What do experts see as the three best ways to save money?June 18, 2020
Saving is such a broad topic. Books, TV programs, podcasts, educational courses and many other helping resources all exist to help us learn how to save.
But wading through all that audio, video and text can be pretty daunting. Save with SPP decided to do a quick combing of the sands of the Internet to search for a few nuggets of saving wisdom.
At the How Stuff Works blog, there are actually 10 top ideas presented, but let’s focus on the top three. First, the blog says, you must “make your money work for you.” The blog suggests that money left over after all the bills are paid can be invested in interest-bearing accounts and savings vehicles.
“You define the terms — how long it will take to mature — and that money goes away. When it comes back, it brings more money with it,” the blog explains.
The second tip offered here is “making – and sticking to – a budget” so that you know where the money you spend is actually going. You need to be honest, and fully aware, of “the money you make and the money you spend,” we are advised.
Coming in at number three is the importance of having an emergency fund. We all know all about that.
It’s a similar tale over at the Modern Mix Vancouver blog.
This blog advises that we “plan ahead; and look back.” A budget is great – if you are following it. So review your expenses every month, and plan as much as you can in advance. “Stock up on non-perishable items when they are on sale, like jars of pasta sauce, dried noodles, canned beans and chickpeas… and shop for fruits and veggies that are in season,” the blog suggests.
A second tip is to use loyalty cards. The author cites Starbucks, Sephora and Shoppers PC Optimum points as examples of where you can earn points to redeem on free stuff simply by signing up.
The third tip here is to “live credit-free and avoid interest fees.” Don’t carry a balance on those cards and if you have done so, work hard to pay off your debt – the interest you pay is significant.
At the My Canada Payday blog, the advice is tailored towards those of us who are struggling with our finances. Their first tip is to try and stretch your precious dollars.
“While saving money can be difficult when funds are low, there are generally certain steps that can be taken to truly get the complete bang for one’s buck,” the blog suggests. Look for a bank that offers low fees, the blog suggests – you’ll be surprised how much you can save.
A second idea is to sell off any items you’re not using, either online or through a yard sale. “Upon attaining these extra funds, putting them aside is a proactive way of getting used to saving money,” the blog advises.
Finally, if you’re having trouble making ends meet, the blog suggests looking for a way to “increase (your) earnings.”
You might be able to become an Uber or Lyft driver, delivering people or groceries, or you could look for online freelance projects, the blog suggests. This added income may be enough to lift your prospects, the blog concludes.
These are all sound ideas. Save with SPP will add one additional one that has worked over the years, and that is the concept of “paying yourself first.” Direct money from your paycheque into savings, whether it’s a retirement fund, an emergency fund, or a savings account, and then let that money grow. It doesn’t have to be a huge amount – you will be surprised how quickly the dollars will pile up.
The Saskatchewan Pension Plan permits automated savings. You can set things up so that an amount is automatically transferred to SPP from your account at regular intervals, such as paydays. That way, you’ve done your savings before you have a chance to spend the money. Check out SPP today.
|Written by Martin Biefer
|Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. A veteran reporter, editor and pension communicator, he’s now a freelancer. Interests include golf, line dancing and classic rock. He and his wife live with their Shelties, Duncan and Phoebe, and cat, Toobins. You can follow him on Twitter – his handle is @AveryKerr22|
Feb 26: Best from the blogosphereFebruary 26, 2018
This week we feature content from old friends and new dealing with a range of interesting issues.
On You and Your Money, Ed Rempel writes about Understanding the Differences Between Financial Advisors and Brokers. He says, “I do think everyday investors are much better off if they have someone in their corner who is recommending a particular investment product because it actually is the best product for them, given their circumstances and life stage. Not because there’s a commission on the sale at the end of the day.”
Doris Belland on Your Financial Launchpad tackles How to deal with multiple requests for donations and money. According to Doris, “The key is to run your financial life deliberately and consciously. Instead of barrelling through life with your nose to the grindstone, dealing with a plethora of urgent matters, spending on an ad hoc basis depending on which squeaky wheel is acting up, I suggest you make a plan and decide ahead of time which items are worthy of your valuable monthly cash.”
If you are spending a lot on Uber, should you buy a car? Desirae Odjick addresses this question on her blog half/BANKED. If you are laying out a large sum (say $1,000) every month on Uber, she agrees that a car makes sense. But if it’s a seasonal thing in really cold weather when you cannot easily walk, bike or take public transit she nixes the idea.
Mark Seed at My Own Advisor interviews Doug Runchey about the perennial question, Should you defer your Canada Pension to age 65 or 70? Runchey suggests that the main reasons for taking CPP and OAS as late as possible are:
- You don’t necessarily need the money to live on now.
- You have good reason to believe that you have a longer-than-average life expectancy.
- You don’t have a reliable defined pension with full indexing, and the CPP and OAS are integral to your inflation-protected, fixed-income financial well-being.
- You are concerned about market risk to your savings portfolio.
- You aren’t concerned about leaving a large estate – so you use up some or all personal assets before taking government benefits.
And finally, Maple Money’s Tom Drake puts the spotlight on Canada’s best no annual fee credit cards and the perks they offer. His list includes the:
- Tangerine Money-Back Credit Card
- President’s Choice Financial Mastercard
- MBNA Rewards Mastercard
- SimplyCash Card from American Express.
The features of each of these cards and a link to the relevant website are included in Drake’s blog.
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 on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.
|Written by Sheryl Smolkin|
|Sheryl Smolkin LLB., LLM is a retired pension lawyer and President of Sheryl Smolkin & Associates Ltd. For over a decade, she has enjoyed a successful encore career as a freelance writer specializing in retirement, employee benefits and workplace issues. Sheryl and her husband Joel are empty-nesters, residing in Toronto with their cockapoo Rufus.|
Side hustles you can take to the bankOctober 6, 2016
By Sheryl Smolkin
If you are having trouble making ends meet you can spend less, get a job that pays more money or work more hours. Spending less will only take you so far in your quest for a balanced budget and better paying jobs are not always easy to find, particularly in the short-term.
However, there are lots of options available if you want to put in more time. Where overtime is readily available in your primary job, taking on a few extra shifts could be the answer. Otherwise, you may consider taking on a part-time job, or to use a newer expression in the workplace lexicon — find yourself “a side hustle.”
Before you commit to a regular part-time gig it’s probably a good idea to think about any potential conflicts with your primary position. First of all, if you have the kind of job that doesn’t end promptly at 5 PM, you can’t plan to start work somewhere else across town an hour later. Also, if your day job is at Apple, it’s a safe bet that part-time work at Microsoft will be viewed as an untenable conflict of interest.
Potentially lucrative side hustles are more available than you think, and many can be done from the comfort of your own home. For example:
- Seasonal work: Retail establishments frequently hire extra staff for the Christmas holiday season. A party store in my neighborhood is looking for staff for their busiest time of the year, which is Halloween. You can bet that after the first big snowfall lots of people would be thrilled if you offer to shovel their driveways.
- Blogging: I’ll be the first to admit that making money via personal blogging about a subject of interest is not a slam dunk. The major advantage for me has been the exposure which has led to regular well-paid writing jobs. But there are lots of bloggers out there who have thousands of readers and generate revenue from goggle ads and industry players.
- Complete surveys online: Big brands need consumer opinions on their products, advertisements and identity. Your feedback will help them to improve and grow. To show their appreciation they will reward you for your time on reputable market research panels. Companies typically pay through PayPal or in the form of gift cards. You won’t make a fortune but every little bit helps.
- Sell your photos online: Do you take amazing photos? You can actually sell your photos online at places like iStockPhoto, Shutterstock, Fotolia, and Bigstockphoto. Photos can be sold over and over again, allowing you to earn a residual income.
- Transcriptionist: If you have excellent keyboard skills you can get piecework transcribing everything from audio interviews to meetings to legal proceedings. This can be done on your own time, but make sure you understand the minimum weekly quotas and how much you can reasonably expect to earn.
- Customer Service Agent: One position I saw advertised online is for fundraising agents who make outbound calls to existing and past supporters of some of the largest charities across Canada. Each day, representatives speak with donors to help raise funds, respond to emergencies, renew support, sponsor children, and provide other worthwhile opportunities for charitable giving.
- Airbnb: Are you an empty nester with one or more empty bedrooms in your home or a currently unused basement apartment? Consider sprucing them up and renting them on Airbnb. However, before you start, check the zoning in your area to ensure short-term rentals are permitted.
- Driving: The future of Uber in many parts of Canada including Saskatchewan is up in the air. But if you are available evenings and weekends you may be able to make money using your own car to transport other people around as Lyft or Uber drivers. If this option appeals to you, make sure to check with your insurer to see if you have the proper coverage.
- Baking: Does everyone love your banana bread? Is your cheesecake to die for? How many free wedding or shower cakes have you baked for friends? If you love baking, why not start a home-based business? You can set up a Facebook page with lots of pictures of your work and before you know it you will have more business than you can handle.
- Caregiving: Most daycares close by six PM, but not all jobs are 9-5. People who work shifts are always looking for experienced caregivers to cover evenings and weekends. Similarly, many elderly people have regular caregivers but their families need occasional respite care.
These are only a few of the dozens of possible side hustles that can earn you extra money to pay the bills. Any hobby has the potential to be turned into a business. However, it is important to realistically assess how much time and energy you have and the possible impact working more will have on your family and your performance in your day job, before you take on extra work.
Here are some additional articles with lots of other ideas you may be interested in:
99 Side Hustle Business Ideas You Can Start Today
50+ Ways To Make Money Fast By Side Hustling
The Top 68 Side Hustles: Add Some More Money to Your Life
29 Smart Ways to Make Money on the Side in 2016