4. Pay off Some of Your Debts. As you embark on a journey to save money, you will have to figure out how to balance those saving efforts with an effort to eliminate your debt. While there are many kinds of “good” debt, such as school loans and a mortgage, the money that you owe on your credit cards isn’t one of them. Because the interest that you end up paying in this category isn’t helping you further your finances, it would be better spent in an RRSP. If you must have a credit card, look for one that makes it easier to contribute to your savings or one that gives you cash back on purchases.
