By Sheryl Smolkin
Over the last year the blogs at savewithspp.com have focused on ways you can spend less and save more. By paying yourself first and allocating a fixed amount to savings each month, you can put your savings plan on autopilot. Here are some additional ideas from some of our favourite bloggers.
Before you start socking away your savings, most financial advisors will tell you to set aside a three to 12-month emergency fund. Tom Drake on Canadianfinanceblog.com discusses why an emergency fund really matters and how to build one.
In Where to find your savings Gail Vaz-Oxlade says nickel and dime-ing is really worth it. If you save $5 a day 20 days a month and put the money in your retirement plan earning 7% on average, in 20 years you will have $55,000. That’s got to be worth $5 a day, and a little time to find it!
Robb Engen on boomer& echo identifies lifestyle enhancers such as cable television, shopping at Costco, paying for a housecleaner and children’s activities as potential budget busters he is keeping a close eye on.
It’s fine to cut corners, but if you think the Fraser Institute got it wrong in a report that says you can raise a child for $3,000/year, you are not alone. Squawkfox blogger Kerry K. Taylor explains why daycare, accommodation and transportation costs have to be factored in to get a true picture.
Finally, Thanksgiving may be over for another year, but Canadians have much to be thankful for every day. Check out Kevin Press’ Brighter Life blog that summarizes findings of an OECD online report that outlines seven reasons to love living in this country.
Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere. Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.