Apply For a MortgagePublished: July 3rd, 2011 • Last Updated: January 7th, 2021
Author: Ross Taylor on AskRoss.ca
No matter how little you make, you need to regularly save some money.
The reason “pay yourself first” works is because you treat your savings plan with the same respect and importance you attach to your rent or car payment.
You consider your savings plan a highly important monthly bill which must be honored no matter what.
David Chilton and many others advocate at least 10% of what you earn is yours to keep. It’s a good number. But if that seems intimidating or unattainable, set yourself a lower amount, and just do it. $20 a week will build more than $1,000 in a year.
Remember, if you don’t have the money, you shouldn’t be committing to an expense. So if you do want that new flat screen TV, better make sure you can pay for it in full when the payments are due.