There are plenty of money saving tips out there and tricks that claim to help you up your savings game. However, not all of them are easy to stick to. There’s the traditional “put your spare change in a jar” variety of savings tips, and there’s the “only use cash tips” and everything in between.
But what many financial advice givers fail to do is give tips on how to save money that you can use every day.
Don’t worry though, we’ve got you covered. At Cashco our world is personal finance. We live and breathe it — we work with our clients on a personal level each day and we see what works and what doesn’t when it comes to saving your money.
That’s why we’ve put together some of our best tips for you to take into consideration when you’re thinking about how to start that emergency fund, save for your child’s future, or work toward whatever big financial goal is on your horizon.
1. Decide how many savings accounts you will have
There are several ways to approach saving your money. You could decide just to have one account — which is the simplest and most straightforward method for managing your personal finances. Or you could consider opening additional accounts, like a high interest savings account where you aim to put a portion of your paycheque each month.
In Canada, you can open a TFSA — a tax free savings account. This is a program that began in 2009 and allows for Canadians over the age of 18 to save money throughout their lifetimes. Money you contribute, as well as money earned through the account, is not taxable. For more information you can read up on TFSAs here.
If you’re not quite ready to commit to a TFSA but want a bank account that will help you save money, you might consider opening our Jumpstart savings account. It has no monthly fees and unlimited deposits each month, and you can set up a monthly transfer from your Everyday Use account so your saving becomes automatic.
2. Use technology to continually educate yourself
We don’t blame you if you can’t possibly stay on top of all the best coupons, sales or frugal tips out there from week to week. The best part about the internet? You don’t have to! There are many bloggers out there whose passion is talking about all the frugal deals for Canadians. All you have to do? Read their posts! We think Squawk Fox is a good place to start and you might also want to check out Simply Frugal.
3. Build a support network
Having friends who support your financial goals instead of tempt you to spend more is critical to your everyday success. This might be one of the most critical elements to your success because a lot of spending can be peer pressure related. Whether it’s that coffee run to Tim Hortons at work or going out for a meal and drinks on the weekends — your friends probably spend money and expect you to spend along with them. Our advice? Publicize to your friends the fact that you’re working hard toward your savings goals. Be loud about your goals! Let everyone know you’re proud to be living within a budget. That way your friends can work with you to find lower cost alternatives to social activities that you can take part in. Maybe you enjoy a free festival together instead of going to the bar, or maybe you agree to do a walk around the block at lunch time instead of driving to Tim Hortons. The everyday support from your friends is going to be a big part of hitting your savings goals!
By the way — if you’re looking for a big group of people who always have your back, you’ve got your Cashco family here for you too!