Beat Debt Guide
Don't Delay, Start Today
Cut expenses on clothing, alcohol, recreation and cigarettes by TEN percent
Last week an economist from CIBC (Canadian Imperial Bank of Commerce), Benjamin Tal, suggested that Canadians need to go back to old fashioned savings to increase their savings.
This is something that everybody should be doing in the UK too. To quote,
How much sacrifice does it take to reach the 6% savings rate threshold? Based on Statistics Canada’s Household Expenditures Survey, the average annual expenditures of a Canadian household is just over $71,000. Out of this amount close to $11,000 is spent on clothing, personal care, recreation, games of chance, tobacco products and alcoholic beverages. All other things being equal, cutting spending on those categories by only 10% will raise the savings rate from the current 4.2% to 6%.
This is what I’ve been saying all along.
If you ignore the currency, as the principle is the same, the amount of money people can save to reduce debt or provide for a rainy day, retirement etc. can significantly increase if you watch how much money you’re actually spending – remember DEBTIPLES™ – every single penny counts!
Not Haggling On New Car Price Is Costly
Research from Sainsburys Finance has shown that not haggling on car prices could collectively cost £229 million over the next six months. It seems that many of you would not consider haggling over the price of a new car. You can read more of the article at Sainsburys Finance website.
It is important to remember that not only should you haggle over the price but you should also be aware that in most cases the moment you buy a car it will lose a percentage of it’s value before you even drive off – so consider buying a nearly new car instead!
Finally, whenever you buy a high value item (and even not so high value items) you should try haggling. As they say, if you don’t ask you don’t get. Why spend money if you don’t have to.