Many of you, my loyal readers, don’t know this but I am terrible with money. I don’t mean I can’t budget or don’t know how to save money, that I think I can do. The problem arises when I have money saved up. If there’s the least effective way to use that saved money, I’ll probably find it. As an example, I’ve had my bank call me up at least three times in the last two years or so because they saw I had a large chunk of change sitting in an account that made no interest. Of course, I ignored their request to help me.

They called me again about three weeks ago and this time I listened. Even I was getting tired of my stupidity. I actually took time on Saturday to visit my home bank branch and sat down with a financial representative to go over my options. It was more than just discussing what to do with that money in that account. We discussed all aspects of where my money goes and how to use it more wisely. The lady I talked to got me thinking about how I can do a lot better with the money I have right now.

For starters, she wanted me to switch my mortgage to the bank. They were offering a lower rate. I also called my mortgage broker to see what he thought. In response, he found an even better option for me, at a much lower rate. I’ll have to pay a penalty but the new mortgage should pay off the penalty in 11 or 12 months. My payments will be lower and more will go towards the principal.

Next, I’ve opened up a new tax free savings account for the express purpose of buying mutual funds of a safe nature. Rather than have money just sitting in an account, making no interest, I’m going to put that money in funds that provide steady income. I’m hoping that the returns will be better than what a normal savings account offers.

This evening, I analyzed the last ten months of my cell phone bills. I am paying way too much for the amount of calling I do. On average, I talk for 105 minutes a month and send out 65 text messages. By switching to a different plan, I can save about $10 a month and actually have more minutes available to me.

Tomorrow, I’m going to remove some channels from my TV lineup that I pay for but rarely watch, if ever.

I should have done some of these things a long time ago but for whatever reason just didn’t do. Let’s clip coupons together!

2 thoughts on “MONEY MISER”

  1. It’s actually part of the banks’ agreement to contact you every half a year to check up with you and remind you of where to put your money.

    Hey can you email me or PM me on facebook/linkedin your mortgage broker (and if he’s really good?) I’m thinking about doing something similar.

    Good to hear that you’re optimizing your spending! 😀

  2. I did not know they were supposed to contact me. Good thing they did.

    I sent you a message on FB about my broker.

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