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03.03.2020 / Budgeting « Back to all articles

5 Small Ways to Save Money
Canada Financial Consumer Education

 

The Quest for More Money

It doesn’t matter how much money is made, there never seems to be enough.  Even after a great raise or new position, the excitement only lasts long enough for a recipient to adjust to a new lifestyle.  Then, ending up with the same small amount left in the bank account.  Big changes can be intimidating, and if the budget is tight now, it may be difficult to think of making changes that could tip the budget balance into the negative.

Combining several small recurring bills into one larger bill with a much lower interest rate can actually save money.  Making more than the minimum monthly payment can also make a pesky bill disappear quickly.  Every good quest begins with a well thought out plan, so begin with a budget.

 

Budgeting & Tracking Expenses

While true that making a budget will not give a household more money, it will give the household the power to see where money is entering and exiting the budget.  This, in turn, allows a household to manage the spending with knowledge.

There should be money left over every month after all expenses are paid.  This left-over income should be used to start a savings account.  A savings account allows for unexpected expenses to enter the budget without the panic of blowing the budget.

Resist the urge to spend every dollar of money that is left over at the end of the month.  Make it a habit to save, then spend.  It is much harder to spend money when a person has taken the time and effort to acknowledge it, put it aside, and keep it for a while.

 

Update Auto-drafts & Subscriptions

Check the budget for any little expenses such as a free trial that has now turned into a monthly bill.  One of these may not break the bank, but it is surprising just how many magazine subscriptions or online charges occur monthly that people just don’t think about- they add up quickly. Go through all credit card statements and online bank statements with the express intention of looking for these little charges.

 

Pack Your Lunch

It is amazing how much money can be spent on a morning coffee or a quick lunch with friends.  Even when getting take out, if this is done several times per week, the amount can add up quickly.  Buying food at the grocery store and bringing lunch to work can save hundreds of dollars per month.  This doesn’t mean that a person can never go out with friends or colleagues of course, but be selective and limit those trips from weekly to monthly.

 

Kick That Habit

Everyone has a splurge that they indulge in every now and then.  The problem arises when this occasional splurge becomes a habit.  Look for the amount spent on that splurge every month.  It may give you a wake up call to see how much money is actually going towards purchases that don’t reap any financial reward.

Just becoming aware of the items in a budget and making those small changes can help cut costs and save a few dollars. Over time, these savings can really add up and give you more control over your budget, expenses and savings.

09.21.2020 / Borrowing

Requesting Payment Extensions Amid COVID-19
The 2020 pandemic has made even people who have never missed a bill payment start to wonder how to make ends meet. As…

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03.03.2020 / Budgeting « Back to all articles

5 Small Ways to Save Money
Canada Financial Consumer Education

 

The Quest for More Money

It doesn’t matter how much money is made, there never seems to be enough.  Even after a great raise or new position, the excitement only lasts long enough for a recipient to adjust to a new lifestyle.  Then, ending up with the same small amount left in the bank account.  Big changes can be intimidating, and if the budget is tight now, it may be difficult to think of making changes that could tip the budget balance into the negative.

Combining several small recurring bills into one larger bill with a much lower interest rate can actually save money.  Making more than the minimum monthly payment can also make a pesky bill disappear quickly.  Every good quest begins with a well thought out plan, so begin with a budget.

 

Budgeting & Tracking Expenses

While true that making a budget will not give a household more money, it will give the household the power to see where money is entering and exiting the budget.  This, in turn, allows a household to manage the spending with knowledge.

There should be money left over every month after all expenses are paid.  This left-over income should be used to start a savings account.  A savings account allows for unexpected expenses to enter the budget without the panic of blowing the budget.

Resist the urge to spend every dollar of money that is left over at the end of the month.  Make it a habit to save, then spend.  It is much harder to spend money when a person has taken the time and effort to acknowledge it, put it aside, and keep it for a while.

 

Update Auto-drafts & Subscriptions

Check the budget for any little expenses such as a free trial that has now turned into a monthly bill.  One of these may not break the bank, but it is surprising just how many magazine subscriptions or online charges occur monthly that people just don’t think about- they add up quickly. Go through all credit card statements and online bank statements with the express intention of looking for these little charges.

 

Pack Your Lunch

It is amazing how much money can be spent on a morning coffee or a quick lunch with friends.  Even when getting take out, if this is done several times per week, the amount can add up quickly.  Buying food at the grocery store and bringing lunch to work can save hundreds of dollars per month.  This doesn’t mean that a person can never go out with friends or colleagues of course, but be selective and limit those trips from weekly to monthly.

 

Kick That Habit

Everyone has a splurge that they indulge in every now and then.  The problem arises when this occasional splurge becomes a habit.  Look for the amount spent on that splurge every month.  It may give you a wake up call to see how much money is actually going towards purchases that don’t reap any financial reward.

Just becoming aware of the items in a budget and making those small changes can help cut costs and save a few dollars. Over time, these savings can really add up and give you more control over your budget, expenses and savings.

Need a
Loan?

Loans from $120 to $15,000. Get funded as soon as today!

09.21.2020 / Borrowing

Requesting Payment Extensions Amid COVID-19
The 2020 pandemic has made even people who have never missed a bill payment start to wonder how to make ends meet. As…