These days, I am trying to pay as much debt as I can. The Bank of Canada decided for now not to increase its prime rate. But this won't last for long. And as soon the prime rate will increase (probably of 1%), the more I will own on my debt in term of interest fees. Repaying my debt will be a long and painful road, but among the way, there're many things that I am doing to help me save money.
I was away on vacation for a few days in July-August and September is going to be a quiet month. I recently received an email from someone I used to do some self-employed work. I hope to get my hand on a few hundreds that way. To pay more debt, there's no magic trick, the best way is to earn more and save more.
Its always more difficult to make more money than to save. Saving money is like losing weight; if you work hard enough, results will show up.
Coupons are a great way to save money. The best is to be able to match the coupon with a current sale. I had a $1 rebate on any L'Oréal Shampoo or Conditioner:
My hair can be difficult. I color my hair and they are curly and thin, but I have a lot of hair. I was surpise one day when a hairdresser said that I had thin hair. Since that day, I try to select conditioner for thin hair. On top of thin, color and curly hair. My hair can get really oily. So I have to be careful to the conditioner that I use. If the product I use are cheap, well, the result will be cheap. Good hair products come with a price. I really like L'Oréal Paris Volume Collagen for flat, fine hair conditioner. L'Oréal shampoos and conditioners are currently at $3.99 at Shoppers. Its a good deal knowing that the original price is usually around $6.99:
So in total, my favorite conditioner only cost me $2.99+ taxes. Pretty cool isn't? Well, that's only a little overview on how to use coupons. I am not a fan of those extreme coupon shows we seem these days on television. If use right, coupons can make it easy to save money; but they should be use on stuff you usually purchase.
I try to focus on my everyday needs, on stuff I purchase on a regular basis and I try to get my hands on the precious coupons. Also, the bets is to save those coupons and wait when a sale show up - like the one at $3.99 for L'Oréal shampoos and conditioners. When both are combine, it can be a magic blind-blind easy save money.
Bank of Canada doesn't set the prime rate, financial institutions do. Bank of Canada sets the overnight rate which in turn influences the prime rate set by the financial institutions.
ReplyDeleteThat's a nice deal you found D-Girl (^_-) I use shampoo only, no conditioner, but I'll keep a look out for those kinds of coupons. I usually get coupons for McDonalds or A&W in the mail but not much else lol. Good luck with your debt journey. I doubt the prime lending rate will go up by 1% any time soon. I think maybe it will increase by 0.50% next year, and another 0.50% in 2015. It will rise very slowly because Canadians on average have record high debts and a lot of people won't be able to pay their loans on time and screw up the economy if the Bank of Canada is not careful :)
ReplyDeleteYour lack of knowledge on who sets prime rates, is a great indicator of you not understanding the financial sector, the economy as a whole and how it works. Thus - your many poor investment choices, and extremely bad personal money management.
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