Money 10 ways to save more and pay down your debt

17:37  27 november  2017
17:37  27 november  2017 Source:   MoneySense

Andrew Hammond recalled by Colorado Avalanche

  Andrew Hammond recalled by Colorado Avalanche The Colorado Avalanche have recalled goaltender Andrew Hammond from the American Hockey League. © image image Hammond was acquired by Colorado in the Matt Duchene trade, but has remained with the Ottawa Senators‘ AHL affiliate in Belleville.https://twitter.com/Avalanche/status/933375821175144448“The Hamburglar” is best known for a terrific stretch of play at the end of the 2014-15 season, in which he led the Senators to the playoffs with a 20-1-2 record, a 1.79 goals-against average, and a 9.41 save percentage. He even earned one third-place Vezina Trophy vote for his efforts that year.

The next step is to pay down your debt and the third is to put away a fund to cover 3-6 months of bills. $ 10 ,000 is a great goal to aim for. There are also many ways to save on your groceries—even cut your grocery bill in half. On the months you do a spending freeze, eat what you have on hand, enjoy

"Scrimp, save and sell unused items to come up with bucks to pay more than the minimum so that you pay down your debt soon See more Personal Finance slideshows: 12 Ways to Be a More Mindful Spender. 12 Frugal Ways to Save on Vacation. 10 Fun, Frugal Ways to Spend Your Free Time.

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.

Once your debt is paid off, you’ll have a lot more money freed up in your budget to set aside for a down payment . Read More : 10 Signs You’re Not Saving Enough to Buy a House. 16. Lower Your Cellphone Costs. There are several ways to slash your monthly wireless bill so that you can increase

2. Automate your debt . People are often more willing to pay their creditors than pay themselves. “But you really want to invest it.” 10 . Celebrate regularly. Keep a running tally of the amount of money you have saved , or paid down in debt , since the beginning of the year.

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.

Meredith buying Time Inc. for about $1.8 billion

  Meredith buying Time Inc. for about $1.8 billion NEW YORK - Meredith Corp. announced Sunday that it is buying Time Inc. for about $1.8 billion, a deal CEO Stephen Lacy called "a transformative and financially compelling growth opportunity" that joins two giant magazine companies. Meredith brings with it a magazine portfolio that includes Better Homes & Gardens, Family Circle, allrecipes and Shape, while Time Inc. owns properties including Time, Sports Illustrated, People, Fortune and Entertainment Weekly.The companies said the deal was unanimously approved by their boards of directors and will close early next year.Meredith will pay $18.

Whether you’re carrying credit card debt , personal loans, or student loans, one of the best ways to pay them down sooner is to make more than the minimum monthly payment . Doing so will not only help you save on interest throughout the life of your loan, but it will also speed up the payoff process.

10 tips to get your debt paid off ASAP. 16 stores that reward you for recycling old phones, clothes and more . This man paid off ,000 of debt reselling stuff online. If you’re paying high interest rates, transferring your balances can be a great way to save while you pay down the 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.

Canadian households lead the world in terms of debt: OECD .
Canadian households borrow more than people in any other OECD country, and house prices are at least 50 per cent overpriced than they should be based on the rental market, the group says in a new report.AMZN

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