It was a simple promotional message from a local telecom company that I would otherwise usually ignore. But I am glad I did not!
Last week, I got a message about a mobile offer from Rogers. At first, I didn’t pay much attention to it, after all, I have been with my current carrier (Fido) for close to 23 years, going back to the summer of 2001. In fact, not only is it the only carrier I have ever used, it is also the only phone number I have had.
But the offer was too good to ignore: it would offer significant savings by switching my own and another family member’s plan to Rogers. A total no-brainer, even if it means ending a great and loyal relationship with Fido, a company I loved and never had any issues with. Paying about $135 with Fido for two lines, the new plan with Rogers will cost me just over $71, resulting in monthly saving of $64 or $780 a year. That is a good chunk of savings, especially when you consider that this wasn’t even expected. It is like a surprise gift.
What to do with this unexpected windfall?
If you have been reading this blog for some time, you would already have a good guess of where this money is going. It won’t be wasted on useless spending. Nor will I use it to increase my grocery, fuel, or other budget item allocations. The money is going to be used for one and only one purpose: saving and investing! In fact, I already have a specific investing objective in mind: the new savings will be used to buy 2 specific Canadian ETFs, on a monthly basis. Set it and forget approach. But I am not done yet! I have already been trying to get a better deal on my home and auto insurance, in hopes of saving at least $25 per month, a saving that will also be used to purchase more investments.
What’s the takeaway here? A couple of key points: Firstly, don’t settle for what you’re currently paying; always keep an eye out for better deals. You don’t need to do this daily or weekly, but periodically scanning for improved rates on essentials like auto/home insurance, mobile plans, home internet, and gym memberships can save you a bundle. While loyalty and familiarity are great, they shouldn’t come at the expense of your budget. Secondly, be proactive with the savings you accrue from switching providers. Rather than letting the extra money slip through your fingers, take a moment to strategize. Consider saving or investing it wisely. A simple review of your expenses can pave the way for a wealthier future, thanks to saving, investing, and the power of compounding.