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Ways to help save money that have done well for me as a young, single 20 something.
- •Empty your wallet of change once a week.I like to put anything below a 5 into a change jar. This is also good if you have friends visiting who forget that transit takes exact change. Once full, roll and deposit into the bank.
- •Have a minimum of 2 savings accounts.One as a high interest savings account and the other as a retainer. I transfer $100 a month to my TFSA and 10% of every pay cheque to a basic savings account if possible. One is back up the other is back up back up. A plan 'C' if you will.
- •Treat your credit card like your debit.Any big purchases go on my debit card so it's immediately taken from my overall total. My credit card is for everyday small amounts with a limit of $500. Pay this off every 2 weeks (or pay as much as you are able) to keep your credit score good and spending habits in check. If you think of it as money you have rather than credit then you will be more reluctant to spend it.