Tuesday, July 30, 2013

Think Small, Save Big

In For autos and homes, think small for big purchases (The Globe and Mail, July 15, 2013) personal finance columnist Rob Carrick makes the case for downgrading your buying expectations. Carrick recommends the Think Small philosophy, say forgoing the four-bedroom, two-storey house with a big backyard for a a three-bedroom bungalow. Other home purchasing options include renting, buying a condo instead of a house, living in the suburbs or countryside, or buying a house with rental income potential.

The article also mentions he expense of putting on a wedding (according to a recent Bank of Montreal survey, engaged couples are expected to spend an average of $14,281 on their wedding expenses in the next five years).

As Carrick says, "the Think Small philosophy of spending is freeing, though. It helps you get married without wedding debts to contend with, it steers you toward a sensible car and it just might solve your housing affordability problems." We couldn't agree more.

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