New Year, new you right? Well we’re challenging you to a savings challenge. Sounds easy enough, but it’s becoming more and more relevant that saving money is one of Canadians biggest financial struggles. That’s why we give you tips on how you can start your year off right and give you a couple different ways for your to try saving. You never know which saving method may work for you.
The Direct Deposit Approach
Are you one of those people that by the time your paycheck comes you feel like it has already been spent? Don’t worry, you’re not the only one. So why not try the direct deposit approach? Direct deposits and automatic payments shouldn’t have to just be for bills, why can’t it be for putting money aside every paycheck? When setting up these automatic transfers it gets rid of the hassle of having to put money away and constantly checking up on your accounts. And before you know it, you will be saving without having to “try” and save. Take it to the next level by doing this with investment accounts such as TFSA’s or RRSP’s. You’re saving anyways, why not at least make money on what you’re putting away.
Adult Piggy Bank
We’re not talking about a literal piggy bank, but more just the premise of stashing cash away. There are the old school financial rumours we hear about like stashing cash under your mattress, and constantly contributing to it. You’re not making any extra money on that cash like you would by investing it or putting it away in a high interest savings account, but just like when we start to teach children about money, putting money in your piggy bank and not touching it adds up quicker than you think
Saving For A Rainy Day
You don’t have to be saving for anything specific to have the motivation to start putting money away. Although, things like travelling and vacations, bigger life events, celebrations, etc are all motivators when it comes to your financials. When you start saving even though there is nothing specific to save for, it makes those life events easier to pay for since you already have savings put away and makes things like your dream trip not as financially stressful. It doesn’t have to be a significant amount, but challenge yourself to put away a certain amount each month for a rainy day and you will thank yourself in the future.
What are you saving for this year? Let us know in the comment section below.
