Secrets to Save More Money Now - Part Two
Filed under: Economizer, Family Finances, Investing, Saving
Catch part one of my article here and the second part of my interview with Marilyn Dennis the other week here.
The second part of the show featured an extreme couponer and an extreme contester. Sure, these can be great ways to shave big dollars off your budget, but they should be ventured at in moderation and with balance (I know an executive making big bucks that drives for 30 minutes to save a few dollars on gas). And with coupons, always make sure that the retailer isn't leading you to spend money on goods and services you wouldn't make if it wasn't for the coupon. We've all had friends in the past that would only dine if they had a deal from their Entertainment book, right?
If you'd like to give couponing a shot, try these sites for finding deals:
But remember at the end of the day to make your own luck! For fun, let's compare the money lost playing $20 weekly in the lottery (or casino or bingo) vs. contributing that same amount to an RRSP. Would you believe that in 30 years, you'd have just about $100,000 if you invested just $20 a week (and the tax refund), earning a modest 5% return? And if you were a savvy long-term investor, you might have double that amount. That's more than many Canadians retire with. It might not be THE big win many of us dream of, but it's a sure bet indeed!
And if you need further convincing that you're best to bet on your own retirement as opposed to winning the lotto, check out these odds:
Those of us who do play the lottery - and approximately one-quarter of Canadians play weekly - have heard those odds many times before. Pay $2 and your odds of becoming a millionaire are approximately 1 in 14 million.
Your odds are even worse for winning Lotto Max. For $5, you buying a one in 28,633,528 chance at winning at least $15 million.
Those odds are so long that you are more likely to:- Be killed in a terrorist attack while travelling (1 in 650,000).
- Die - during an average lifetime - of flesh-eating disease (1 in one million).
- Be killed by lightning (1 in 56,439).
You are three times more likely to be killed in a traffic accident driving 16 kilometres to buy your ticket than winning the jackpot.
Liked this article? Don't miss another one. Follow us on Twitter or Facebook.
Kelley Keehn is a personal finance expert and author of seven books, including The Money Book for Everyone Else. For more information, visit www.kelleykeehn.com.
Do you have a money question? Drop Kelley a line at wealth@kelleykeehn.com
RSS Feed
Contact Us
