From trending techniques and positive spending habits, to automatic transfers and everyday ideas, find out some creative ways to save your money.
No matter what you are saving for, we’ve got some helpful tips that’ll get you to your goal.
1. Put your savings on autopilot.
Saving is easy when you don’t even need to think about it, right? One simple way we can help is through automatic transfers to your savings account. For example, we could help you set it up to send funds from your chequing to your savings account each month. That way, it’s out of sight, out of mind…and after no time you’ll have more savings than you anticpated.
2. Distinguish wants from needs.
Next time you’re going to buy something, ask yourself if it’s really essential. Will it improve your life over the long term? Impulse buys like that $7 mocha-half-café-double-shot-frappuccino can really add up. If you’re serious about saving, you may have to make some changes in your daily spending.
3. Save your fives.
It’s a simple, trendy trick—just tuck away every $5 bill that enters your wallet. It’s a small enough amount that it shouldn’t make a significant impact day-to-day, but over the long term it can really add up. Once you’ve saved a little stack, drop it in your savings account and start earning interest.
4. Knowing is half the battle.
Sometimes it’s hard to figure out where all your money is going.
5. If you’re going to shop, shop smart!
With the internet, it’s never been easier to find deals, compare prices and shop smart. One good way to save is by shopping thrift stores or second-hand markets. If you are buying new, try to use special offers or price tracking websites, to ensure you’re getting the best deal possible.
6. Put your money where your mouth is.
No matter who you are, it’s probably safe to say that a lot of your money probably goes towards food. Well, it’s time to start feeding your savings account as well as your craving for delicious cuisine. Try to brown bag your lunch, drink more water, buy food in bulk, order in less and cook more. You’ll be surprised by how much you can save.
7. Give yourself a tax break.
Tax-Free Savings Accounts (TFSA) or Registered Retirement Savings Plans (RRSP) are other great ways to start saving because they offer unique tax benefits. With a TFSA, you can avoid capital gains taxes. Whereas an RRSP allows you to put off paying taxes until you cash out, hopefully in retirement when you’re in a much lower income tax bracket. Learn more about the difference between TFSAs and RRSPs with our your-northern-financial-survival-guide.pdf
8. Home is where the savings are.
There are so many ways you can save money around the house. You could ‘cut the cable’ and utilize less expensive streaming sites. You could ease up on appliance use, like hanging up your clothes to dry instead of using the dryer. You could even attempt your own home improvement projects rather than paying someone else to do them for you.
9. Start a saving competition.
If you know someone else who’s looking to save, it can be fun to make a game out of it. You know—see who can save the most over a set period. Creating a little friendly competition can help you stick to your plan and reach your saving goal. Saving is a lifelong process. The first step is to open a Savings Account. After that, the most important thing is to contribute consistently. Think of it as a healthy habit. After a while, you won’t even realize you’re doing it.
