My favourite money saving techniques to not be broke af.
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.
- •Use those point cards!When used properly points cards can work very well. My credit card is attached to one of these point systems, every purchase gives me a few points with offers sent to my email to increase my point collection. Mine is of the gas variety which works well for drivers to save cents off litres but the rewards can be redeemed for gift cards, free has and even basic roadside assistance!
- •Recycle cans.Seriously, host a party at your place then take back those empties for some sweet bonus dollahs.
- •Pack a lunchYou bought the food so use it. Don't waste what you have because you don't think you will ever use it, look up some free recipes that include that ingredient. You might find a cool new dish and the left overs will provide some easy to grab food for a few days. Plus eating out is expensive if you do it everyday.
- •Save your receipts.You honestly never know what you can get a tax break on. Save as much as you can and separate it by category and amount spent each month. Do this till your accountant says to stop.
- •Sell some junk.Seriously. You own too much crap.