Happy New Year! Yes, a new year has arrived, 2016, and I hope that your year is full of joy and wonderful things. Enjoy this year, and make your life simpler and better with a good financial plan, and with that in mind I give you my Rule of 3 (to live by).
The BCM 2016 Financial Rules of 3
Please note that 2016 is divisible by 3 (multiply 672 by 3 and there you have it), so this rule is apropos to this year as well.
- Rule 3-1: Only carry 3 debit/credit cards with you at one time. The ultimate version of this rule would be to only have 3 debit/credit cards total, in your life.
- Rule 3-2: Ensure you have all 3 savings vehicles set up: a TFSA, an RRSP and a Savings/Trading account. These 3 are the cornerstone for setting up a successful savings plan.
- Rule 3-3: For the first 3 months of 2016, pay for day-to-day spending with cash only. Take out a set amount on your pay-day, and use that for discretionary spending only. Can you live on cash alone for 3 months? Yes, it is easy to cheat on this one, but, you are only cheating yourself.
Some simple other rules of 3 you can follow in life
- If you go to a conference, or workshop find 3 things that you thought were good, and try to do it. Even if all you do is find 3 good points, you have succeeded.
- Plan your financial year in 3 month stints, and see what you did right and wrong at the end of each.
- At the end of the day before you go to sleep, think of 3 things you did that day that you are proud of, that way you go to sleep on an “up”. I have practiced the opposite of this rule, and let me tell you it really screws up my sleep thinking of 3 things I screwed up during the day.
Have a great year!