Today’s Tip Courtesy of Ian Martin, Chartered Accountant:
I heard a radio advertisement recently from one of the big banks regarding a service to help people save money. I think they called it “Bank the Rest.” It works something like this:
- You link a savings account to your credit card or chequing account
- When you make purchases with your debit or credit card, the transaction is rounded up to the nearest dollar
- The difference is deposited into the savings account
The concept is simple. You set aside money for a rainy day in small, manageable pieces. How many times have you seen coins on the ground and just walked by, thinking that it wasn’t worth your time.
Think of this as an easy way to bank those coins without getting your fingers dirty.
Unfortunately, some people find themselves in situations where saving some money or changing spending habits is not enough to get out from under their debt load. In times like that, consider your debt management options, and put your change to work for you.
