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Money 10 ways to save more and pay down your debt

17:37  27 november  2017
17:37  27 november  2017 Source:   moneysense.ca

Braid: NDP plans sharp course change in new budget

  Braid: NDP plans sharp course change in new budget The racket over Bill 24 will seem like a bluebird’s song compared with the coming uproar over the next NDP budget. The annual fiscal plan is being created even now in treasury board meetings and private sessions with ministers and officials. Next spring, it will be unveiled to an attentive province. This budget will provoke […]The racket over Bill 24 will seem like a bluebird’s song compared with the coming uproar over the next NDP budget.

Simple strategies to boost your financial knowledge (and your bank accounts) while easing your debts .

Broke Millennial breaks down two of the most popular debt repayment strategies and how they can work for you. 11 Creative Ways to Save Even More Money - Продолжительность: 12: 10 The Financial Diet 190 465 просмотров.

MS_FINANCIAL_LIT_1200x600_4© Used with permission of / © Rogers Media Inc. 2017. MS_FINANCIAL_LIT_1200x600_4

1. Set a goal

If you’re serious about saving you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving for retirement, having a very specific goal will help you stay motivated and on track.

2. Track your dollars

The best way to get on track to saving is to spend less than you earn. Tracking your spending—either through a daily journal or an app—can help you do this.

3. Trim spending

Consider trimming expenses. Once you know how much you’re spending monthly, you can decide what areas you’d like to cut back on so you can meet your savings goal.

Twitter is now testing Bookmarks, its save for later feature

  Twitter is now testing Bookmarks, its save for later feature Twitter is testing a new feature called Bookmarks, which allows users to privately save tweets for later. Staff product designer Tina Koyama tweeted a sneak peek into what the feature looks like, with a bookmarks option listed on the users’ navigation menu.“We went through all the designed flows and picked the ones that are the easiest to navigate to test out with our community,” she tweeted. “You told us that you want tweets you’ve bookmarked to be private, so only you can see it. We kept this in mind while creating designs for the feature.

2. Pay off the most expensive debt first. Sort your credit card interest rates from highest to lowest, then tackle the card with the highest rate first. 10 . Reward yourself when you reach milestones. You won't pay down your debt any faster if you view it as a form of punishment.

In fact, paying off debt will increase the mortgage amount you qualify for by about three times more than simply saving the money for a down payment . If you’re just starting to look for a home, play around with the calculator above and consider the different ways to spend your down payment .

4. Kill two birds with one stone

For those with low to moderate incomes, paying off debt—including the mortgage—is the best tax-planning you can do. That’s because you don’t pay taxes on the capital gains on your home and there’s no tax on the return you get for getting out of debt.

5. Automate it!

Set up an automatic transfer of funds to a savings to a savings account (or TFSA or RRSP) so that a set amount—say 10% of your gross monthly income that comes off your paycheque automatically. This way, it’s not a question of finding the willpower to save every month. So save first for the goals that you have and then spend what’s left over.

6. Pay less tax

Slash your taxes by making sure you use TFSAs and RRSPs properly. Hint: Generally speaking, if you make less than $50,000 annually, TFSAs work best. If you make more than $50,000, then saving in an RRSP works best.

Congrats, Canadians: You’re world leaders in debt

  Congrats, Canadians: You’re world leaders in debt A new report shows our household credit tally has surpassed Canada’s annual GDP. Have we stopped listening to the warnings?

How to pay off debt has become a smart money management tactic for those in retirement wanting to slash credit and cut expenses. “The average person using Truebill saves more than 0 a year just by canceling unwanted subscriptions,” says CEO Yahya Mokhtarzada.

Paying down debt isn't easy. It usually takes a long time and it's easy to lose your fire. This is even more true when it comes to paying down debt because, like losing weight, it’s not something that happens overnight Here are 10 ways to stay motivated and fired-up about paying down your debt .

7. Don’t tempt yourself

Eliminate temptation to control spending. Forget roaming through malls and bookstores where impulse buys are common. Instead, hit the gym or join a book club to stay busy and engaged.

8. Stack it

One strategy to pay off debt quickly is the stacking method. It asks you to list all of your debts in descending order from highest interest rate first on down. This strategy requires you to make minimum payments on all of your debts while directing the remainder of your funds towards the loan with the highest interest rate. Once that one is paid off, you’d do the same to the next highest interest rate debt on your list.

9. Let it snowball

A second method to pay down debt is the debt snowball strategy. This is where you focus on paying your debts from the smallest amount to the highest by making minimum payments on all your debts and putting the remainder towards the one with the lowest amount—such as a credit card, say. Paying off a small debt can lead to a feeling of accomplishment, which is an important motivational factor for those who may feel overwhelmed by their debts.

10. Know your TFSA

The limit for 2017 is $5,500. Try to max it out if you can. And remember, your room is cumulative, meaning the unused amount you can add to your TFSA has rolled over.

Edmonton Oilers said to be looking at bringing in a goalie, NHL insiders say .
Hutchinson and Mrazek mentioned as possibilities by Kypreos and Friedman This in from Sportsnet’s Elliotte Friedman, the latest on the Edmonton Oilers search for a goalie: “Laurent Brossoit is improving in the Edmonton goal, but the Oilers have looked at some external contributions to their crease. Nick (Kypreos of Sportsnet) mentioned Winnipeg’s Michael Hutchinson, […]This infrom Sportsnet’s Elliotte Friedman, the latest on the Edmonton Oilers search for a goalie:  “Laurent Brossoit is improving in the Edmonton goal, but the Oilers have looked at some external contributions to their crease.

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