Christine Ibbotson
3 minute read
Wednesday, Jun. 1, 2022
Dear Money Lady readers,Have you ever said to yourself: “I’ve never been a millionaire, but I know I would be great at it!”
With house prices now at an all-time high, you may indeed now be a millionaire, and if so, congratulations. For the rest of us still struggling to get there, and we can broad-stroke Canadians into two groups — spenders and savers, who, oddly enough, are often married to each other.
Now before you decide to toss this column aside, I am not going to advocate penny-pinching and coupon clipping. Saving 20 cents on a can of soup is one thing, but it will never get you to retirement as a millionaire. Now with inflation and the sky-high gas prices, it is easy to understand why families are stressed out. Most people, on paper, make decent incomes, but the average Canadian couple still lives paycheque to paycheque, even while bringing in six figures. They claim that they can’t save anything and that their life is completely normal — but is it?
There is only one true way to improve your monetary situation and change things around to find ways to save. This is the key to saving thousands of dollars every year and guaranteed will make you a millionaire by retirement. The trick is “mindful spending.” I know most of you think you already do this all the time, but even the greatest budget-minded savers fall off the wagon and spend too much on everyday life.