“I like $6 lattes.” “I can’t afford to open a TFSA or an RRSP.” “bi ’ umimyaepnru.” lse “Spending n edvieertsw ork.”

“We like $6 lattes, too, but that doesn’t mean they should be a habit.” “You can’t afford not to open one (or both) of these savings vehicles.” Supersavers say “Never open your wallet without asking yourself a few key questions.” “We almost agree. Spend

Free advice This is one of those extra costs that’ll creep up, leaving you none the wiser until, of course, you do the math. Allow us: Just three tasty beverages a week adds up to more than $900 a year. “If you think in terms of eating loonies instead of consuming drinks, it can help put things in perspective,” says Cynthia Kett, a Toronto-based certified professional accountant and certified financial planner. Don’t worry—we’re not suggesting eliminating your java altogether; likewise for indulgences such as eating out and buying (instead of bagging) lunch. “Dining out is a social activity,” says Kett. “Consider which meal rituals give you the most pleasure and keep those, but reduce the number per week. For instance, have a latte on Monday, go for lunch on Wednesday and make dinner reservations for Saturday. You’ll have something to look forward to nearly every other day.” Free advice Good savers adhere to this easy-to-follow rule: Pay yourself first. What does it mean, though? Set up your bank account so that with, say, each paycheque, some money (even just $10) automatically goes into a registered retirement savings plan (RRSP), tax-free savings account (TFSA) or— at the very least—a regular savings account. “The money you don’t see in your chequing account likely won’t be missed,” says Laura Chanin, an investment adviser and certified financial planner in Vancouver and Surrey, B.C. Free advice Chanin says a self-imposed cooling-off period before bigger buys (and even smaller purchases) is a classic move among savers. “If you find something you want, think about it for at least 24 hours,” she says. Try some internal dialogue: Do I really need that purse? If yes, ask yourself if you can afford it now. If you need it and can afford it, then see if there’s a way to get it for a lower cost. And if you don’t need it or can’t afford it now but still covet it, make a plan to save for it. Always remember, says Chanin, that “slowing down your spending will give you a greater sense of control, and the pride in that typically lasts longer than the emotional high you get when you hear that satisfying beep indicating your debit or credit card payment has been approved.”

Supersavers say

Free advice “If someone told me that I couldn’t eat dessert for a month, I’d fail. If I’m sticking to eating dessert once or twice a week, though, that’s sustainable for me,” says Kett. The only times in which these financial diets might work are to meet short-term goals (a vacation in six months, a wedding a year from now, a home purchase in two years). “When the financial pain is limited to a specific time frame, it’s more tolerable.”