Explode Your Savings

By Reading These Simple Financial Golden Nuggets

When I say " explode your savings" I mean it in a good way. 

Below are some ideas to boost your savings and reduce debt

  • Take advantage of company pensions or employee savings plans.
  • Never buy anything using credit, not even a car. Buying a house using a mortgage is fine but, never do so unless you have 25 per cent down. Use tax-free savings and RRSP accounts to the maximum.
  • Patricia Phillips: When going shopping for clothes, shoes, toys, try not to buy the stuff at the front of the store. Those have the biggest margins and are the biggest spending traps

Debt is quiet as rust. It builds slowly and corrodes everything."

Patricia Phillips

  • Graeme Tweedie : Establish a monthly budget and stick to it. Eliminate debt  by paying down the high interest ones first. Only use credit cards if you can pay them off monthly
  • James Robblee:  Market related investing  only buy companies that pay a dividend. Steer clear of mutual funds: He says “I refuse to pay someone my hard earned money to mismanage it.”
  • Scott Petersen: pay for all the important stuff first,  “Important things include your home, bills, education and savings (and not much else). After the important things are covered, the rest doesn’t really matter.