I have an investment that is fully redeemable without penalty and pays an annual interest rate of 4.74%, much higher than the so-called investment savings accounts out there.  It is my personal chequing account.

If I keep a minimum balance of $1,000 in the account, and limit myself to only 10 withdrawals a month, my monthly service charge of $3.95 is waived.  I deposit this fee to my savings account so it actually compounds.

If 10 withdrawals don’t work for your own budget, there are many other places to find extra money that doesn’t involve the ubiquitous quitting smoking and laying off the lattes.

 

Related: Ways To Save Money

Here is a couple off the top of my head:

  • Some stores, in their flyers, print coupons worth 20% to 50% off your purchases or give you a gift card when you spend over a certain amount.  These go beyond plain coupon clipping and can give you substantial savings; so don’t be too proud to use them.  Michael’s, HBC, Bed Bath & Beyond and Superstore are a few that do this.
  • Many customers have reward cards that earn points.  Air Miles is the big one, but you can earn points at other stores that you can redeem for gift cards or pay for your purchase.  HBC and Shoppers Drug Mart are a couple that do this.  I have been known to purchase a good portion of my Christmas list with points.

I’m sure if you think about it you can discover a lot of ways to find extra money that you can deposit into your financial freedom account and watch it grow.


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