Top five tips
Stocks are down and retirement savings have shrunk. What to do? One approach is to look on this as a good time to buy low. But with recession in the air, it can be hard to find extra money to set aside for that RRSP or other savings plan. Here are ten tips on how to find a little extra cash to enhance your future lifestyle. (See also: Plan your perfect retirement)
Make the call
Call around to make sure you’ve got the lowest deals on the following: Insurance, cell phone plan, credit card interest rate if you carry a balance, and bank fees. You can put any difference right into retirement savings.
Brown bag it
Yes, we all know this is one way to save money. If you’re looking for inspiration you can try a new take on it: Laptop Lunches (laptoplunches.com) is a fun take on the Japanese bento box and their website has pictures of lunches to inspire. Drop the extra $30 a week right into your RRSP savings account.
The power of accounting
Start writing down every penny you spend. Not only will this exercise add to your awareness (you know you have a slight perfume habit, but do you know how much it’s costing you?) but it may change your behaviour before you actually spend the money. Once the savings trickle in, write down where they are going—retirement savings.
Plan everything
We all know that having a list at the grocery store—and not deviating from it—adds up to extra savings. But you can apply the same principle to what you think of as impulse spending. Plan out what you’re going to spend on spring and summer clothes this year, and even when you’re going to shop. Knowing that you will get a new pair of shoes—just not until May—may help to keep the chances of buying two down.
Double the price
If you find yourself reaching for a luxury item, double the price—and put the extra in savings. It’s a tax on your spending towards future indulgences.
