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On this wall you can expect to learn several easy ways to save your hard earned money.

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Do This EVERY Time You Get Paid (Paycheck Routine)

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A problem that many people have is overestimating the amount of money they have after receiving a paycheck. In the following video, you will find tips and tricks to help you maximize your paycheck. Vincent Chan's 8 steps are very comprehensive and useful if you are trying to save your money.

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If you're saving for short-term goals, consider using these FDIC-insured deposit accounts:

Savings account

Certificate of deposit (CD), which locks in your money for a fixed period of time at a rate that is typically higher than savings accounts

For long-term goals consider:

FDIC-insured individual retirement accounts (IRAs), which are tax-efficient savings accounts

Securities, such as stocks or mutual funds. These investment products are available through investment accounts with a broker-dealer. Remember that securities are not insured by the FDIC, are not deposits or other obligations of a bank and are not guaranteed by a bank. They are subject to investment risks, including the possible loss of your principal.

Tip: You don't have to pick just one account. Look carefully at all of your options and consider things like balance minimums, fees and interest rates so you can choose the mix that will help you best save for your goals.

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How to Save Money - 8 Simple Ways to Start Saving Money

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If you're saving for short-term goals, consider using these FDIC-insured deposit accounts: Savings account Certificate of deposit (CD), which locks in your money for a fixed period of time at a rate that is typically higher than savings accounts For long-term goals consider: FDIC-insured individual retirement accounts (IRAs), which are tax-efficient savings accounts Securities, such as stocks or mutual funds.

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The Bank of America's guide to saving habits is short and easy to read considering how comprehensive it is. They talk about budgeting, and setting goals for yourself. They target the day-to-day things that will help you save in the long term. It is a very reliable and intelligent article from one of the largest banks in the world.

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This video by Canada Couple on YouTube is a list of 10 quick tips you can use as someone who is trying to save money in Canada. Partnering with CPP investments, they outline 10 things you should be thinking about on a day-to-day basis, as well as some things to consider for the future.

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Save on a daily basis

1. Avoid impulse purchases by taking some time to think and drawing up a personal budget. Give it 24 hours or even a week before you decide to buy something. This will help you decide if you really need the item so you can be a responsible consumer.

2. Reduce your electricity bill by adopting the right habits.

For example, did you know that washing your clothes in hot water can be up to 18 times more costly than washing them in cold water?

3. Buy store-brand products. They're less expensive than name brands and the quality is often just as good.

4. If you're renovating, consider renting tools that you don't use often. It's more cost-efficient and the tools won't take up space in your storage.

5. Make your morning coffee at home. You'll save without even realizing it. Set aside the money you would have spent on coffee each week so you can put it towards a goal.

Save on groceries

6. Do your groceries after a meal or have a snack just before. Shopping on an empty stomach may lead you to spend more. And draw up a list to avoid impulse purchases.

7. Draw up a budget and a shopping list by checking out online flyers to find deals. You can even use specialized apps to see what's available.

8. Check out the upper and lower shelves at the grocery store. That's where the more affordable products are often located.

9. To find the most cost-effective size, compare the price per quantity by reading the labels on the shelves.

10. Prep your own fruit and vegetables. Pre-assembled snacks can cost twice as much as unprepped food.

11. Reduce your meat consumption to save on your grocery bill. Why not start by having one or two meatless meals per week?

Save on transportation

12. Use a bike to get around when possible. It's a handy way to save on gas while staying active. Notify your insurer that you're using your car less than you used to-you might get lower rates.

13. If you need a vehicle, get a used car. You'll avoid depreciation. And why not get a hybrid or electric vehicle? You'll save on gas.

14. Before you buy a car, use an online comparison tool to find cheaper options.

15. To reduce your gas bill, take your foot off the pedal. Driving at 100 km/h on the highway uses 20% less gas than driving at 120 km/h.

Save on your internet, TV and mobile bills

16. Take a look at your usage habits to see if you're paying for anything you're not using.

Example: Spending more time at home? Odds are you're using less phone data. You could change your phone plan so it matches your daily usage.

17. Consider renegotiating your contract. Sometimes all you have to do is ask for a discount. Shop around with your actual usage habits in mind, take a look at affordable providers or purchase a second-hand device.

18. Bundle your Internet, phone and TV services together. This could help you save.

Save on child-related expenses

19. Limit the amount of gifts on birthdays and during the holidays. Give hand-made gifts and second-hand items. It's good for your wallet-and for the planet!

20. Purchase your children's clothing from thrift stores. There are many second-hand stores with online platforms. You'll find long-lasting clothes for a fraction of the price.

21. Save big by buying hockey and ski equipment used. Some specialized stores even offer credit in exchange for sports gear that doesn't fit anymore.

22. Get government subsidies for your children's education when you contribute to a Registered Education Savings Plan (RESP).

23. Many colleges and universities hold used book sales at the beginning of the semester. You can also find cheap textbooks on social media or on school forums.

Save on travel

24. Support local tourism and go on an adventure in your own province, instead of paying to fly overseas and stay in hotels.

25. Seek out free lodging for your next vacation. Check for availabilities on specialized websites.

26. Look into changing your cell phone plan to avoid a huge phone bill when you visit another province or country.

27. Being flexible on your travel dates could help you save. Consider different dates for your vacation. Leaving a few days earlier or later could prove to be much less expensive.

Save on going out

28. Many cities offer free cultural activities such as conferences, shows and virtual museum visits. They're a great way to have fun for a fraction of the price.

29. Organize a picnic at the park instead of ordering food online. It's a lot more fun and it's a great way to enjoy the summer. Plus, you'll avoid food waste.

Save on taxes and financial services

30. Accelerated mortgage repayment could help you save tens of thousands of dollars.

For example, by making an additional $2,000 payment every year on your $300,000 mortgage at a fixed rate of 5% over 25 years, you'll pay $41,252 less in interest and you'll pay off your mortgage earlier than planned.

31. Try to pay off your credit cards in full every month. Otherwise, watch out for interest (link to external site): a $2,000 purchase at a 20% rate will end up costing you $4,240 if you only make the minimum monthly payment.

32. Use your bank's ATMs when making withdrawals to avoid transaction fees.

33. Shop around for your home and auto insurance when they're up for renewal. Premiums vary widely from one insurance broker to another. In some cases, you could reduce your premiums by grouping all your insurance plans under the same insurance broker.

34. Consider joining the pension plan in which your employer contributes an additional amount. You'll be contributing more and it's usually very beneficial for you.

35. If you have a spouse and one of you is retired, you could split your pension income to pay less tax. This tax strategy involves transferring (on paper) part of the retirement income from the spouse with the higher income to the other spouse. If the wealthier person moves to a lower tax bracket, you will pay less tax as a couple.

There are many ways to save money without having to sacrifice too much-from changing your shopping habits to thinking before you spend. Start by applying the tips that seem most realistic. Then take the money you've saved and invest it in your savings, your insurance plans and your emergency fund, and devote the rest to projects that are important to you! Schedule an appointment with our specialists to get some support.

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Has your income decreased? Do you have goals but find it hard to save? Here are tons of tricks to help you save and optimize your budget.

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35 tips may seem like a lot to remember, but the best thing about this article is that it is an easy-to-read list, that you can refer back to at any time. They are great things to have in your mind during your day. There is an especially helpful section that pertains to saving money as a student. There are also other sections about transportation, groceries, and other daily and monthly expenses.

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How I Save Money on a Low Income In Canada (Money Saving Tips)

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In this video, we get a more personal look at the ways you can save money with a low income. Partnering with Wealthsimple, Robin Haney gives a few important saving tips, as well as an idea as to what your mindset should be when you are trying to save. It can be helpful to get a real-life look at the ways that someone has found to help them save their money. Haney provides some great insight into the way you should be thinking about your money.

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Monthly Expense Tracker, Calculator & Spending Planner - Budgeting

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Resources to help track your monthly expenses.

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This monthly expense tracker is one of the simplest yet most helpful ways for you to keep an eye on your money. Provided by nomoredebts.org, this excel spreadsheet gives you a simple list of income sources and expenses, with an easy way of calculating your budget.

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How To Save Money On ALL EXPENSES in Canada - Frugal Living Tips (Ultimate Guide)

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If you are looking for a more in-depth video guide, this 30-minute video by Charlee Wayne is a great option. If you are interested in sitting down and learning about how you can save every dollar that you can in one video, it is provided here. From housing and utilities to personal hygiene costs, everything that can dip into your monthly profits is covered.

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Think about your financial goals

Saving and investing can help you reach your financial goals. Writing goals down is a good idea.

To figure out what savings and investments are right for you:

identify and prioritize your goals, such as saving for retirement or a down payment for a house

set a dollar amount for each goal

set a timeframe to reach your goals

As you get older, your financial goals will change. Review your savings and investing plans from time to time.

Keep in mind you're generally better off paying down debt first. This is because the interest you pay on debt is usually more than what you can earn by investing.
To help you get started, fill out the investment goals worksheet. Get tips on managing your debt.
Set a date to reach your goals

Your goals may be:

short-term (2 years or less)

medium-term (3 to 5 years)

long-term (6 years or more)

The amount of time you have to achieve your goals can affect how you plan to save and invest.

Save and invest for the short term

If you're saving for an emergency fund or a major purchase within a year or two, your focus will be on building your savings. You'll want to keep your money protected and easily accessible.

Short-term savings and investment options

savings accounts

short-term deposits

short-term guaranteed investment certificates (GICs)

cashable savings bonds

Ask your financial institution or advisor about the different types of short-term investments they offer and how they work.

Save and invest for the long term

If you're putting money away for a long-term goal, such as your retirement or your child's education, you may want to consider a broader range of investment types.

Longer-term investment options

bonds, such as Canada Savings Bonds

mutual funds

index-linked deposits

stocks

long-term deposits

long-term guaranteed investment certificates (GICs)

Keep in mind that some investments are complex and can be risky. Talk to an investment professional or financial advisor to find the investment that is right for you.

Longer-term savings options

Registered retirement savings plans (RRSPs)

Registered education savings plans (RESPs)

Registered disability savings plans (RDSPs)

Tax-free savings accounts (TFSAs)

Figure out your comfort with risk

Many investments offer the potential for a higher rate of return but also involve some level of risk. However, the risk may be more acceptable if your goal is longer-term because you have more time to recover any financial losses.

Your comfort with risk depends on your emotional willingness to accept risk and your financial ability to absorb loss. This is known as your risk tolerance or risk appetite.

There are many different types of risk including:

the risk that your investments will lose money if domestic or global markets decline

the risk that an investment cannot be traded quickly enough to prevent a loss

the risk that the value of your investments won't increase enough to keep up with the rate of inflation

the risk associated with investing in certain types of businesses, like a business that is part of an unregulated industry

More risk may be acceptable if your goal is longer-term because you have more time to recover any financial losses.

Decide if you want to invest on your own

Investing on your own may be an option if you:

are confident about your investing knowledge

have the time to follow developments in the financial market

Many people work with a financial advisor or planner to help them plan and achieve their financial goals.

​​Related links

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personal finance; investments; securities; stock markets; savings; bonds; banking; financial management; financial services

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Tips to help you set financial goals. Find out about long-term and short-term savings and investment options. Figure out what risk level suits you and if you should invest on your own.

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The Government of Canada's website page on savings and investments gives the reader insight into setting goals for their money. It outlines the government's many savings provisions, as well as the safest ways to invest your money. They talk about the risks involved with investing, and how you can start making money with your savings.

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Here is a helpful visual of how the average person should be splitting their money up on a weekly or monthly basis.

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Here is a simplified version of what many people refer to as the 50/30/20 rule. A simple rule to follow that can be applied to anyone's budget.

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Hopefully after looking through some of the research in this padlet, you have a clearer idea of budgeting and savings. Using these websites, images, and videos, you should be well on your way to gaining more financial freedom. While it takes time, these rules and tips can speed up the process and allow you to save as much as you can, and hold yourself accountable.