Posted on Monday 07 October 2019
Simply put, saving money is hard. Just meeting your monthly bills can be challenging enough, and it’s tempting to put extra cash towards fun things, like a day out with friends or an impromptu date night. Getting into a consistent habit of saving takes dedication and it can certainly be stressful if you’re already tight on budget.
Even if you can only put away small amounts each week, is all of that effort and frustration worth it? Does saving money really work? The short answer is that yes , saving money works! And you don’t have to be putting away thousands of dollars at a time in order to see the benefits.
If you want to be able to afford that new car you’ve been eyeing, finally take the vacation you’ve been planning, start planning for retirement (and you should, because we all know that retirement isn’t always a given these days), or just get a little bit of breathing room for emergency expenses, you’re going to have to start saving.
If you’re feeling overwhelmed already, don’t despair: starting good saving habits can be super simple. In fact, keeping it simple is the best way to ensure success. Once you find your own personal way to start, there’s no limit to the ways that you can see this pay off (literally)! See below for a list of our favorite ways that you can start saving money today.
Online streaming services are great—but when you’re trying to save money, it’s time to re-evaluate and see which ones you are using the most. Services like Netflix, Hulu, and HBO can range from $5.99 per month to $16.99 per month on their own. If you have more than one, you could have a high bill on your hands!
Take a good, hard look at the way that you are using your subscription services. If you only log on a few times a month, it might be worth it to cancel temporarily. Think $16.99 a month doesn’t sound like a lot? Over a year, cutting that subscription cost could save you over $200—and you can put that right in the bank, instead of having it sit unused on your TV.
If you have one that you just can’t let go of, consider signing up for free trials using each email address you have. It’s a hack that won’t last forever, but it could get you through a couple of months of free binge-watching (which could be a life-saver in the winter).
We all have the monthly costs that we can’t remove, like rent or mortgage payments, electric and heating, internet and phone bills, car insurance—the list goes on. The good news is that you can take steps to minimize them and keep them under control while you are saving.
Think about how much you spend on an average weekend with friends. It’s so easy to make spending time with friends into an expensive outing. Whether you’re going out to brunch, meeting for dinner, or enjoying a few Saturday night drinks, the costs can quickly add up.
Instead, start boosting your saving power by getting together for free or low-cost events. It’s a great way to get out and explore your local surroundings, find something new and interesting to do, and maybe even get outside to a local park, hiking trail, or farmers market.
Many local communities have a calendar of free events happening in the area, so check online to see what your city offers (and don’t forget to sign up for newsletters or alerts when something new is added)!
Everyone has their own unique style and needs when it comes to saving, but finding a way to hold yourself accountable can help train your brain to start thinking like a master saver. There are plenty of approaches that you could take to this, but here are a few ideas:
Saving money can be challenging, but even taking small steps can have a big payoff in the end! Of course, sometimes the hardest part is getting a handle on your current financial situation. If you want a boost to consolidate some debt before you begin saving, you might benefit from a payday loan . My Canada Payday is proud to be one of the top lenders in the country, and we love helping our customers achieve their financial goals. Call us (604-630-4783) or send an email ( email@example.com ) to learn more about our lending process.