Book Review: How To Pay Less and Keep More For Yourself

January 18th, 2007 · 5 Comments

[Front Cover of How To Pay Less and Keep More for Yourself]

You might be reminded of the “hands in my pocket” commercial (or Rick Mercer’s “knee in my package” skit, as one commenter recently pointed out) when you think about our chartered banks. The banks tend to have a finger in every financial pie and some of their massive profits come directly out of the pockets of ordinary Canadians. Fortunately, financial products are one area in which you can easily and painlessly save money.

Rob Carrick, who writes a popular personal finance column for The Globe and Mail, has written this invaluable guide (aff) to help consumers save hundreds and even thousands of dollars on various financial products and services. Subtitled “The Essential Consumer Guide to Canadian Banking and Investing”, the guide shows how consumers (even those who are suspicious or uncomfortable with the internet) can save money on savings and chequing accounts, credit cards and loans, mortgages, mutual funds and investments. While I was already familiar with (and use) most of the methods suggested in the book, I would definitely recommend the book to people who are just starting out and to those who are trying to become smarter with their finances.

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5 responses so far ↓

1 Joe Newell // Jan 19, 2007 at 2:24 pm

Hello,

I have developed a FREE, online budget tracking application.
You can track your budget regardless of payment method (cash, credit, check, etc).
Check it out at: http://www.checkthebudget.com

Enjoy!
2 P Tome // Jan 20, 2007 at 10:50 pm

Hey there fellow Canucks. I need some advice. My Fiancee and I will be applying for a mortgage this month. I’m 27. She’s 26. I’ve been reading a lot of personal finance books lately; trying to understand how to position ourselves for a comfortable future. Does anyone out there have any advice for a young couple shopping for a mortgage? Cheers! Gotta go cry now. The Leafs are getting the beat down from the Penguins.
3 Canadian Capitalist // Jan 23, 2007 at 12:10 am

You should determine if you’ll be comfortable with a variable rate mortgage. Research shows that it will save you money 88% of the time. Also, shop around to get the lowest mortgage rate possible with all the features you want (like pre-payment options).
4 Canadian Capitalist » Mortgage Tidbit // Jan 23, 2007 at 12:33 am

[...] I found this mortgage tidbit in Rob Carrick’s latest book How to Pay Less and Keep More for Yourself (book review) fascinating: As of mid-2006, the total amount of outstanding mortgages was worth roughly $660 billion, with about $80 billion of that representing new mortgages and the rest representing existing mortgages. Of that $580 billion or so in existing mortgages, about one-third ($193.3 billion) was up for renewal during the year. Given the rather immense amount of money being renewed each year, it is a surprise to hear from our former mortgage insider how many people sign and send back the mortgage renewal form sent to them by their banks, even though the rate being offered is not discounted at all. “If I told you how many people do this, you’d be floored,” the insider said. “It’s close to 30 percent.” [...]
5 P Tome // Jan 25, 2007 at 5:22 pm

Thanks for the tip CC. Just consulted a mortgage broker… On the case!

Canadian Capitalist

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