Traits You See In Every Successful Entrepreneur

Starting your own business is hard work filled with long hours, personal sacrifice and a daily array of new problems and challenges. Anyone who tells you otherwise has probably never started one themselves. If you don’t have the drive to navigate these things, your business could implode faster than it began.

Understand, entrepreneurship is not for everyone. To determine if you have what it takes to make it, you need to be able to possess a number of quality traits. Leadership is at the top of that ladder. If you can’t lead, chances are you won’t be able to guide your company and its employees through growth and on to success.

If you seek a challenge filled with risk but also with financial potential, then you may be on your way to becoming a successful entrepreneur. Here are the most important traits I believe every entrepreneur should possess.

No one has ever gotten ahead by sitting back and waiting for opportunities to find them. Successful people go out and create success by working tirelessly to solve problems that get in their way.

Adapt to change
Entrepreneurs must be able to adapt to changing situations without unraveling. Also, they must be able to motivate their team by helping them reach new goals and opportunities. Often times, successful entrepreneurs are driven by a more complete vision than just the task at hand.

Ethics and integrity
It goes back to the old saying, “cheaters never win.” It’s important to maintain high standards of integrity because, if you don’t, nobody will want to do business with you, especially when you are working with clients or leading a team.

Be willing to fail, then move on
Starting a business is risky and doesn’t always work out. Successful entrepreneurs must be able to accept that things don’t always go according to plan. Do not be afraid to fail, put your idea out there and give it your best shot.

Serial innovators
The mind of an entrepreneur is always spinning with new ideas. There has to be a constant drive to develop new concepts and improve on existing ones. That’s where the term “serial entrepreneur” came from.

In almost every case, entrepreneurs never succeed on their own. You are only as good as the people who support you. Surround yourself with a network of knowledgeable people who are as passionate about your project as you are. It takes a network of contacts, partners and resources to thrive.

6 Practical Ways You Can Save $250 Per Week

6 Practical Ways You Can Save $250 Per Week

If you’re like the average person, you live paycheck to paycheck. And if you have any money left over at the end of the month, you typically blow it on something frivolous. But what if someone told you that you could save $13,000 over the course of the next 12 months? Well, it’s as easy as stashing away $250 per week.

Try These 6 Money-Saving Tactics

People make the challenge of saving money more difficult than it has to be. At the end of the day, it comes down to two key ingredients: self-discipline and planning. The idea of self-discipline as it pertains to money management is a discussion for another day.

In this article, we’re going to show you how you can develop a plan for saving. In particular, here are six ideas that would, in theory, allow you to save a minimum of $250 per week (or $1,000 per month).

1. Stop Eating Out

The quickest way to save money is to pack your lunches each day and stop eating out. This one simple habit will save you substantial money in the blink of an eye.

Let’s say you currently eat a fast food meal every day for lunch. On the conservative side of things, each meal costs you $6. That’s $30 per week. Then let’s say you eat dinner out twice per week, with an average bill of $15. That’s another $30 per week. (We’re up to $60 total.)

Packing your own meals for lunch – whether it’s sandwiches, wraps, soup, or leftovers – costs just pennies on the dollar. (We’ll say it costs you $2 per meal.) The margins are even better with dinner. You could easily fix a dinner that costs you just $5 – especially if you cook in bulk. When it’s all said and done, you’re saving a total of $40 per week.

Potential Weekly Savings: $40

2. Use Grocery Delivery and Pickup Services

Simply grocery shopping for your meals doesn’t automatically mean you’re going to save money. It’s easy to go into a store hungry and have your impulsive personality drive up your bill. That’s why it’s recommended that you use a grocery delivery or pickup service that lets you shop online and avoid ever walking through the doors of the supermarket. On average, this will prevent you from buying four or five unnecessary items per weekly trip.

Potential Weekly Savings: $25

3. Shop With Coupons

If you’re someone who spends a lot of time shopping online, the best way to save money is by cutting back on discretionary purchases. But if you absolutely must buy something, it’s always smarter to look for a coupon. Bookmark a site like, which curates coupons from companies across many different product categories, including health and wellness, beauty, travel, and electronics. If you spend an average of $100 per week shopping, 25 percent savings can really add up.

Potential Weekly Savings: $25

4. Nix the Gym Membership

Exercise is great. You should be getting physical exercise every single day. But a gym membership isn’t the only option. In most cases, it’s expensive and inefficient. The average membership is $60 per month. Add on things like gas, impulse purchases at the gym (shakes, extra classes, etc.) and the price rises. By working out from home – or simply jogging around the neighborhood – you can save big.

Potential Weekly Savings: $20

5. Spend in Cash and Save Change

There are many reasons to shop in cash – the least of which is the ability to save money by rounding up purchases and stashing away the difference in the form of change. For example, if you spend $7.13 at the convenience store, you take the $0.87 of change and put in a jar. Over time, all of these coins add up to something much larger.

Potential Weekly Savings: $20

6. Pick Up a Side Job

We’ve listed a handful of ways to save in this article. There are dozens more that we haven’t even touched. But if you really want to accelerate your savings, consider picking up a side job that you can do at your own pace. Something like driving for Uber or listing your apartment on Airbnb on the weekends works well.

Potential Weekly Earnings: $220+

Take Control of Your Finances

It’s time to eliminate to stop having a pity party for yourself and start taking proactive steps towards gaining control over your finances so you can enjoy financial freedom. As this article shows, it’s as simple as developing a plan and making smart choices. By tucking away just $250 per week, you can set aside $13,000 in one year, $26,000 in two years, and more than $100,000 in eight years. Consistency is the answer.

Transferring Your Skills From One Industry To The Next

Throughout an individual’s working career, they can have between 5 and 7 jobs. That means some professionals average a job change every few years.

Rather than leaving behind our experiences and starting fresh, we often take the skills we’ve developed into our new positions, which indeed proves an advantage for us and our next employer.

This doesn’t mean that every talent you have developed will be useful in your new job. But, more often than not, there are some basic skills that are transferable. These types of skills are often put into three categories: functional skills; personal traits/attitudes; and knowledge-based.

Functional skills are those that people use to accomplish tasks, such as writing. Personal attitudes or traits are those that make up your personality, such as independent, quick learner, etc. Knowledge-based skills are ones that you have developed with formal training, such as at business school or through accounting courses.

By having an idea – or better yet a list – of your strengths in each area, you will be able to see how you’ll fit into a new role.

Compare your talents and expertise to the new job requirements and see how you can fit into the role. This will help you sell yourself to the company or board by showing them you have skills that will be a boon to their business.

What are the must-have skills for today’s business leaders?

While most leaders come from various backgrounds, there are some basic talents they need to have developed to make them successful in any industry.

These include:

  1. Innovation: The ability to adapt and to think outside the box is crucial to many businesses. Oftentimes, we stick to what we know and continue to do things the way they have always been done. However, that is often not the best way to draw in new customers or to boost sales. By trying a fresh, original solution to a problem, leadership can advance the organization’s interest substantially.
  1. Technological acceptance: Needless to say, there have been major strides forward in the tech world over the past few decades and technology in many ways has substantially changed the landscape and environment we do business in. Moving forward into the 21st century, business leaders will need to implement – and be willing to implement – new technology to stay competitive.
  1. Human-ness: Despite an increase in automation of the workplace, managing people is still a major part of leadership in any industry. The executive who can demonstrate sensitivity, honesty and fairness will go a long way.

If the average person can expect to change their job every few years, it only makes sense to be prepared. By developing skills that can be useful in different industries and positions, leaders will be able to rise to new challenges no matter what industry they find themselves in.

How Social Payments Are Transforming Financial Transactions As We Know Them

In honor of arrival of the Year of the Dog in February, I sent my nephew in China a gift of money through a chat app on my phone. He pocketed it happily, using the same app to express his appreciation, thanks and best wishes back at me for the new year.

It was another day, another dollar, as they say, or the everyday sort of transaction that people in some countries like China don’t think twice about. For people in most Western nations, though, this sort of payment system is still something of a curiosity.

That’s changing fast, though. And as the social sharing economy continues to evolve, look for such peer-to-peer transactions over people’s social feeds to become the norm. It quite possibly may disrupt the traditional banking system as we know it.

Venmo, PayPal’s free digital wallet, was an early player in Western economies, launched in 2009, but really taking off in 2014 as Android Pay and Apple Pay made their much vaunted debuts. Other entries since – Facebook Pay, Google Wallet, Square Cash – speak to a concept whose time has come. Case in point: Venmo handled $17.6 billion in transactions in 2016; that almost doubled to $34.2 billion last year.

If there’s a model for the rest of the world to follow, it’s China’s. Its system was a response in a country that had no credit card use, and whose banks were inefficient and underused. In less than 10 years, two rival payment services, Tencent’s WeChat and Alibaba’s Alipay, have transformed China’s financial ecosystem by making mobile payments – especially social mobile payments – an easy and accessible option.

As social payments continue to catch on in the U.S., the U.K., Canada and other nations, it’s moving us ever closer to becoming cashless economies. In fact, Sweden may be an example today of how we’ll all be operating in the not-to-distant future. A mere 1 percent of the value of all payments made in Sweden are in coins or notes. Its citizens live for their bank cards, but over half Sweden’s population depends on the leading social payment smartphone app, Swish.

It’s not just the world’s more privileged societies that stand to benefit from this evolving financial ecosystem. Social payments stand to bring much needed financial services to countries with significant populations of unbanked or underbanked people. Financial inclusion, of course, is key to lifting them from poverty.

Even if traditional banking services aren’t available to such populations, mobile phones increasingly are. Their pace of adoption is on a positive trendline, at 37 percent of the populations of underdeveloped economies.

Not surprisingly, both Tencent and Alibaba affiliate Ant Financial (formerly known as Alipay) see an opportunity to make inroads in countries where people may be unbanked, but not unphoned. Both are moving aggressively in Southeast Asia as part of that quest; at the end of last year, the Alipay service reportedly had 280 million users of its four local payment platforms in Thailand, India, Hong Kong and the Philippines.

The sharing economy is real and expanding rapidly. By 2025, a PricewaterhouseCoopers study found, spending in the five components that comprise it (travel, car sharing, staffing, streaming and, no surprise, finance) may hit $335 billion – or half of total spending in those areas.

It’s not just social payments that will help to reshape the financial sector. Cryptocurrencies like Bitcoin will be another facet, a means for settling payments directly and without much hassle or effort.

Either way, though, if this new social order we’re developing can advance those who currently have no access to things the rest of us take for granted like financial services, then it’s all to the good.

Wedding Bells—And Budgets

Congratulations! You’re engaged. Life is beautiful, life is fun, life is—suddenly full of financial worries, organization catastrophes, and endless planning. Don’t worry; you don’t have to spend 2016’s national average of $35, 329 for your day to be perfect. Below, you’ll find financial tips to help you save money and plan ahead, from that princess dress all the way to the guests’ plates.

Value in the Venue

Chances are, someone you know owns property. Why not have your marriage and reception at a relative’s? If this idea doesn’t appeal to you, don’t worry: there are other options.

  • Parks, beaches, museums, and aquariums permit quite a bit of wiggle room for choosier couples. Prices fluctuate, but you can get married at Luthy Botanical Gardens in Illinois for $500.
  • Consider renting a cabin or boat, but be sure to anticipate a night’s stay.
  • Universities, theaters, and local eateries are all fantastic locations for a wedding. For an outdoor event at Ohio State, fees can start as low as $100.

The Dress

Let’s face it, ladies. You’re probably only going to wear it once. Is it really worth thousands of dollars?

  • Search young designer labels and mainstream retailers, such as Dreamers & Lovers or Lace & Liberty.
  • Talk to local seamstresses. Having a wedding dress made by professional design houses can be ruthless on the wallet.
  • Consider a white bridesmaid’s dress, cocktail gown, or secondhand dress.

Photographers, Catering, and Music

Photography and music typically comprise about 20 percent of a wedding’s budget. However, you don’t have to hire a weathered professional to get amazing wedding pictures, groovy music, or splendid service.

  • Students are fantastic choices, as they will work for less and be just as professional.
  • Hire a DJ. DJs can be hired for about $500, but bands typically cost $1000 or more.
  • Create your own music mix and transfer it to a CD. You can always ask someone to start and stop it throughout the festivities.
  • If you choose to have liquor, select a soft bar with limited alcohol or, if the caterer allows, bring your own liquor.
  • Keep the dining experience simple. Three courses are plenty, and savory entrees do not have to be expensive.

Legal Costs Many Do Not Anticipate

The Marriage License: You’re not married without this! Marriage licenses are typically between $20 and $100, but be sure to plan accordingly.

Attorneys: Yes, you read that correctly: attorneys. Prenuptial agreements have seen a fivefold increase in the last two decades. “Prenuptial and postnuptial agreements are becoming very common,” says Simmrin Law Group Attorney Sherry Cross. “If you or your partner are considering a contract, it’s best to have it looked over by a professional.”


Don’t let the financial stress hold you back. This article is only the tip of the iceberg; there are many more ways to save money on your wedding. Take it one step at a time, consider cheaper alternatives, and get to your big day with a smile on your face.

3 Ways to Save Money On A Weekend Getaway

For your mental and emotional well being, it’s important that you give yourself a break from your normal routine of going to work and taking care of your home or family. So when this little relaxation time is necessary, many people choose to just take a few days off in the form of a weekend getaway. But if money’s tight, even these few days may not seem financially possible. So to help you take the time you need without breaking the bank, here are three ways you can save money on a weekend getaway.

Take Advantage Of Last Minute Deals

While it usually pays to not wait until the last minute to book your flights or hotel, if you can take advantage of last minute deals, you can save a lot of money for yourself. According to, many airlines or hotels will offer bigs savings if you’re able to fill a spot that otherwise wouldn’t have been sold or had been canceled. If they have empty seats or empty rooms, they’re losing money. So if you’re able to help them out by filling a spot for them and they’re able to help you out by offering you a discounted rate, it’s a win-win.

There’s Strength In Numbers

Depending on your personality, you may feel more relaxed when you’re able to go off on your own or with just one other person. However, if you’re able to bring along a larger number of friends to share in your weekend getaway with, you could drastically reduce your own costs. According to Dara Continenza, a contributor to USA Today, splitting the cost for things like gas, hotel rooms, and even group discounts on things like tickets can help keep your costs low for a weekend getaway. Especially if everyone is in a frugal mindset, you can likely have an enjoyable weekend without having to spend too much money for it.

Know Where and How To Drink

When you’re trying to relax and have fun on your weekend getaway, you’re likely planning to break out a few bottles of champagne or at least hit up a bar or club. However, paying for drinks can get expensive very quickly. So to save money in this area, you may want to keep your drinking to a minimum, especially if you plan to be driving around the area. Additionally, Zeke Quezada, a contributor to, shares that many casinos will comp drinks if you’re gambling, which could help you save money if you’re visiting a place like Las Vegas or Atlantic City.

If want to have fun on a weekend getaway but don’t want to spend a lot of money, consider using the tips mentioned above to help you keep your expenses low.

Why More Canadians Are Retiring With Debt and What It Means

As Canadians, we live in a country where certain rights and freedoms are expected, hoped for and, some might say, taken for granted. The freedom to retire early is one many of us begin grappling with as we approach middle age. Ironically, many Canadians won’t be ready to retire until they are significantly older.

The reason? Debt.

Unfortunately, too many retired people – 34% — over 55 years old still carry consumer debt, according to Statistics Canada. In fact, a recent Equifax Canada report found that the debt load of seniors is outpacing that of their younger counterparts.

It’s not as though Canadians have always carried a heavy debt burden. In 2012, 42.5% of people over 65 still had debt, a jump of 55% when compared to seniors in 1999.

A number of economic, social and cultural factors are to blame, say experts. They point to divorce, illness and large mortgages as some of the culprits. Experts also explain that children, grandchildren and other family members may also be at fault, as they often look to their parents and grandparents to lend them hand. In fact, a 2015 survey showed that 18% of first-time home buyers are gifted their down payments thanks to relatives, typically parents.

But, children can’t shoulder all of the blame.

Low interest rates have made debt much more attractive. Further, cottages, pricey vacations, fancy cars and other expensive toys may be out of reach for the average pensioner. Paring down and cutting back in your sixties may not seem fair. After all, you’ve worked decades, aren’t you entitled to a little luxury? Your fixed retirement income simply may not support your lifestyle any more. Perhaps it’s time to downsize and sell your 3,000 square-foot home?

If selling isn’t an option, many house-rich, cash-poor seniors can look to their houses for equity. Often by the time a person retires, he or she has either paid off their mortgage or is only owing a small amount. Because house values have increased in recent years, in some markets quite significantly, tapping into a home’s equity may be something to consider.

Still, as a borrower, you need to be aware of how you are intending to pay back the loan. Is it possible to make monthly payments or would you prefer to have your estate pay off the loan after you die?

No matter how the money is borrowed, the process should be well planned out. Know what you need it for. Have a repayment plan in place. Don’t borrow more than you need – that often leads to trouble.

Dwayne Rettinger

Executive Financial Consultant

Investors Group Financial Services Inc.

Rettinger & Associates Private Wealth Management

This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Dwayne Rettinger is solely responsible for its content. For more information on this topic or any other financial matter, please contact an Investors Group Consultant.

Finding a Solution for ‘Unbankability’ through Blockchain

TORONTOFeb. 28, 2018 /CNW/ – A petition has been launched by Toronto’s Bo Zou as a means of securing buy-in and, ultimately, funding to counter an issue that plays a significant role in global poverty: a lack of access to banking services.

“Financial inclusion is critical in order to reduce poverty,” says Bo Zou, a specialist in customer experience strategy and design who has worked extensively in financial services. “This shouldn’t be happening in the 21st century. But technology may pave the way to effecting change.”

Lack of access to banking services puts the gap between the world’s haves and have-nots in sharp distinction, Zou points out. Most adults (94 percent) in OECD high income countries have bank accounts, but only 54 percent in developing countries do, with the lowest proportion in the Middle East at 14 percent, according to World Bank data.

The outcome is a reduced capacity for saving to create a cushion to help finance an education, business or home.

Read the full press release HERE.

TFSA or RRSP? Cutting through the Confusion

When it comes to choosing between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP), there are plenty of details to keep you up at night. It’s important to look at the pros and cons of each plan, so you can develop a financial plan that’s right for you.

Your personal Financial Plan should include the income per year you will need after you retire to have the retirement lifestyle you want. Your Plan should also calculate the amount you will need to contribute to TFSA or RRSP per year to achieve this.

This will help you determine the difference between your current tax bracket and the tax bracket you will experience after you retire. It’s easy to assume your income will be less, so your tax bracket will be less, but that is not necessarily accurate. Many government income programs allow clawback provisions that put many seniors in shockingly high tax brackets!

Clawbacks are just like a tax and they can be an unexpected cost. If you look at the breakdown of the three most common clawbacks, you can see the difference between having a TFSA or an RRSP. Here’s how the three clawbacks break down:

1.      Low income (less than $20,000) – 50% clawback on GIS

2.      Middle income ($35,000-$85,000) – 15% clawback on the age credit

3.      High income ($75,000-$120,000) – 15% clawback on OAS

You can own the same investments in your TFSA as your RRSP. The main difference is that RRSP contributions and withdrawals have tax consequences, while TFSA contributions and withdrawals don’t.

Therefore, the answer to TFSA vs. RRSP is primarily based on your marginal tax bracket today compared to when you withdraw after you retire.

Rule of Thumb

RRSP is better if:

  • You will be in a lower marginal tax bracket during retirement. Example: Today you’re making $100,000 and you will receive $35,000 during retirement, you can get a tax refund of 43% on your current deposits and pay only 20% tax on your retirement withdrawals, giving you a gain on the actual value of your RRSP of 23%.

TFSA is better if:

  • You will be in a higher marginal tax bracket during retirement. Example: Today you’re making $40,000 and you will receive $20,000 during retirement, you can get a tax refund of 20% on your current deposits and pay out 70% when you make retirement withdrawals. This figure includes lost GIS from the clawback. This saves you a 50% loss on your entire RRSP.

You can choose either an RRSP or a TFSA if:

  • You will be in the same marginal tax bracket during retirement.

Other Details to Consider

If you are still unsure if an RRSP or a TFSA is right for you, answer these two important questions:

1.      How will I use my tax refund?

  • TFSA is best if you plan on spending your RRSP tax refunds. Example: if you deposit $10,000 to either a TFSA or an RRSP and then spend the refund, the TFSA will give you a higher retirement income. You need to reinvest your tax refund for RRSPs to provide you the same after-tax retirement income as TFSAs.

2.      Is the withdrawal flexibility from my TFSA a pro or a con?

  • Flexibility is good, but if you are tempted to withdraw before retirement, RRSP might be a better choice.

Sound Financial Planning

It is advisable to plan on retiring with a taxable income in the low-to-mid level tax brackets. Since the cash that you live on can vary from your taxable income, it’s important to remember that TFSA withdrawals that are non-taxable. They can give you cash income that is not taxable income. Other tax deductions must be factored in to figure out the tax bracket you will be in.

Example: Basic government pensions are $20,000. OAS is $7,000 maximum, based on your number of years residing in Canada. CPP can range from $0 to $13,000, depending on how much you’ve deposited in the past. From here, calculate your income from your RRSP and TFSA and any other investments. You can generally withdraw 3-4% (depending on how you invest) of your RRSP or TFSA each year and have it last as long as you live.

This should help you determine which plan is right for you. You can plan to be in the right tax bracket. If you currently earn $80,000 and will retire with $50,000, you may be tempted to think TFSA is best since you will get a refund of 31% today but will pay 34% at withdrawal. However, with only $5,000 per year from non-taxed TFSA, your taxable amount is down to $45,000 which puts you in the 23% category, so RRSP is actually better. In this example, you need enough TFSA for the $5,000 per year but the rest should go into RRSP.

Important Note

Don’t forget to adjust for inflation! All of your retirement calculations need to factor in inflation. It will roughly double your cost of living in 20 or 25 years.

Forgetting to include inflation is the most common error many people and advisors make in estimating retirement income and how large of a nest egg you will need.

What about non-registered investments?

In some cases, non-registered investments may actually be better. Just maximizing TFSA and RRSP is not always the best answer. If your taxable income in retirement will be in a higher tax bracket than now, non-registered investments might be a smarter choice. If using your TFSA to the maximum will still leave you in higher tax brackets, non-registered investments will give you more cash at lower tax brackets than RRSP.

Example: Currently you make $80,000 and you plan to retire with $80,000, you get a 31% refund now but will have to pay as much as 44% when you withdraw because of the OAS clawback. Upon retirement, you can only get $45,000 at lower tax bracket rates than your current tax bracket.

If you plan on getting $20,000 from government pension, then you need to plan now for enough RRSP to give you $25,000 income. The rest should be in TFSAs. However, that won’t be enough. You will still need $35,000 more. That’s when non-registered investments might pan out better for you than RRSPs.

But don’t forget the taxes. Non-registered investments are not always tax free, depending on how they are invested, and the interest is always taxable. Capital gains, however, are only half taxable. Dividends are given preferred tax rates but they also get higher clawbacks because the income for determining clawbacks is the “grossed-up dividend”, which is 38% more than the dividend.

Let’s look at a worst-case scenario for non-registered investments: a senior making $20,000 gets a dividend of $1,000 which has a clawback of $690 (50% of $1,380). In this case, there is no income tax, but you still lose $690 out of the $1,000 in reduced GIS income.

If you sell a bit of your non-registered investments each month, you can get a nice, low tax rate on the cash. My term for this is “self-made dividends.” Since your cash income is made up of your capital gains and your original investment, the tax is very low, often only 10% of your withdrawal.

Bottom Line

1.      RRSP –

  • medium working income $50-80,000 and modest retirement savings
  • high working income over $90,000

2.      TFSA –

  • low working income under $45,000
  • medium to high working income with no retirement savings
  • medium to high working income with large retirement portfolio

How much should I save?

Generally speaking, a modest savings would be $500,000-$700,000 when you retire. Factoring in inflation, this would amount to approximately $1 million to $1.4 million if you plan to retire in two decades.

Plan in Place

Now is the time to prepare a Financial Plan that will help you sift through the options while understanding all the details such as tax brackets, clawbacks and inflation. In my experience, when my retired clients have a portfolio consisting of a good RRSP or pension, a strong TFSA and some non-registered investments, we can come up with a good plan for how much they can withdraw annually while minimizing the amount of taxes that are required.

With a mix of fully-taxed, low taxed and non-taxed sources of income, we can plan effectively for you to receive the cash for the retirement you want, while remaining in lower tax brackets.

A sound financial plan that cuts through the confusion of TFSAs and RRSPs set you up for a comfortable and worry-free retirement. It will have the optimal strategies that are right for you.

6 Ways To Save Money In Your Monthly Budget

Money makes the world go around, and we always seem to need more.  Saving money is the ongoing financial dream, but sometimes it is hard to know where to start.  The demands of your everyday life and the pressures of work are often just about all our minds can handle, and saving money continuously gets pushed to the side.  

Make a point to do better, and read through a few excellent ways to save money in your monthly budget.  You may quickly find that your money-saving goals are more than feasible.  

Reevaluate your insurance plans

We carry insurance for many different emergencies in life, but there may be some wiggle room in pricing.  Optimize your insurance plans, whether its accident insurance, life insurance, renters insurance, or some other form of insurance.  

Things change in your life, and those changes often affect the stipulations of your insurance coverage.  Make sure to keep up with these things, or you could be paying more than necessary for your contract.  

Cut down on those monthly subscriptions

The average American household pays more than $100 per month in subscriptions.  Between apps like Pandora, YouTube, Hulu, and Netflix, your wallet may be feeling the stress.  

It is time to have a serious conversation with the family about what is absolutely necessary.  You may not want to cut out all entertainment, but subscriptions that serve similar purposes could be minimized to save money.  

Pay the yearly price instead

If cutting down on subscriptions and reformatting your insurance policies seems like too much work, try simply paying the yearly price instead of the monthly.  You will always save money by paying the one-time yearly payment rather than the monthly subscription price.  

Use half of what you normally consume

This suggestion is not meant for every part of your life, but when it comes to toothpaste and shampoo, you could probably cut your usage in half.  Purchasing essential items like toilet paper, paper towels, and toothpaste can occur half as often by simply cutting back on your portion sizes.  

Carpool bike or walk whenever possible

It costs a considerable amount of money to maintain a vehicle.  Driving your car every day probably costs you far more than you think.  Carpool, bike, or walk to your destination whenever possible.  Not are these alternatives good for your wallet, they are good for your health.  

Drink more water and less soft drinks

All your body really needs to drink is water.  Paying money for unhealthy sodas and other flavored drinks takes your money and your health.  It makes much more sense to spend twenty bucks on a water filter for your faucet than to spend twenty a week on sodas.