How To Save Money - Top Saving Tips 💰
7 Simple Ways to Save Money Every Month
Who doesn't want a healthy savings account? While we all want to save, saving money is sometimes easier said than done. If you live in a city like Toronto where living costs are sky high, it may sometimes become very difficult to save. In this article, we focus on 7 easy ways you can increase your savings by making some simple changes to your lifestyle.
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1. Set a budget 💲
There are many free apps available that will let you set and track your budget. This should be step 1 in your savings journey! -
2. Automate your savings 💸
Most financial institutions allow you to link your checking account with your savings account so that a certain amount of money will move into savings without you having to even press a button. Many employers will allow you to split your direct deposit so that part of your check goes straight into savings. Try to find a high interest savings account and set up automatic deposits every month that match with your pay cycle. -
3. Cut down on eating out and trips to the coffee shop ☕
Brew your own coffee at home and take it with you in a portable coffee flask. Limit eating out to once a week instead of four or five times a week. Experiment with cooking at home - it's fun and SO much healthier and cheaper! -
4. Take advantage of anything that's free! 😊
Look up free events in your local area. Take trips to local parks and beaches. Go and visit your museum on days it's free. Take advantage of free subscription services like Spotify, visit your local library rather than buy books or join clubs that often hold free events. -
5. Use public transport wherever possible 🚉
Ubers and Taxis can get very expensive! Try to use public transport most of the time and only use Uber/Taxi when absolutely necessary! -
6. Take advantage of employer retirement contributions 💵
If you work for a company that matches your retirement contributions — you should absolutely take them up on this offer. You're essentially getting “free money” and in most cases doubling the amount you're saving! -
7. Practise minimalism and only buy one thing of each 👢
Marketing messages will make us want to buy as much as possible. Not only does this encourage impulsive spending, it is very wasteful as we often don't need all the things we buy, so they don't end up being used. A good rule of thumb is to wait 7 days before buying something. You may change your mind after the 7 days!
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