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Margot Bai

Top Ten Ways to Find BIG Savings

[Book cover]
  1. Buy your next home from a builder. New construction usually sells for less than established neighbourhoods and appreciates quickly. You benefit from a brand new home that wont need major repairs for many years.
  2. Save big on real estate agent commissions by selling your home privately. Use private sale websites like www.bytheowner.com to reach potential buyers at a fraction of the cost of a commission-based sales agent.
  3. Secure a lower mortgage interest rate by choosing a shorter term or open variable mortgage at your next renewal. Round up your accelerated bi-weekly payment to the next $100 to pay down the principle even faster.
  4. Avoid leasing: Leasing is the most expensive way to own a vehicle! You lock yourself into monthly payments and have nothing to show for it at the end. If you want a new car, buy it, pay it off as quickly as possible and start saving up to buy the next one with cash.
  5. Buy used cars privately to avoid dealer markups and save the GST! Look for a motivated seller and an efficient, low-mileage vehicle.
  6. Insist on a vehicle with favourable reliability ratings and get it serviced by a reputable, private mechanic to avoid the inflated repair charges at the dealership.
  7. Choose higher deductibles on your auto insurance and challenge yourself to become a safer driver. As your vehicle ages, drop collision coverage for further savings.
  8. Apply for a 30-year term life insurance policy while you are young and healthy. Quit smoking at least a year before you apply.
  9. Invest directly with a low-fee mutual fund company: you will get free, unbiased investment advice and your money will grow faster without hefty fees.
  10. Use your RRSP contributions to bump your taxable income down to a lower tax bracket. Complete the tax form T1213: Request to Reduce Income Taxes Deducted at Source to boost your paycheque based on your planned RRSP contributions.