Saving Money For Future Thoughts

10:46:00 AM

Saw an interesting article in the Toronto Star recently. Everything in it was common sense about how to save and earn money. The same principles can be applied to losing weight as well.

Just to simplify what it would mean as a formula (based on my engineering background):

  • MONEY IN - MONEY OUT  = SAVINGS
MONEY IN (needs to increase) by:
  •  Find extra jobs to increase your income including working nights and weekends
    • might hurt your relationships with friends and family
  •  The article didn't mention that you could find a better income job for those typical 9-5 jobs
 MONEY OUT (need to decrease) by:
  • Reduce expenses (eat out less, spend less, less materialistic desires, etc)
SAVINGS (needs to increase) by:
  • Don't touch your savings! 
  • Invest your savings with long term stocks and bonds
  • TFSA Savings Accounts are for "dummies" (so don't put your money there!)
    • Best to use your TFSA to shelter all those gains from the market
    • Savings accounts might give you 1.5% while the market may give you more
Goal is definitely required to help you maintain focus and set some clear benchmarks with milestones. From my corporate world, goals and milestones really do help especially if you track the milestones with hard metrics (data). 


Did you know that Laura sells kiddy cones?


 



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