Did you know that November is Financial Literacy Month? Last month I had the opportunity along with my fellow P&G moms to listen to Gail Vaz-Oxlade, host of Til Debt Due U$ Part, Prince$$ and Money Moron as well as author of 17 books on personal finance.
For anyone who has seen Gail on TV, you know she's very engaging and supports a simplistic approach - but when it comes to money, a lot of people don't see things simply.
Among the tips she shared, there were a few that really stuck with me that I could immediately put in to practice. First was to use apps like Checkout 51 and Flipp to save on the go. Another was to switch my savings account to companies like Tangerine or Manulife which give more interest than the mortar banks. Also, to change your budget once a year - unless you change jobs, get a raise, move, have a child - anything life changing.
The long term tip I found slightly scary is this - for retirement, you should save ELEVEN times your income!
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Here is Gail's Tip Sheet:
Do a spending analysis– Knowing where your money is going is half the battle. Go through your past six months of spending, including groceries, household expenses, utilities, rent/mortgage, clothing and entertainment, and analyze just how much money went where. You want to understand the areas in which you’re overspending.
“Common Cents” comparisons– In addition to doing a spending analysis, it’s time to shop smart and look for products that will stretch your dollar. So many people default to value brands thinking they equal savings. Not always! If you need to use more of a budget-product or rewash items to get the same results you’re not saving a thing. Look to trusted products such as Tide Simply Clean and Fresh, Charmin Basic and Ultra Dawn that offer value and efficacy.
Plan your purchases and stick to your budget– To avoid impulse purchases, plan head, make a list, and use cash! Avoid overspending by taking cash from the ATM twice a month and planning how you’ll use that money. When it’s gone, you’re done shopping.
Common “Cents” Couponing– Common sense couponing can equal cash! Websites such as savingmadesimple.ca offer deals and coupons to save on products you already use and love. Flyers can also be a useful tool for finding great deals from the stores you regularly shop at and for price-matching.
Save your savings– Too often people don’t actually save their savings; they simply find another way to spend it. Working towards a big goal like a vacation or a special purchase? Every time you save a cent by shopping smart, send those savings to your high interest savings account where you can watch them grow.
Don’t be a money moron– In the end, it’s important to be conscious of what you’re doing with your money. Be conscious of how you’re using your money so you’re always working towards reaching your goals.
One lucky YYZ Bambina reader will win a Common Cents giveaway valued at approximately $40, including:
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By entering the following contest you are accepting that if you win your contact information will be shared with a P&G PR and shipping agency for the purpose of mailing your prize. Please allow 4-6 weeks from the contest closure date to receive your prize. This giveaway may appear on other blogs as part of the #PGmom program. However, to be fair, you can only win once per giveaway. If your name is chosen more than once, another winner will be selected. All winners must be from within Canada excluding Quebec. Valid entries only. Contest ends November 24th, 2014. For further contest rules, refer to the Terms and Conditions within the Rafflecopter.
a Rafflecopter giveaway
Disclosure: I am a P&Gmom/mamanP&G. As part of my affiliation with this group I receive products and special access to P&G events and opportunities. The opinions on this blog are my own.
© 2014 YYZ Bambina. All Rights Reserved.
For anyone who has seen Gail on TV, you know she's very engaging and supports a simplistic approach - but when it comes to money, a lot of people don't see things simply.
Among the tips she shared, there were a few that really stuck with me that I could immediately put in to practice. First was to use apps like Checkout 51 and Flipp to save on the go. Another was to switch my savings account to companies like Tangerine or Manulife which give more interest than the mortar banks. Also, to change your budget once a year - unless you change jobs, get a raise, move, have a child - anything life changing.
The long term tip I found slightly scary is this - for retirement, you should save ELEVEN times your income!
Here is Gail's Tip Sheet:
Do a spending analysis– Knowing where your money is going is half the battle. Go through your past six months of spending, including groceries, household expenses, utilities, rent/mortgage, clothing and entertainment, and analyze just how much money went where. You want to understand the areas in which you’re overspending.
“Common Cents” comparisons– In addition to doing a spending analysis, it’s time to shop smart and look for products that will stretch your dollar. So many people default to value brands thinking they equal savings. Not always! If you need to use more of a budget-product or rewash items to get the same results you’re not saving a thing. Look to trusted products such as Tide Simply Clean and Fresh, Charmin Basic and Ultra Dawn that offer value and efficacy.
Plan your purchases and stick to your budget– To avoid impulse purchases, plan head, make a list, and use cash! Avoid overspending by taking cash from the ATM twice a month and planning how you’ll use that money. When it’s gone, you’re done shopping.
Common “Cents” Couponing– Common sense couponing can equal cash! Websites such as savingmadesimple.ca offer deals and coupons to save on products you already use and love. Flyers can also be a useful tool for finding great deals from the stores you regularly shop at and for price-matching.
Save your savings– Too often people don’t actually save their savings; they simply find another way to spend it. Working towards a big goal like a vacation or a special purchase? Every time you save a cent by shopping smart, send those savings to your high interest savings account where you can watch them grow.
Don’t be a money moron– In the end, it’s important to be conscious of what you’re doing with your money. Be conscious of how you’re using your money so you’re always working towards reaching your goals.
One lucky YYZ Bambina reader will win a Common Cents giveaway valued at approximately $40, including:
- Ultra Dawn Dish Washing Liquid
- Charmin Basic
- Bounty Basic
- Cascade ActionPacs with Dawn
- Puffs Basic Facial Tissues
- Tide Simply Clean & Fresh
a Rafflecopter giveaway
Disclosure: I am a P&Gmom/mamanP&G. As part of my affiliation with this group I receive products and special access to P&G events and opportunities. The opinions on this blog are my own.
© 2014 YYZ Bambina. All Rights Reserved.