I’m happy to introduce this guest post (not a sponsored post) by Gail Bebee.
Gail Bebee is Canadian personal finance speaker and author of No Hype – The Straight Goods on Investing Your Money and President of The Ganneth Company.
Gail has mastered the finer points of investing through years of hands-on practice in the investment trenches and extensive personal study. Gail is a popular media contact and has appeared on such shows as CBC’s The National, CTV’s ProvinceWide, Linda Leatherdale’s Money Line and Newsworld’s CBC News: Business.
Most recently you can find’s tips on investing in RRSPS in risky times in Homemakers magazine.
I hope you enjoy this guest post – Gail will be returning to Saver Queen with information on RRSPs and TSFAs.
Saving Money When You Invest
by Gail Bebee
Before you invest a dollar of your hard-earned money, learn the investing basics. You’ll reduce the risk of making poor investment choices. My book No Hype – The Straight Goods on Investing Your Money, is a good place to start.
Another great way to save money is to pay off debt, as quickly as possible. It’s a guaranteed return on your investment equivalent to the interest rate you pay on the borrowed money. Start by paying off any outstanding debt on your credit card. They usually charge interest rates of 18% or more. Better yet, pay off the monthly balance on your credit card when it is due and avoid those stiff borrowing charges.
Take the time to understand exactly what you are buying before purchasing any investment. You’ll avoid expensive mistakes such as paying a penalty to sell a mutual fund before its minimum holding period is over.
You can save money every month by being choosy about where you have your savings/chequing account. Shop around to find the bank offering the highest interest and the lowest banking fees. Take a look at what ING, PC Financial and ICICI Banks have to offer. But do make sure your bank has an ATM near your home or where you work; using your bank’s ATMs saves the charge ($1.50 or more) if you use another bank’s machine.
Finally, always think for yourself before investing. It’s my number one universal rule of investing. Ask yourself: “Is this investment really right for me?” You’ll avoid expensive mistakes if you ask yourself this one simple question before you invest.
Personal finance speaker & author of No Hype-The Straight Goods on Investing Your Money, all the investing basics for Canadians from a savvy financial industry outsider.
Find out more and buy online at www.nohypeinvesting.com