Wednesdsay March 22, 2000 THE OAKVILLE BEAVER D5 Saving money need not be torture The fo llo w in g is one in a series of articles from the not-fo r-p rofit Investor Learning Centre designed to help people better manage the ir m oney and become m ore inform ed about investing, th is article offers tip s on saving money. There are those people who are good savers -- people who always have a bit of money tucked away for a rainy day. And then there's the rest of us. "After dieting and trying to quit smoking, saving money is probably the hardest thing to do," explains Dominic Jones, director of product development for the Investor Learning Centre. "Regularly saving a portion of your earnings seems like it should be sim ple, but for the most of us, it's not." There are always emergencies that take up the extra money -- like car repairs or dentist bills. Or there are temptations, like a nice dinner out on the town, or that antique chest of drawers you've been eyeing at the store down the street. While you work hard and deserve to treat yourself, extra treats and unexpected expenses can derail even the best intentioned savings plan. But saving money does not have to be difficult. The key is to employ a few simple strategies to help you put away that extra bit of money each month -- and still have enough money to treat yourself with out feeling guilty. Tip #1 -- Set realistic goals. Ever looked at your salary and then at your pal try bank balance and sworn you would stash away at least a third of your next paycheque? Many of us have, but few of us actually are able to meet such a tough goal. We just end up feeling rotten about our selves, throw in the towel, and decide to try again next month. The truth is, you've got to be easier on yourself. Most savings plans fail because we set unrealistic goals for ourselves. If you're having trouble saving now, imposing a huge savings target isn't going to help. The best strategy is to start small, with a target you know you can hit. Then once you become accustomed to the reduced level of spending, you can gradually increase your monthly savings target. Pretty soon, you'll be putting away more money than you ever thought possible. Tip #2 -- Pay yourself first. You may have heard of the old saying, "Pay yourself first." If you deduct your savings direcdy from your paycheque or bank account, you are treat ing your savings like a bill you have to pay. The money is already gone, so you can't be tempted to spend it. Simply set up an automatic withdrawal plan that deposits money directly into a mutual fund or a spe cial savings account. `T his is where some honest self-evaluation comes in," explains Jones. "If you're the kind of person who spends on impulse, you have to make sure the money's going into an account where you can't get at it easily. For example, if it's going into a saving account, make sure it's not hooked up to your bank card." Tip #3 -- Reduce buying on credit. Buying on credit is extremely easy and many people have several cards -- maybe two from banks or trust companies, one from a gas station, and a few from department stores. There are many advantages to using credit cards. You don't have to carry around a lot of cash, and you can take advantage of bargains when your cash is limited. And then there are those emergency situa tions when a credit card saves the day. But, unfortunately, having credit cards at your disposal can also lead to bad buying habits. If you're the kind of person who has trouble restraining them selves when it comes to credit cards, you're proba bly well aware of the problem. Eliminating credit card debt should be one of your first priorities. Even if you are highly responsible when it comes to your cards, it's a good idea to have as few cards as possible. This makes record keeping simpler, and reduces your frustration should your wallet to be lost or stolen. Be sure to check the interest rates of the cards you do intend to use -- these can vary greatly. As a general rule, store specific cards (such as depart ment and gas station cards) usually charge higher rates than the cards issued by banks. Tip #4 -- Don't forget to reward yourself. Let's say you've embarked on a monthly savings plan and somehow managed to save a little more than you expected. Or you've saved up for a new bedroom suite, and you have a bit left over. Spend some of those extra savings. The positive reinforce ment you will get from treating yourself will help you save successfully in the future. Four tips to help you save: · Set realistic goals. · Pay yourself first. · Reduce spending on credit. · Don't forget to reward yourself. Prepare for cash emergencies. No matter how disciplined you are with your spending habits, cash emergencies tend to pop up when you least expect it and suddenly you are short on cash. To make sure you are covered for these situa tions, it's a good idea to have some "liquid" funds that you can withdraw quickly. A rough guideline is to have the equivalent of three months salary avail able in case of an emergency. Money in a savings account, Canada Savings Bonds, cashable GICs, or in a money market mutual fund that doesn't fluctu ate in value and you can get at it quickly. This column has been adapted from the book What Every Canadian Should Know About Family Finance, which was prepared by the not-for-profit Investor Learning Centre o f Canada (ILC). What every Canadian should know about Family Finance and other ILC books, are available at Chapters and Indigo, or can be purchased fo r $22.95 by phoning 1-888-452-5566, or through the ILC website at www.investorleaming.ca. How to Reach us. 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Mayor Ann Mulvale and the Oakville Arts Council in partnership with COOPGR &Mayot's L cementHENCE are proud to invite you to attend the 11th annual £ * la )inna Thursday, May 11, 2000 St.Volodymyr Cultural Centre Please reserve in advance BRIDE-TO-BE? cable(s) of 8 at $1,200 ---------------- individual ticket(s) at $ 150 I am unable to attend but would like the Province to match my tax earmarked for the endowment deductible donation of S fund for the Oakville Arts Council (#053-3356-22-14) I have enclosed a cheque payable to the Oakville Arts Council for ------------------------------I would like to pay by Q visa mastercard [ ^ j amex NEW B A B Y ? For free information and gifts... card#____________________________________expiry________________________________ signature ______ ________________________________________________________ ] Please invoice me, using credit card info for reservation purposes only Contact________________________________________ Company Title_______________ ----------------------------------------------------------------- CALL 1. SOUTH EAST Anne Phillips 842-2385 2. SOUTH WEST Carol Hagen 338-3456 3. NORTH EAST Pat Fairfield 842-1560 4. GLEN ABBEY Cathy Woloschuk 847-9157 Address Town Telephone Postal Code Fax My guests will include: Black tie preferred. 6pm champagne, 7pm Awards Presentation, 8pm dinner. Fax order form to: 8 1 5 -2024 or call 815-5977 for more information Or call toll free: 1-800-301-1104 Toronto Area: (416) 497-8111 Internet: www.welcomewagon.ca Charitable tax receipts issued fo r the m aximum allowable amount. Payment must be received or reserved by Wednesday, M ay 3, 2000. Refunds honoured prior to M ay 3, 2 0 0 0 . m LCOME AGON l t d . S in c e m 1930 A N eig h b o u rh o o d Tradition Since 1930 COOP GR lh II CEMENT ST. LAW RENCE T he Oakville B eaver i