13 Simple Tips for Getting Rich

You can't ignore the effectiveness of a budget. They're painful, but they work. If you want to take control over your finances, you've got to budget. Buy allocating, tracking and sticking to it, you'll be able to keep more of your money. There are a multitude of programs and smartphone apps to help you. Or, simply divide money up into envelopes for all your expenses. Make sure you give yourself a wee allowance, too.

Avoiding debt is critical to long term saving and building your fortune. Some debt can't be avoided – like mortgages and car loans (more on that later). But high-interest credit card debt will take a long time to pay off and you'll be shocked at how much money you're just giving away. If you can't pay off your credit card balance every month, then avoid the temptation. Stick those cards in a safety deposit box where you can't get at them easily.

If you live in a rural area or a suburb with poor transit, this tip won't work for you. But if you live in a big city, you have options. Use a car-sharing service, rent a cheap car on the weekend (some companies rent for $9.99 a day) or take the bus or a cab. According to the Queen's School of Business, the average cost of owning an maintaining a vehicle in Ontario is $8-$10,000. The amount paid by the heaviest users of the AutoShare car sharing service? $4000. The average user? $1000. That's a huge difference. You'll save big on parking costs, too.

You work hard and you want to enjoy the fruits of your labour. Who doesn't? But if you learn to spend less than you make, then you'll have extra money to put to work for you. Based on observations from experts, this is one trait millionaires seem to have in common, so if you can manage to live below your means, it's just one of 20 reasons why you'll become a millionaire, too.

Another easy way to squeeze a few extra loonies out of your monthly budget is to increase insurance deductibles. Your premiums will drop and you'll have extra money to invest.

We all know that time is our biggest friend when it comes to building a fortune – but we often delay and defer because we think we can't afford it. The beauty of time is that it helps even small investments grow. Get that RRSP started as early as possible – and keep contributing to it. As businessman and author John Bogle says: "Time is your friend. Impulse is your enemy."

An easy way to cut back on impulse buying is to always sleep on it before making a final decision to purchase something. And don't tempt yourself with retailer's sales notification emails. Another trick is to carry large banknotes. It's way tougher to break a $50 than a $10.

If it's sitting in the basement or garage, it's not only taking up space, it's depreciating. Do you have any of these surprisingly valuable things lying around your house? Go through your junk and sell everything you can on eBay, through online classifieds or at a yard sale. Then take all the proceeds and invest them. You'll have less clutter and you'll have some extra savings working for you.

You may have some savings and not even realize it. Think back over the jobs you've had. Did you contribute to a pension? Do a little investigating – you might be surprised. Dormant bank account are another source of forgotten money. According to the Bank of Canada, at the end of 2013 there were roughly 1.4 million unclaimed balances, worth $532 million on the bank's books. See if you've got some money looking for a home. This website makes it easy. 

Don't make the mistake of comparing yourself with others. If they're living an extravagant lifestyle, chances are they're deeply in debt. Worry about yourself and making what money you have work for you.

Now that you have some money you need to do something with it. And that means investing. But investing is not for the uninitiated. Before you start, read books by the masters of investing like Warren Buffet. Even better? Save money by taking them out of the library! Then find yourself an independent financial consultant who isn't pushing a product.

And finally, remember what financial guru Warren Buffett says: “Rule No. 1 is never lose money. Rule No. 2 is never forget Rule No. 1!”