One dollar here and one dollar there :)

iVillage Member
Registered: 04-10-2003
One dollar here and one dollar there :)
11
Fri, 12-02-2011 - 9:26am

I've decided to start a new experiment. I currently have my baby efund in a tax free mutual fund account. I add $50 a pay check to it (I'm at $1000 as of now! Yay!). The challenge with this is that it takes a few days before I can access the money, so if there was ever a real emergency, I woudl have to use the CC's and pay them off (something that I am not keen on).

I also have an empty tax free savings account attached to my chequing account (it was opened when they first came out so I was all gung ho about it). This account will give me access to my money in one business day.

I've decided I'm going to take the extral dollar here and dollar there that I have left over at the end of each pay period and instead of just floating them forward, I will put them in this account. In addition, anytime I do a debt purchase (bad me, I should be using cash) I am going to round up and put the reminder in the efund. I want to see first hand how those dollars and cents really add up!

So far, I'm at $4.23 and counting!


Bex -

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Community Leader
Registered: 08-25-2006
Thu, 12-08-2011 - 5:32pm
Great idea! Littlebigs is right, it is a snowflake, but I know I am guilty of feeling like a flake needs to be signifcant.

Kind of like if we were building a snowman, it feels like we need to at least be able to least get the bottom ball rolled up.

We forget it really is just a flake at a time that does add up.

Serenity
iVillage Member
Registered: 09-22-1999
Wed, 12-07-2011 - 7:18am

Hi!

iVillage Member
Registered: 11-14-2008
Tue, 12-06-2011 - 10:44am
I love watching things like this grow!
iVillage Member
Registered: 04-10-2003
Tue, 12-06-2011 - 10:36am
It all adds up :)
I just transferred another $6 in for a total of . . . wait for it . . . Ten whole dollars!!!
BUT it is significant because that would be $10 that would have otherwise run through my fingers so it's better sitting in an account for when I need it!

Bex -

iVillage Member
Registered: 08-29-2006
Fri, 12-02-2011 - 7:16pm

You are on FIRE!

iVillage Member
Registered: 04-10-2003
Fri, 12-02-2011 - 2:28pm
NOT ME! I doubt my little dollar here dollar there experiment will add up to much more than a few hundred if I'm lucky. LOL,. You don't even want to KNOW how much room I still have to contribute to RRSPs and TFSAs . . . just no $$$ to do it:(
Wow Kate! $200 in just laundry savings is a big deal! You could start putting the difference in a jar everytime you hang something and don't spend it on the dryer and see where you end up!

Bex -

iVillage Member
Registered: 04-10-2003
Fri, 12-02-2011 - 2:26pm
Hi Karen,
I am with PC bank, and there is no minimum transfer required. Much to the horror of my bank (and my CC company) I have actually paid off $0.76 to avoid interest penalties (because if you miss that $0.76, you pay interest on the entire previous balance , stupid CC companies).

And I totally agree. The concept of RRSPs, RESPs, and TFSAs are great, but the reality is, I have $30k in excess contribution room (RRSPs) that I haven't used because I just don't have the cash to put in it and its growing every year because I only put in 10% of my income (so I have another few thousand that gets added to the pile). I also have almost $12K in excess TFSA room that I still haven't used. Idea is great, but who the heck can max them out (and don't even get me STARTED about kids, lol, I don't know how you folks do it!)

Bex -

iVillage Member
Registered: 08-24-2007
Fri, 12-02-2011 - 1:58pm

LOL, Karen, I guess we have the answer -- Bex is the one utilizing these programs and maxing out the RRSPs and TFSAs!!! But not us. :-(

Honestly, how do people manage to have all this extra wiggle room?

I completely agree that small efforts can add up to big savings. Last year, DD and I had a long discussion about the cost of laundry -- it's $4.00 per load at our building so it adds up fast -- and we've been hand-washing items and hanging some loads to air-dry. I didn't think it was making a big impact until I started to look at my 2011 numbers last week. Those small efforts added up to almost $200 in savings this year!!

Kate


empty purse

iVillage Member
Registered: 11-14-2008
Fri, 12-02-2011 - 1:29pm

This can be a really empowering post for people with lower incomes that think they can't make a differece. You CAN make a difference one dollar at a time. I like your idea. Do you just do a transfer online. I think the way my tfsa is set up is that there is a minimum contribution of much more than that. Can you really throw a buck in there? I would actually do that.

iVillage Member
Registered: 10-01-2008
Fri, 12-02-2011 - 12:19pm

Every dollar does count.

Norma


"Patience is the best remedy for every trouble"- Plautus


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