Pay yourself first- a sound principle
Sometimes in the wonderful world of finance, a simple concept seems to resonate. Pay yourself first is a sound financial principle particularly in our age of never-ending expenses. Consider the saving patterns of a young family. Financial challenges include mortgage payments or rent, household living expenses, the cost of an automobile, and commuting to work. […]
Curb overspending with good financial habits
There is a tug of war going on with your money and the temptation to overspend. Unfortunately, consumers are losing. Overspending is epidemic. In 2017, research by the credit report bureau Equifax revealed the average Canadian had over $22,000 of debt from credit cards and credit lines. I’m not just talking about money, I’m talking […]
A coffee drinker could become a millionaire
An incremental savings plan is one where you reduce, or get rid of, a recurring expense. This is how a coffee drinker could become a millionaire. It is quite easy. All it takes to understand this concept is a little arithmetic. In financial planning we spend a lot of time talking about savings. In order […]
Achieve financial self-sufficiency with practice of ‘Pay yourself first’
The best time to start saving is when you’re young. The second-best time to start saving is now. Have you heard the expression “pay yourself first”? Pay yourself first is a simple financial planning concept to automatically prioritize your savings. The first thing you do when you get your pay cheque, before anything else, is […]
