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5 Hidden Ways To Save Money
Whoever invented the ‘latte factor’ or ‘avocado toast’ created a very skewed sense of how to save money. Saving money by cutting back on coffee, restaurants, going out, vacations etc are very difficult ways to save.
They’re difficult because they’re very visible and often very social occasions… plus they’re a lot of fun, so why cut back there?
Hidden ways to save, on the other hand, are the best ways to save. Saving money on things that no one sees, or cares about, makes it easy to save.
This is the secrete to saving money, save money where no one notices.
What someone considers a “hidden way to save” will be different from person to person. Some people really care about certain things, it all depends on what they value. Maybe they really value the car they drive, the house they live in, or only eating free range/grass fed/organic foods, but for many of us these are easy ways to save money, if you do it right.
These are five hidden ways to save money. No needs to know how much you pay for these monthly expenses and saving money in these area’s can be very easy.
The Step-By-Step Guide To Creating A Budget
Budgeting is one of those financial skills that can transform your life. The difference between a solid financial situation and a complete financial disaster can be as little as a few percentage points of your income. Even a few $’s in the right direction, over a long enough period of time, can have amazing results.
The key is to create a budget that works for you and what you value.
Everyone is unique and so is their spending. What I value is different from what you value and our spending will reflect that. Even with the same income, in the same city, we will have vastly different budgets because we value things differently. Making a budget involves understanding those differences and understanding what you value.
It also involves understanding your habits.
Not only do we value things differently, but we also have different experiences. Our spending habits are the result of years and years of experiences with money. Some of these experiences begin at a very young age. The way our parents spend money will impact how we spend money. Sometimes in a good way, sometimes not. Friends, family, coworkers, they all impact our spending habits. You can change habits but fighting too many bad spending habits at one time will lead to budgeting disaster.
It’s good to start slow. Build a budget one step at a time. Practice each step before making your budget more difficult. And if you need help, just ask. Partner up with a friend and hold each other accountable. Or seek out a financial coach to help guide you through the process.
How To Make The TFSA vs RRSP Decision Like A Financial Planner
It’s getting to be that time of year again. Time for taxes, time for RRSP contributions, and time to debate whether a TFSA contribution or an RRSP contribution is the best choice.
RRSP season naturally creates this question for many people. Is an RRSP contribution really the right choice? Or would a TFSA contribution be better?
Unless you’re fortunate enough to be maxing out both accounts, the TFSA vs RRSP decision has been an annual conundrum since the introduction of the TFSA in 2009. If you’re not well versed in the differences between the TFSA and the RRSP, read this intro to the TFSA and this intro to the RRSP to get a better sense of the differences.
The TFSA and the RRSP two of the main tax advantaged retirement accounts in Canada. You can use one, the other, or both to save for retirement.
Using the TFSA alone can be enough for a luxurious retirement, one that is 100% free of taxes. However, in certain situations, the RRSP can provide A HUGE benefit by lowering your lifetime tax bill.
Which one you use depends on your situation, and not just your situation now, but also your situation in retirement. To make the decision even more complex there are also some soft benefits that can help push you toward the TFSA or the RRSP when all the other factors are equal.
Deciding between the TFSA or the RRSP can be tough. Making the right decision could be worth $10,000’s to $100,000’s. If you feel like you need help then please reach out to us. We help clients optimize their taxes and benefits, and choosing between the TFSA and the RRSP is an important consideration. A financial plan from a fee-for-service planner can easily save you thousands of dollars and also make these tough financial decisions much easier.
This TFSA vs RRSP guide takes a financial planner’s perspective on the decision between a TFSA and RRSP. Learn how to make the TFSA vs RRSP decision just like a financial planner would. Look at all aspects of the decision, not just taxes, not just government benefits, but everything.
Here’s how to make the TFSA vs RRSP decision like a financial planner. Each factor is important, but the weight you give each one depends on your own situation and goals.