Here are some concrete saving ideas to help you keep more of your money. Read my recent posts on how to save over $42,500 in just 7 years, even with only a 4% rate of return!
1) Do not impulse buy, only shop for what’s on your prepared list;
(Studies have shown that as much as $3,700 a year is wasted on unnecessary purchases.)
2) Lunch in (not out) more often;
(A average savings of at least $5 per meal when not lunching out. Do this twice a week and you will save $520 a year.)
3) Stop food waste, be creative with leftovers;
(Studies have shown that as much as 35% of our food ends up being wasted, or $2,200 year.)
4) Pay your credit card bills on time;
(It’s obvious, many dollars can be saved when you stop those 18% to 20% interest charges levied by your credit card companies.)
5) Look for cheaper phone plans;
(Even a savings of $20 a month in your phone plan will save you $240 a year.)
Add up all your savings and you are well on your way to top up your TFSA for a more secured future!