Some mistakes to avoid on the road to retirement

Our parents tell us that every mistake we make is also a learning opportunity – by doing the wrong thing, the path to the right thing is illuminated for us.

With that in mind, Save with SPP took to the Information Superhighway to see what retirement whoppers people have experienced, and maybe, what they learned from those mistakes.

CTV’s Christopher Liew suggests that “starting too late” on retirement savings and planning is a top mistake to avoid.

“If you want to build a substantial retirement fund, time is your greatest ally. The longer your retirement savings have to grow and earn compounding interest, the more you’ll have when it’s time to step back and start your retirement,” he writes.

Another mistake to watch out for is “failing to diversify your investments,” he adds.

“Putting all your retirement eggs in one basket can be a risky game. Diversification is key to balancing the risk and returns in your investment portfolio. Failing to diversify can expose your retirement savings to market volatility and specific sector risks, potentially derailing your long-term plans,” Liew notes.

Spread your retirement investments across “different asset classes such as stocks, bonds, and cash equivalents,” he suggests.

A third mistake Liew identifies is “underestimating your retirement expenses.” It’s hard to set a savings target if you’re not clear on what your expenses will be once work is done, he continues. “Retirement often brings its own set of financial demands, ranging from healthcare costs to leisure activities. Underestimating these can lead to financial strain, potentially forcing you to dip into savings faster than you anticipated,” he writes.

The Bellwether Investment Management blog provides a few more things to watch out for.

“Avoid taking on new debts,” the blog advises retirees. “This one may seem obvious, but it should still be addressed. Do not take on new debts. By the time you reach retirement you should have already settled them. While everyone is under different circumstances and you may already have open lines of credit, what is ultimately more important is not incurring new ones,” the blog advises.

“In a study published by Statistics Canada that investigated senior families and their finances, there has been a startling pattern beginning to emerge. Between 1999 and 2016, the rate of indebted families rose drastically from 27 per cent to 42 per cent. Worse yet, the median amount owed went from $9,000 to $25,000,” the blog advises.

Another common mistake is trying to do everything yourself in a complex retirement world where you have multiple sources of income, investments to draw down, more complex tax problems, all while you are getting older and a little less energetic.

Consider the help of a finance professional, the blog advises.

“Although many individuals have done well in taking care of their finances personally, there may come a point in their lives where they no longer have the desire to do so. In other cases, situations may arise where the surviving spouse isn’t familiar with the complex details of their portfolio which can lead to undue stress for their financial (and emotional) well-being,” the blog advises. Professional help is a call away, the blog reminds us.

The Motley Fool blog adds another good one.

“Not planning for longevity” is a major retirement planning error, the blog notes.

“The average life span in Canada is almost 82 years. But a decent percentage manages to live past 90, and some even farther than that. But a long life might not necessarily be a happy life if you are running out of cash faster than you run out of breath. While it’s vital that you save and invest as much as you can, planning for longevity requires taking other decisions as well, like buying a whole-life annuity to augment life-long government pensions,” the blog notes.

The Saskatchewan Pension Plan ticks the boxes on several of these concerns. You can start early on your SPP savings, and your hard-saved retirement money will be invested professionally in a diversified, professionally managed pooled fund. And if you are worried about running out of money (by living a long happy life), SPP’s annuity options deliver you monthly income for life, no matter how many candles they cram onto that birthday cake.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

A man with a pension – that does impress her much!

Singles out there, take note – having a pension may be worth more to you than you think!

According to a recent article in Business Insider by Nicola Prentis, you may get more attention if you list a “pension” as one of your attributes on your dating profile.

“I ask men if they have a pension before I seriously date them,” she writes. “`Have you got a pension?’ isn’t the first question I ask a date but it’s high on my list if I’m considering an actual relationship,” she continues.

“It’s not about how much they earn, and I’m not looking for someone rich. In my opinion, a low-earning saver, like me, is actually much better off financially than a high-earning spender with no safety net. But I have to ask about pensions to really find out where our future is heading as a couple,” Prentis explains.

So why is having a pension more attractive to her than having big bucks? Let’s read on.

“One guy I dated had his own business and earned four times more than me. He kept offering to buy me flights to visit him, sent me expensive flowers, and had a penchant for buying anything in the grocery store labeled `finest,’” she writes.

“Big spenders make me uneasy because I don’t enjoy extravagance and I’m happier living simply. But my fears were confirmed when I asked him the pension question,” Prentis tells us.

It turned out that, at 50, he had no emergency fund to call on, no pension, and no investments. Even more telling about how the balance of our future relationship would be was when he added, `I don’t understand all that stuff but I’m happy for you to manage it for me,’” she writes.

“That was my cue to end it. No relationship can work if one person is always the `fun police’ and has to do all the labour because the other can’t be bothered to learn. I ended it and truly hope he put that flower money toward a pension,” Prentis notes.

Her article tells the tale of another prospective date who, while equipped with an impressive collection of high-end running shoes, had no pension. His retort – “who knows how long we have to live” – did not impress her, the article adds.

Prentis says she feels this way because, as a single mom “who had her head in the sand for years” about retirement savings, she finally sorted things out a few years ago. She makes small contributions to her retirement savings account each month that are automated, so that she doesn’t forget to contribute and stays on track.

Now that she has taken control of her personal finances and long-term retirement savings, the article continues, she has recognized that “attitudes toward money are one of the most persistent and destructive factors in relationship issues. That’s a clear theme when I look back at my past relationships. Disagreements about money caused more than just arguments. They brought a feeling of distance from a partner because their beliefs and behaviors around money were so alien to me,” she writes.

“So when I’m asking if a guy has a pension, what I’m really asking is: `Are you thinking about the future or just about enjoying today?’ It’s not that there’s anything wrong with living in the moment. After all, I get that `you can’t take it with you’ and `there’s no point being the richest person in the cemetery.’ But, to me, I can enjoy the present more if it’s not ruined by worrying about what will happen later if I don’t have money.”

It’s an interesting perspective on the importance of retirement savings.

If you are fortunate enough to have a retirement savings program through your workplace, make sure you are contributing to the max. If you don’t – or you want to augment what you have – the Saskatchewan Pension Plan may be just the program you’ve been looking for. You can decide how much you want to contribute, and how often – your contributions can be made through pre-authorized transfers from your bank account, or by setting SPP as a bill through online banking and paying that way, or even via a credit card.

The heavy lifting of investing for retirement will then be in the capable hands of SPP, who will grow your contributions in a pooled, professionally managed pooled fund. At retirement, you can choose from options like a lifetime monthly SPP annuity, or the flexible Variable Benefit option.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Super Agers – why do some folks thrive well into their 100s?

We always hear stories – from family, perhaps, or on the news – about a little old person who is not only alive and well past age 100, but thriving, with a sharp mind, fit body, and glowing health.

What’s behind the fact that some of us do so well at aging? Save with SPP decided to take a look around to find out.

A recent article by The Canadian Press tells the story of Angeline Charlebois of Levack, Ont., who at 105 “spends Tuesday afternoons in town playing cards with her friends at the golden age club, often bringing home-baked treats to share with her friends. Charlebois is an avid reader and loves to sew. She makes hats for babies at the nearby hospital — having picked up knitting as a new hobby when she was 100 years old.”

“She’s extremely social, and says she likes to have a drink on the weekends with her family. She’s partial to beer or rye and water, and she puts Irish cream in her coffee after mass every Sunday,” the article continues.

“She’s used to people who are astounded by her energy and good health at 105 years old,” CP reports. “I don’t really have a secret, it’s just good, plain living,” she tells CP.

Researcher Angela Roberts describes Charlebois as a “super ager,” or someone “80 and older that has the memory of someone 20 to 30 years younger.”

Roberts, the article says, is involved in a study on the topic of super agers involving Western University and four U.S. colleges. The research has found a few factors that seem to help people thrive into their 100s and beyond.

“Human connection, seeing and being with other people face-to-face, feeding off the emotional exchange is really important,” she said.

“We see this depth of social connection as perhaps being a defining piece of exceptional cognitive aging, and indeed that aligns with research that shows that social isolation is harmful in aging and can lead to dementia and contribute to cognitive decline,” she tells CP.

A story posted on the U.S. government’s National Institute on Aging website says research in the States has shown that super agers have more resilient brains than many of us.

“Physically, the brains of cognitive super agers seem to defy wear and tear better than the average brain,” the article notes, citing research from Chicago’s Northwestern University.

“Comparisons revealed that the cingulate cortex, a brain region considered important for the integration of information related to memory, attention, cognitive control, and motivation was thicker in super agers than in their same-age peers and showed no atrophy compared with the same brain region of the middle agers. In fact, a specific region of the anterior cingulate cortex was significantly thicker in the brains of cognitive super agers than in middle agers’ brains,” the article adds.

A flurry of research studies are trying to find out why some brains age better than others, the article continues.

Is there anything we can do in the here and now to boost the strength of our brains? Or the rest of us?

An article from Harvard Health Publishing suggests there are also physical “super agers” whose bodies “have an aerobic capacity of people 30 years younger.”

“Some studies have indicated that people in their 80s who exercised at high intensity for 20 to 45 minutes a day have an aerobic capacity of people 30 years younger,” Harvard’s Dr. J. Andrew Taylor states in the article.

The article suggests a number of steps we can all take to boost our brainpower and physical fitness as we age:

• Embrace mental challenges, such as puzzles and math games. Volunteer with a goal of trying and learning new things, the article adds, or leisure activities you haven’t done before.
• Increase your exercise capacity, and try to work out at a higher level for 20 to 40 minutes, three to five days a week, the article suggests.
• Prepare to be frustrated as you learn new activities – that’s OK, the article tells us.
• Don’t let you age deter you: some famous painters like Mary Robertson “Grandma” Moses did not start painting until their late 70s, the article notes.
• Get going with a group, since taking part in new activities with a group of other people builds social connections as well as putting you in a group of like-minded beginners, the article concludes.

If you’re planning to be around for the long haul, you’ll need to make sure you have adequate retirement savings.

The Saskatchewan Pension Plan is a great resource to help you build and grow your retirement savings. SPP invests your hard-saved coins in a professionally managed, low-cost pooled fund. When it’s time to turn savings into income, your options include the possibility of a lifetime monthly annuity payment, or SPP’s flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

In the U.S., women have “just one-third of men’s retirement savings”

South of the border, “women… have saved just a third of the amount that men have set aside for retirement, setting up a potential crisis among female retirees,” reports Voice of America.

The VOA article cites new research from Prudential Financial that found “on average, men had saved $157,000 USD for retirement, while women had put aside only $50,000 USD.”

There are a number of reasons for the gap, Caroline Feeney of Prudential tells VOA, including the fact that compared to men, “women were three times more likely to be focused on providing for their families and children than on saving.”

“`The financial futures of certain cohorts – such as women – are especially precarious,’ Feeney states in the article. `Women have a more challenging time saving for retirement,’ she adds, citing inflation, housing prices and changes in tax policies as the main barriers.”

Not surprisingly, 46 per cent of men said they are looking forward for retirement, compared to just 27 per cent of U.S. women polled, the article notes.

A story from GoBankingRates, commenting on the same survey results, says there are challenges ahead for both men and women on the U.S. retirement front.

“While women find themselves in a more precarious situation than men, people of both genders have a lot of saving and investing to do over the next 10 years. With just a single decade until retirement, the average 55-year-old American has only $47,950 in median retirement savings. Additionally, about one-third of 55-year-olds have postponed retirement due to high inflation these days,” the article notes.

“Probably the scariest data point is that a stunning 71 per cent of 55-year-olds have not calculated how many years their current retirement savings will last them — and two-thirds of this group expect they’ll outlive their savings,” the article adds.

GoBankingRates strongly recommends saving for retirement “early and often” to prevent a shortage of money in your golden years.

Even if you start saving late, after age 55, “it’s never too late to start aggressively saving for retirement. You’ll have a lot of catching up to do, but better late than never. Ultimately, you’ll need to save a lot more every month to ensure you have enough funds to call it quits at work. You might also want to consider working past age 65 to ensure a financially sound retirement.”

Workplace pension plans are a great way to make saving for retirement automatic, but they aren’t always portable – you can’t always continue to be in one employer’s pension plan if you change jobs and move to another.

A portability solution is the Saskatchewan Pension Plan. Since you can belong as an individual, you can continue to make contributions even if you change employers. Rather than ending up with several small buckets of retirement savings, you’ll end up with one, larger bucket – and the options of an SPP lifetime monthly annuity payment, or the flexible Variable Benefit, at retirement.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Retirement is about “much more than money,” authors of Retiring? say

When friends Ted Kaufman and Bruce Hiland compared notes about their transition from work to retirement, they felt there was a book in there. The result, Retiring?, is a great little reference work that provides key things to consider as you transition away from the workplace.

As a starting point, the authors note that “retirement has changed enormously in the last few decades in its duration, the circumstances giving rise to it, and decisions the individual has to make.”

As well, they note that most retirees they spoke to “were unprepared for the profound personal and life changes retirement brings. Addressing these non-financial issues seemed to hold the key to a satisfying and fulfilling retirement, but only financial matters had gotten the necessary attention.”

In short, people “are living longer” and “the onset of age-related health problems has slowed.” So we live longer and are more healthy, yet “a career with a single employer is now virtually unheard of,” and “ageism is alive and well,” with successful people still being shuffled off to retirement because they are deemed to be too old, the authors write.

In retirement, you have to move on from the old reality that your work “defines you,” the authors point out. You will need new social connections. But, retirement will bring change that you can embrace – “you’ll have more choices than ever before,” the authors say.

To set sail on retirement, the authors suggest (worksheets and a quiz are in the book to help you) that you define “what I value” as well as a “never again” list. This useful pros and cons list may help you decide whether or not to retire, or more possibly, when, the authors maintain.

Activities are crucial in retirement – things like “teaching, writing, starting a business, exploring a new talent, or fully developing one you already have, such as art, gardening, or photography.” Having one activity is good. “Two is not uncommon, but three seems to be pushing it. The core idea is to define your anchor so you can fit other interesting, satisfying activities around it, like filling in the smaller stores in the mall,” the authors explain.

In a chapter on relocation after retirement, the authors suggest making a test run before the big move. “Give it a serious tryout before making a decision. The same advice applies to a move back to someplace once familiar but where you haven’t lived for many years. Renting – ideally for a year – offers the most realistic experience against which to test your expectations,” the authors advise.

In the section about physical health and fitness, there is a nice worksheet section that considers such factors as your age, family history, stress level (and sources), chronic issues, and other factors to help you design a suitable health plan.

Be active and watch the drinking, the authors warn. “Exercise. Eat and drink in moderation. Develop a sensible plan, and then stick to it!”

After helpful chapters on mental health and spirituality, the authors conclude this fact-laden, thoughtful book by advising that “the new retirement will bring many changes. The one constant is that those who enjoy a satisfying and meaningful retirement are those who applied their thinking and planning talents to the challenge.”

Living after work is over will still require money. If you are lucky enough to have a retirement program at work, be sure to contribute to the max. If you are saving on your own for retirement, considering partnering up with the Saskatchewan Pension Plan, who have been helping Canadians build retirement security for more than 35 years.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Number of Canadians over age 85 set to triple: Statistics Canada

The number of Canadians over the age of 85 is expected to hit 4.3 million by 2073, which is triple the current number, reports The Canadian Press.

And in that future, about 50 years from now, there will be 63 million Canadians compared to just over 40 million today, the article notes.

Interestingly, the article says, Canada’s low birthrate means that most of the increase will be due to migration, which “will be the key driver of Canada’s growth for the foreseeable future,” the article adds.

The increase in numbers of older Canadians may have numerous impacts, the article reports.

Demographer Doug Norris tells CP that the growing senior population “will put double the pressure on the labour market because people are not only aging out of the work they provide but also aging into needing services provided by others.”

“We’ve heard a lot recently about long-term care, about the need for support for people to perhaps age in place, live in their residence for as long as they can, that help with that is needed,” he tells CP.

He predicts more people working in healthcare and long-term care facilities, “because the demand for those kinds of services are going to increase tremendously,” the article notes.

The growth, the article reports, should be seen the most in Western Canada with B.C., Alberta and Saskatchewan “expected to take up more of Canada’s overall population in 50 years.” Eastern provinces, such as Newfoundland & Labrador, Nova Scotia, New Brunswick and Quebec are expected to see “a population decrease,” the report tells us.

Norris concludes by saying that addressing this growth in older seniors is something governments are going to have to address – for instance, more growth is expected in urban centres than in rural areas.

“We really are a very diverse country, and we need to understand the diversity not only in terms of aging and population, but in many other ways as well,” he tells CP.

So, let’s unpack this. Population is growing, more in some provinces than others, and more in cities than rural areas. The numbers of folks over 85 is going to triple over time, and there will need to be more long-term care or aging-in-place options for this group.

The future sounds pretty expensive. If you have a retirement program at work, be sure you are contributing to the max.

If you are saving on your own for retirement, a way to kick-start the process is to sign up for the Saskatchewan Pension Plan. Any Canadian with unused registered retirement savings plan room can join. SPP takes the heavy lifting of investment off your shoulders – they’ll merge your savings into SPP’s professionally managed, pooled fund which operates at a low cost.

And when it’s time to retire, you’ll have money to augment anything you’re getting from other sources – SPP retirement options include lifetime annuity payments, or the flexible Variable Benefit.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Some tips and tricks to take some of the headaches out of moving

It’s said that the only certain things in life are death and taxes. But the likelihood that you, or your family members, will move from location A to location B should be a close third on that list.

Having just finished helping one family member move, Save with SPP decided to check around the Interweb for tips on how to make the process easier, and perhaps, cheaper.

The folks at Forbes start us off with a few good ideas. Rather than running out and spending big bucks on packing boxes and bubble wrap, “consider asking neighbors and friends who have recently moved or are about to move—to save their boxes and any extra moving supplies for you. You can also stop by select retail locations like grocery, furniture or appliance stores and ask if they have any boxes leftover from their recent deliveries.”

The next one – our relative did this one with quite a bit of success – is to host a yard or garage sale to get rid of any unwanted stuff you have, rather than packing it up and dealing with it again later.

“By taking the time to get rid of any clothes, furniture or other items that you don’t want prior to your move, you create an opportunity to decrease the number of necessary movers, as well as possibly decrease the size of the moving vehicle that will be needed for your job,” Forbes points out.

A final good bit of advice from Forbes is this – to “pack strategically.” Huh?

“By packing in a way that utilizes fewer boxes, you can save space, time and, most importantly, money. Be tactical with your packing by nesting some items inside of others, rather than just thoughtlessly tossing all of your things into boxes,” Forbes explains.

The Money Excel blog adds an important one – the need to “declutter your house before the move.”

“You need to make categories—to donate, to sell, and to throw away. The donation pile may consist of old winter clothes and boots that can be useful to people who do not have the money to buy them. The pile for selling includes old kitchen appliances that you cannot take with you. The trash pile is for documents you no longer need, such as old income tax returns from five or more years ago. This pile can also include broken, heavier items that no longer have a purpose, meaning you’ll be able to toss out old furniture and other items into your waste dumpster to lighten the load too.”

The From Frugal to Free blog suggests considering a “hybrid move,” rather than going all-in with professional movers or choosing the labour-intensive DIY route.

“A hybrid move combines the best of both professional and DIY moving. Hire professional movers for heavy and bulky items, like furniture and appliances, while handling smaller, more manageable items yourself. This method can significantly reduce costs compared to hiring movers for the entire job,” the blog notes.

Another nice tip (one that we’ve used) is to “notify your utility companies well in advance of your move to avoid rush fees or penalties.” We used to keep the old utility bills (such as electrical or heating bills) from location A to show the utility folks at location B we were good bill payers, this often helped waive some hookup charges at the new location.

Finally, think of the tax breaks that may be out there for you, suggests MoneySense.

If you are moving to start a new job or for education, hang on to all your moving expense bills, because you may be able to claim them, the article notes.

“One of the key criteria for qualifying is that your move must take you at least 40 kilometres closer to a new work or post-secondary location (the shortest public route is considered). In addition, the move must be made to earn income at that new location from either employment, self-employment or to attend post-secondary school,” reports MoneySense.

These are all good tips. Our relative used both a garage sale and also social media to turn clutter – items that were still good, but not needed at the new location – into cash. A lawn mower, a BBQ, an outdoor hot tub, and appliances all generated more cash to help defray moving costs.

If you are moving to a new place for a new job, and are a member of the Saskatchewan Pension Plan, there’s at least one thing you won’t have to pack. SPP is a portable plan. Changing employers doesn’t affect your membership, and you can simply continue contributing when you land at your new job. It’s another way SPP helps you build a secure retirement.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Are Canadians putting enough away for retirement?

Writing for Yahoo! Finance, Andrew Button of Motley Fool Canada takes a look at where Canadians are with their registered retirement savings plan (RRSP) balances.

The numbers he found were a little low.

While Canada does not collect savings by age group data, he estimates that “the average single Canadian has about $12,949 saved in his/her RRSP for retirement.”

“Statistics Canada’s 2019 data says that Canadians under 35 have $9,905 in their RRSPs, and Canadians between 35 and 44 have $15,993 in their RRSPs. The average of these two is $12,949. Assuming that single Canadians’ retirement savings increase linearly over time, $12,949 should be pretty close to the amount single Canadians have in their RRSPs,” he explains.

The picture is brighter, he reports, for “economic families,” who have about $140,000 saved in the age 35 to 45 bracket. The term apparently refers to people living together.

OK, $140,000 sounds good – better than $12.9K. But are these folks on track to save what they need?

Button looks at that question.

“Most financial advisors recommend that Canadians retiring soon have $750,000 saved for retirement. If that figure is accurate, then it would appear that single Canadians are a ways away from being able to retire comfortably, while families are faring better. Either way, if you have more than $140,000 saved, you are ahead of the curve. That sum can easily be turned into $750,000 over a few decades (although your required amount will increase due to inflation),” he writes.

He concludes his piece by noting that investing may provide a way to grow your retirement savings.

“If you’re concerned about approaching retirement age with inadequate savings, you can try investing. Dividend stocks, index funds, and GICs are popular assets for RRSPs. A portfolio comprised of such assets may help you retire in comfort,” he concludes, providing examples of a Canadian utility stock and the annual dividends it provides.

If you are saving on your own for retirement, making the right investment decisions can be challenging. There are both risks and rewards to investing.

Fortunately, there’s a way you can get professional investment for your retirement savings at a low cost – have a look at the Saskatchewan Pension Plan. SPP will invest your hard-earned savings in a pooled, low-cost and diversified fund that is invested in Canadian, U.S. and international equities, bonds, mortgages, and more.

You decide how much you want to contribute (and contributions are tax deductible) each year, and you can transfer in any amount from other RRSPs you may have.

At retirement, your choices include a lifetime monthly annuity payment, or SPP’s flexible Variable Benefit option.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Looking for the best tips on saving

A couple of years before he passed away, my wife’s Uncle Joe pulled me aside and gently grilled me about money – specifically, the dangers of debt and the wisdom of saving.

“If you bank 10 per cent of what you earn, and live on the rest, you’ll never have any money problems,” he admonished me. We’re continuing to follow that example.

But what other great savings tips are out there on this fine summer morning? Save with SPP decided to take a look around for more.

Set saving goals with a specific deadline: It’s one thing to say you want to save a big amount of money, say $5,000, write the folks at Parade. “But no matter what your goal, make sure you set it and give yourself a deadline of sorts. “A goal of ‘save $5,000’ isn’t going to get accomplished if you give yourself your whole life to accomplish it,” the magazine advises.

Invoke the power of price-matching policies: Remember the store that boasted “the lowest price is the law” in their ads? Take advantage, recommends The New York Times of stores that offer to match the prices of their competitors, even if they are lower. “Price matching can occur online via chat, in-store, and over the phone, depending on the retailer. Be sure to check online policies and exclusions to confirm that it’s possible—if it is, you just got the item of your choice at your preferred price from your preferred store,” the newspaper advises.

No spend challenge: At the Mom Money Map blog, “no spend challenges” are seen as a great way to “optimize your money mindset.” Pick a time period – a day, or even a week, perhaps – where you simply don’t spend any money. “I don’t need to spend money to eat well. Have fun. Get that occasional self-care I crave,” the blogger tells us, adding “I’m more handy than I think. I can fix that leaky bathtub faucet myself. I don’t need to hire a plumber.”

Haggling over the phone: An oldie but goodie is suggested by the Money To the Masses blog – negotiating prices by haggling. “If you’re confident enough to pick up the phone, you can save a lot of money just by asking for it,” the blog explains – such as negotiating new contracts for services like cable or a phone plan. “Often, the best time to haggle is toward the end of a contract. You’re likely already checking around for cheaper prices, which you can use as leverage when you go to your current provider to ask them to match or beat it,” the blog advises.

We can advise that when you are haggling for a service in person, offering to pay cash can be a great way to negotiate a lower price.

Visit consignment and thrift shops: The gang at Lending Tree say that “instead of buying new, look for hidden treasures at a secondhand clothing store in town or online.” You may be able to turn your own unwanted clothes or other possessions into fast cash, too, the blog notes.

There are limitless other suggestions, like developing, and sticking to, a budget, to avoid grocery shopping without a list, to not use `retail therapy’ to cheer yourself up, and more. Conscious spending comes through in a lot of the articles – some say use cash rather than debit or credit cards because you’ll see the cash wad thin out as you start to burn through it, which doesn’t really happen with cards.

Any sort of Uncle Joe “pay yourself first” strategy should factor in saving for retirement, too. Pay your future self first! Consider setting up some sort of automated savings plan for your retirement savings so that the money goes into your savings pot before you have a chance to spend it.

This is a nice feature available through the Saskatchewan Pension Plan. You can set up pre-authorized contributions from your bank account, perhaps once or twice a month, or coinciding with your payday. The money you direct to SPP is then invested at a low fee in a professionally run pooled fund, at when it’s time to leave the bonds of work behind, SPP offers you the possibility of a lifetime monthly annuity payment or the flexible Variable Benefit option.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!