Budgets, Debt Management and Financial Planning for Women

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July 2014
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Previous Posts

  • Summer Holiday Budget
  • Summer Birthdays
  • Making Friends With Your Banker
  • Summer Budget
  • Childcare Crunch! Is Your Budget Big Enough?
  • How to Get Rid of Your Mortgage ASAP :)
  • Will We Ever Live in Lotus Land Mortgage Free?
  • How Much Can I Afford to Pay to Live in Vancouver?
  • Buying a new Home? Don’t Forget About These Costs – The Final Number
  • Buying a New Home? How do I Know How Much I Can Spend?
  • Slow and Steady Saving

    The tortoise and the hare can teach us a lesson on this subject too! Whether you are saving for retirement, a big trip, a home or something special, slow and steady does it. Here are a few reasons why:

    • If the amount is built into your budget, it is part of the plan
    • Automatic monthly transfers = it will happen
    • Regular deposits/purchases = dollar cost averaging
    • Automatic savings = no anxiety with respect to ‘when to buy’
    • Invested wisely (see below) and it will grow
    • Add ‘windfall’ money and it will grow even faster

    Don’t forget to make sure your hard earned money is invested in an appropriate investment. Consider the following 3 things:

    1. What – The purpose for the money
    2. When – This dictates how long you can invest the money
    3. You – What is your risk tolerance?

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