee every morning on my way to work instead making it at home and putting it in a travel mug. I estimate that I save $15 each week which I put aside in my emergency fund. |
| Tip #2 – Money Maven I use a simple notebook and track every dollar I spend. I also keep every receipt so I can confirm charges on my credit card and bank statements. |
| Tip #3 – Sally in Oshawa For the last few months I have taken all my spare change and added it to my 'money jar' at home. At the end of each month I go to the bank and deposit it into my emergency fund. Amazing how much adds up. |
| Tip #4 – ashley Don't spend more than you make. |
| Tip #5 – Bob from Brampton I wait 48 hours before committing to a large purchase to make sure I really want it. |
| Tip #6 – Mandy from Montreal I bring food from home to work so I can save money |
| Tip #7 – Jenny I share books and movies with friends so I save money on purchases and rental fees. |
| Tip #8 – dreamer57 I talk with my children about money and have them understand how many hours I have to work in order to pay for something they want. |
| Tip #9 – Baller23 Look into buying only slightly used sports equipment if you are a sports nut like me. Saves lots. |
| Tip #10 – LC Learn to be happy with what you have. Over-consuming won't make you happy; it will make you broke. |
| Tip #11 – Kat Teach your children about the four main pockets of finances: spend, save, invest and donate. Give them an allowance every week,if you can, based on their age and guide them. |
| Tip #12 – anita from Toronto Open a separate savings account that you do not have access to through your bank card. Have the bank do automatic deposits into this account from your daily spending account. Watch how quickly the money grows when you can't access it without physically going into a bank. |
| Tip #13 – Mother of 2 children under 2 Every dollar that is given to my children I save for their education my children are under 2 and have over $14,000 saved (and they will never know about this money because once they do they will want to spend it on a car) |
| Tip #14 – Banker Call your bank - some banks offer a saving program linked to your debit card so every time you spend money on your debit card they round the figure to an even number and save it in another bank account. So if you were to buy a coffee for 2.25 they will round it up to 3.00 or more and you have automatically saved .75. It really adds up (I know Scotiabank does this but I'm assuming other banks do it to) |
| Tip #15 – Donald Pay off your credit card every month. (If you really can't, pay off what you can now, stop using the card until it's at zero, and pay for everything using cash only.) It may hurt but it will be such a load off your back. |
| Tip #16 – Mother of Three I'm not as bad as those families in the US but I use coupons to help me save on general household supplies and food. With three kids every little bit of savings helps. |
| Tip #17 – GreenWithEnvy My biggest tip is to be happy with what you have. As long as you have a roof over your head, some food in your stomach and clothing on your back it doesn't have to be about the brand. We need to be okay with what we have. |
| Tip #18 – Tom43 I took the big step and sold my car. Since I was living in the city it didn't make sense to keep it and pay on average $600 to maintain and run it when you factor gas, parking, insurance, maintenance etc. |
| Tip #19 – WillSave My wife and I sold one of our cars and now share the car. She rides her bike as often as possible to work, so it is healthier too! |
| Tip #20 – Jenny Stick to your grocery list! I can't stress how much this saves. And stay away from the middle of the store...just shop the outside isles whenever possible....it will save you money and helps you eat better. |
| Tip #21 – Frank Open an RESP for your kids. Guaranteed 20% return, best investment you can make. |
| Tip #22 – Debbie My husband and I decided to open up an RESP and start putting money away for our son when he was just a month old. It will make a big difference in the long run. |
| Tip #23 – Monica Every time our paychecks come in, we try to stick to our budget. If there is any money left over, we carry it in to the next month. |
| Tip #24 – Susan When I was a teenager and wanted something in style, my parents suggested I get a part-time job to pay for it. That way, I would appreciate the value of a dollar. |
| Tip #25 – Lisa I prefer to use my debit card, because when I have cash in hand, it tends to disappear more quickly! |
| Tip #26 – Daniel During the summertime I turn on the AC in low instead of high and leave a fan on at the same time so it still feels cool. |
| Tip #27 – Sailor4 My girlfriend and I buy liquor at the LCBO and drink before we go out clubbing on the weekends rather than buying expensive drinks at the club. |
| Tip #28 – Dino I grow organic vegetables in my backyard, which is much healthier and cheaper too. |
| Tip #29 – Canadianangel The new Iphone IOS 5 system allows people to send free txt messages to other iphones with IOS 5, just like BBM does for Blackberry users. |
| Tip #30 – Smart71 Craigslist has a Free section where you can get free electronic devices and furniture (be careful with bedbugs, though!). Even if it's not for free you can still buy stuff for way cheaper than in a retail store and sometimes they've never even used the products. |
| Tip #31 – Marcie If you get insurance benefits at work I recommend you asking for the manual and seeing what is offered because sometimes you don't even know that you can get medication discounts, free spa treatments and physical therapy sessions. |
| Tip #32 – Plato If I have more than 3,000 dollars if my checkings account I don't have to pay some maintenance fees. So I pretend a 3,000 dollar balance is 0 and work from there. I manage to save 30 to 35 dollars a month by doing that, more than 360 a year. |
| Tip #33 – Camire Every month I take a certain amount of money from my bank account and place it into my budget. When I leave for the day, I leave my credit card at home and use the cash in my pocket - I do carry my debit card JUST in case of emergencies! That being said, I can only spend money I have earned vs money from VISA+interest. |
| Tip #34 – Ilsah When I go to work I make sure not to buy lunch so that I can afford to save more money. |
| Tip #35 – DadSaves Put your kids on a structured allowance. When you teach them about money, you will think about it more yourself. |
| Tip #36 – JayLondon Stay away from cash-stores! The fees and interest can add up faster than you think. I may seem easier, but it will cost you in the long run. |
| Tip #37 – Mark99 My family has switched to a cash economy and it saves us over $500 a month in non-essential costs...until you pay cash you never will see how much those lunches, coffees, and dinners out cost you. |
| Tip #38 – Alex I have started using the library more often. Not buying books (my favourite thing to shop for) is saving me hundreds a year. Now I put the money aside for travel in my retirement. |
| Tip #39 – Nikki I am an avid reader but books can be expensive. I visit my local library twice a month to check out books that I want to read. If they don't have it I tried to trade with friends. |
| Tip #40 – BusyMom Since I don't let my kids watch TV, I cut out our cable costs but since I have internet in my building I don't miss out because I can watch my favourite shows online. |
| Tip #41 – DaddyDayCare To help out other neighbour fathers, I offer them car service for the kids. Since they all go to the same school it is a great way to save the environment and pocked a few dollars. The money goes straight into our savings jar. |
| Tip #42 – WorkingGirl Meeting with my company's HR department on a regular basis is a great help. I can make sure I am maximizing all my benefits and not paying for a massage if it is covered. |
| Tip #43 – Kevin Turn the lights off when you're not using them. |
| Tip #44 – Consumer Protection BC One of our staff uses an "envelope" system. They have a budget for different items (i.e. entertainment, clothes, groceries), they take out out the cash and put it in the envelope. Once the money is gone for the month, it's gone! No over spending! |
| Tip #45 – Debt Dieter Use Cash!! You can see how fast it goes, unlike debit when its a huge surprise when you just got declined! |
| Tip #46 – Peter D A friend recently discovered he was paying about $30 MORE than his montly bank fee of $9 because of "excess debit transactions" I looked over my banking statement and realized that I could save money by using my credit card to accumilate reward points, and make one big payment every week or two. It's a win-win for my bank statement, and my reward points. |
| Tip #47 – lamarr My wife has a better driving record, so it is cheaper to register the vehicles under her name. It saves $33 a month! Yes she rubs it in |
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