{"id":94613,"date":"2021-09-11T09:58:32","date_gmt":"2021-09-11T13:58:32","guid":{"rendered":"https:\/\/canadianbudgetbinder.com\/?p=94613"},"modified":"2024-12-22T15:40:04","modified_gmt":"2024-12-22T15:40:04","slug":"effective-savings-methods-for-financial-success","status":"publish","type":"post","link":"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/2021\/09\/11\/effective-savings-methods-for-financial-success\/","title":{"rendered":"18 Savings Methods Worth Exploring"},"content":{"rendered":"\n

<\/span>Estimated reading time: <\/span>16<\/span> minutes<\/span><\/p>\n\n\n\n

Find out how we became debt-free using 18 savings methods. From starting early to exploring different strategies, we share our journey to financial freedom.<\/p>\n\n\n\n

A reader wanted to know what savings methods<\/strong> we used to pay our mortgage and debt off early<\/a>.<\/strong><\/p>\n\n\n\n

My answer was, start early, <\/strong>which is what both Mrs. CBB and I did as paper carriers<\/strong>. <\/p>\n\n\n\n

Coincidentally, a mother at our son’s school asked if Mrs. CBB worked, and she said no.<\/p>\n\n\n\n

The mom’s response was, oh, it must be strict with one income to pay the bills. <\/p>\n\n\n\n

Unfortunately, some people aren’t aware of how many savings methods there are.<\/p>\n\n\n\n

Just because someone doesn’t work doesn’t mean they are broke or in a bad financial situation.<\/p>\n\n\n\n

Explore Savings Methods When Kids Are Young<\/h2>\n\n\n\n

Now, let’s return to the paper carrier story for Mrs. CBB and me.<\/p>\n\n\n\n

Although we can’t turn back time, we can still pay off debt and teach children the importance of saving money. <\/p>\n\n\n\n

As parents, we go through this with our son wanting the latest video game machines and gadgets. <\/p>\n\n\n\n

He has a piggy bank and briefcase (don’t ask) where he stores his Canadian dollars and coins. <\/p>\n\n\n\n

I’ve often taught him about money using a pizza app<\/a><\/strong> on an Osmo learning device<\/a><\/strong>.<\/p>\n\n\n\n

He loved it more than we had imagined, especially being a worker at a pizza shop. <\/p>\n\n\n\n

The first savings method we were taught was putting our money in the bank. <\/p>\n\n\n\n

We had bank accounts from a young age and would deposit our paper delivery cheques. <\/p>\n\n\n\n

Cheques are still widely used however, they cost a small fortune depending on where you bank. <\/p>\n\n\n\n

We picked our cheques from Cheques Plus in Canada<\/strong> <\/a>to review, but we also get them free from Simplii Financial<\/strong>. <\/p>\n\n\n

\n
\"Simplii
Simplii Financial Is THE BEST<\/a><\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n

We have been with Simplii Financial f<\/a>or almost 20 years<\/strong> without any issues.<\/p>\n\n\n\n

We love them the most because they are a no-fee bank, and they accepted me when I first moved to Canada. <\/strong><\/p>\n\n\n\n

It\u2019s one of the best banks in Canada that do not have a brick-and-mortar bank.<\/p>\n\n\n\n

Everything is done online or on the S<\/strong>implii Financial App<\/strong>, which we also use.<\/p>\n\n\n\n

Join Simplii Financial today! <\/a><\/strong> No monthly fees. Great rates. As simple as that. <\/p>\n\n\n\n

Plus, just for signing up, you get perks from the get-go.<\/p>\n\n\n\n

Get $50<\/h3>\n\n\n\n

When you use your friend\u2019s unique link<\/strong><\/a> to open a No Fee Chequing Account, High-Interest Savings Account, or Personal Lines of Credit<\/p>\n\n\n\n

Deposit at least $100 in a No Fee Chequing Account or High-Interest Savings Account within six months after account opening, and keep $100 or more in the account for at least a 60 day<\/p>\n\n\n\n

Use $100 off your Line of Credit within six months of opening the account.<\/p>\n\n\n\n

Plus, get $200<\/h3>\n\n\n\n

When you open a No Fee Chequing Account<\/p>\n\n\n\n

Add an eligible direct deposit of at least $100 monthly for three straight months.<\/p>\n\n\n\n

Your payroll, pension, or employment insurance should do the trick.<\/p>\n\n\n\n

We also had to pay the bill to the newspaper company based on how many newspapers we sold. <\/p>\n\n\n\n

Savings Methods For Kids To Increase Knowledge<\/h2>\n\n\n
\n
\"Teach
Teach Your Kids About Savings Methods When They Are Young. Explore. <\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n

In essence, paper carriers deliver a product, collect money for the development and pay a bill.<\/strong> <\/p>\n\n\n\n

That’s all learned experience from having the responsibility of a paper route. <\/p>\n\n\n\n

Pretty cool, huh? I loved it, and our neighbours were always kind to me. <\/p>\n\n\n\n

Saving Methods That Allowed Us Mortgage Freedom <\/h2>\n\n\n\n

Here’s the thing: we never anticipated being mortgage-free by age 40<\/strong>. <\/p>\n\n\n\n

Like most Canadians, we signed up for 25 years and did our best to save before we bought. <\/p>\n\n\n\n

As the years go by, I feel that the ability to save more is available, but only if you look for it. <\/p>\n\n\n\n

There are many mobile apps, discount codes, and free shipping<\/a>,<\/strong> although it wasn’t available in the ’80s.<\/p>\n\n\n\n

Hiding Debt To Look Good <\/h2>\n\n\n
\n
\"Try
Try Digging Yourself Out Of Financial Debt When You Care More About What Others Think Of Your Wealth.<\/figcaption><\/figure>\n<\/div>\n\n\n

The more stuff you have, the happier you’ll be. Are you a dreamer, or are you good at acting in front of people? <\/p>\n\n\n\n

I’m betting that some of you are house poor<\/a><\/strong> and regret spending what the bank allowed you to borrow. <\/p>\n\n\n\n

I feel sorry for anyone looking to buy a house right now because it wouldn’t be an option for us. <\/p>\n\n\n\n

Aside from buying our house in a buyer’s market, we used various savings methods to torch debt.<\/p>\n\n\n\n

Here’s a little tip, debt freedom didn’t happen overnight. <\/p>\n\n\n\n

If you’re dedicated to being debt-free,<\/strong> don’t let anything or anyone get in your way. <\/p>\n\n\n\n

Let’s discuss the sav<\/strong>ings methods we use and currently use to earn money, save and invest it. <\/p>\n\n\n

\n
\"There's
There’s nothing wrong with sitting on money while you decide what your best savings methods will be.<\/strong><\/figcaption><\/figure>\n<\/div>\n\n\n

There was always a spark about the future, even before we were married. <\/p>\n\n\n\n

Unsurprisingly, we clicked when it came to understanding money and savings methods. <\/p>\n\n\n\n

When you think about savings methods, it’s not just saving money in the bank. <\/p>\n\n\n\n

Savings methods encompass everything you do to keep money in your bank so you can invest it. <\/p>\n\n\n\n

Investing your money also doesn’t necessarily mean going to a financial advisor and dumping it into a tax-free savings account. <\/p>\n\n\n\n

You could, but before you do that, I’d suggest sitting down with a piece of paper and writing out your debts. <\/p>\n\n\n\n