Ditch the drinks and smokes — your wallet will thank you: Scorgie
For its sixth challenge, Metro's Small Changes, Big Win series gets you to save by giving up your vice.
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Small changes to the way you spend can add up. Metro financial guru Lesley-Anne Scorgie pulls together weekly tips that will add a minimum of $10 to your savings. Ready to watch your money grow? Check out this week’s tip.
Week 6: Quit smoking and drinking for one week
How It Works: Welcome to 2018. We know you’re busy setting goals to improve your wallet, waistline and overall wellness. According to Statistics Canada, Canadians spend approximately $25 per week on cigarettes and alcohol. Both are undeniably bad for our health — but have you ever wondered just how bad they are for your finances? If you invested that money instead, it would add to $500,000 in your adult lifetime (compounded at five per cent). Gulp. Just imagine what you could do with $500,000. Quitting smoking and drinking for one whole week will save you approximately $25.
Take Action: This week we want you to quit smoking and drinking for one whole week. Then eTransfer $25 into your savings account. If you love how you feel, you might consider quitting for good and investing the money instead.
Your Vice: Don’t smoke or drink? Find another vice that you can slash in half.
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A tax-free savings account is a flexible performer in that it lets you withdraw money at any time for any purpose without losing the contribution room.
If you want to save, you need to change how you think about spending.