Tips and Tricks: Saving Money – Make Your Cash Last
Listen, friend, we all struggle with money problems. If you’re having a hard time relating to Cardi B’s Money, here’s what you should do.
Budgeting is key
This is probably the most challenging tip on our list, but it’s easily the most effective. It’s all about perspective and discipline. Little changes can make a big difference. Bring your lunch to school or work, make coffee at home, shop with coupons (download the Flipp app to make it easier), live with roommates or your parents, buy things you need rather than things you want.
If you need more budgeting resources, check this out or snag a free template.
Another great trick is the 10% trim method. This is when you find one expense and figure out a way to reduce by 10%. For example, if you buy a specific meal every week, maybe you can save 10% of your money by learning to cook it yourself. Eliminating 10% of your expenses from specific line items will really start stacking up.
Remember, you don’t have to do this all at once. Start by taking baby steps, and it’ll become a habit in no time. Get creative but stick to your budget.
Coupons, discounts, points, loyalty cards…
If retail therapy is harder to quit than you anticipated, we suggest asking about student discounts. Certain stores like Adidas, ASOS, Champion, and even IKEA can take up to 30% off your total. Check out the full list here. No student discount available? Don’t forget the tried and true method of cutting out coupons.
If shopping online is more your style, take a look at the Honey plug-in to make your life a little easier. Honey will find discount codes for you and apply them to your cart at check-out. It’s an easy way to save, and feel a little better about spending your cash.
Don’t forget about groceries! Shopping with coupons is one thing, but why not sign up for rewards programs? These are great opportunities to save money on things you were going to buy anyway. Take PC Optimum Rewards for example. The more points you collect, the more money you save. You can even redeem your points for free groceries!
Take advantage of discount cards, and loyalty programs. If it saves you money, it’s a good idea. A lot of stores accept the SPC card. These nifty, little cards can score you discounts on things like food, clothes, and so much more.
Put your money to good use
You actually need to do something with all the money you are saving. Anytime you cut from your budget you should transfer that cash difference to a high interest savings account (1-2%), tax free savings account (TFSA), or debt payment. Pay off your credit cards, and bills. Buy some decent kitchenware that’ll last you a long time. Get a Costco membership. Invest in some nice business attire you can wear to future interviews. The choice is yours, but be sure to make it a wise one.
Take it easy
With any skill, practice makes perfect. The same goes for budgeting. It’s really, really hard to make your money last. We get it. That’s why we want to help. Life is supposed to be fun, and though you should focus on budgeting, don’t forget to live a little. You’ve got this.
