Five places – not so hidden – for extra money

Find Extra Money at Work …

Raises

Congratulations, you got a raise.

As a result of the raise (and we all deserve one,) you can put extra money right into your savings account. You lived on less before, right?

Where will those extra dollars make the biggest impact?

In your pocket and spent on some little extras –  OR –  in your savings account for something bigger down the road? Think about it.

Bonuses

Oh, we all love to get a bonus. Do what’s smart. Bank it.

You don’t need your bonus for living expenses because it is extra money that you can’t count on – that’s why it is a ‘bonus’ to your normal wages.

A bonus is perfect for saving.

Fact: If you need your bonus for living expenses, you probably have other financial challenges that need attention first. I can help, deal with debts.

Overtime

Some jobs let you volunteer for extra hours. That adds up to extra income. Take advantage. Work a little overtime weekly and put the extra dosh in a special savings account. Think of all the things you can do when you build it up.

Extra large commission

If you get paid on commission for your job, plan to save a portion of any extra-large commission cheques. Trust me. I know just how easy it can be to blow through extra money and not even know where it went.

As Canada’s Money Coach, I hear a lot about disappearing money.

Put those extra commission cheques to work for you. Use the money to build a nice retirement, a comfortable home or a once-in-lifetime trip. Reward your hard work with something that will last.

Get it from the Government

Tax refund

Finally, a tax refund! Who doesn’t love getting that money back? Well here’s the deal. Use that refund to increase your savings.

To find out how to pay less tax so that you can get a tax refund or qualify for an event larger refund, speak with your tax advisor or someone you trust.

Two ways that many people reduce their taxes:

  • Contribute to a Registered Retirement Savings Plan (RRSP) and/or,
  • Donate more money to registered charities.

If you can, set up an automated system so your RRSP or charitable giving is automatically debited from your bank account or deducted from your pay cheque. It you don’t see it, you won’t miss it. These options can be easy and affordable, and they mean money back into your bank.

I’m Judith Cane, Canada’s Money Coach. I’m here to help you. Most of all, if you have money issues you’d like to discuss give me a call today. 613-875-5834. I’ll help you get back in control.

 

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  1. Pingback: Savings! 5 more places to ‘dig-up’ money. - Money Coach Judith Cane

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