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must be thrifty

grand/not-so-grand designs of the sustainable kind

Tag: savings account

Money Matters

Tricks to help you save

Posted on December 2, 2013January 30, 2014 by must be thrifty

Saving money is hard work when you’re used to spending the entirety (or more) of your paycheque. Here are five ways to trick yourself into saving that little extra bit:

  • Automatic savings: set up a scheduled transfer that takes out a small percentage out of your paycheque and deposits it into a high-interest savings account. Continue reading →
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Footnote Frivolity***, Money Matters

The inheritance

Posted on March 20, 2012March 26, 2012 by must be thrifty

Thanks to an inheritance, Cheap Geek had the ability to pay off his credit card. He was, however, reluctant to use his financial windfall, wanting to rough it his own. Every month, he’d squirrel away a portion of his earnings and direct that towards his card. Continuing at the rate that he was going, he’d be able to pay everything off within eight to nine months.

Clearing debt on one’s own terms is an admirable aspiration. Unfortunately with a 13% p.a. credit card and a 5.5% p.a. savings account, it wasn’t a thrifty one. By not paying off the credit card tout de suite with his inheritance, Cheap Geek was paying an extra 7.5% p.a. of whatever was outstanding*. Each month he dithered, he was losing up to $130 in interest. Continue reading →

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