Wealth

• Start saving money.  NOW!!!
• Don’t ever be financially reliant on anyone else (boyfriend, friends, husband, etc.)
• Have a secret savings account for emergencies.
• Create a monthly budget and stick to it. Log all transactions to see where you are over-spending.  Put a cap on what you will spend on coffee and eating out money each month.
• Start saving for retirement.
• Set up a tax-free savings account as soon as you turn 18. Contribute from every paycheque: $25-$50.
• As soon as you start working full-time, have money deducted from your account each month and put it into an RRSP.
• Learn how to invest.
• Be sure that you invest wisely.
• Read the book ‘Rich Dad, Poor Dad’.
• At the end of each week, take all of the change from your wallet and put it in a ‘fun’ or ‘travel’ container.
• Start saving for a down payment for a house as soon as you can.
• Pay off your debts as quickly as you can.
• Don’t speed. Car insurance rates are high enough already.
• If you don’t need it, don’t buy it.
• If you really want to buy something, don’t buy it right away. Think about the purchase for a week.  If you still want it after a week, then buy it.
• Pay your credit card off in full every month.
• Don’t do your own taxes. Accountants know more than you do about tax breaks.
• Shop around to get the best car and home insurance prices.
• If you can afford it, buy a house instead of renting.
• Remove the ‘tap’ feature on your bank or credit cards.
• Don’t access any over-draft features that your bank offers you.
• Don’t lend money to friends. You may not get it back and this can impact the friendship.
• Financial independence allows you the flexibility to wo what you want to do and to be who you want to be.
• Be aware of fraud and identity theft by regularly checking your bank account and credit card transactions.