It’s that time of year again – the end of the financial year is coming up quick and your budget is looking a little low. If you’re anything like most Canadians, you’ve probably spent more than you planned to over the last few months. But don’t worry - it happens to the best of us!
Thankfully, there are plenty of ways to help you get back on track. Saving money isn’t easy for most people, but with a bit of planning and mindset shifts, anyone can do it. Here are some tips to help you save money this year:
1. Commit to saving money
Before you even think about where you’re going to start saving, you have to commit to doing it. If you don’t really want to save, you probably won’t be successful no matter how many tips you read. Commit to saving money by setting yourself a target and tracking your progress.
If you have a few different financial goals that you’re working towards, make sure you keep them in mind while you’re saving. You might have a trip to Thailand booked in a few months, or you may want to start investing for retirement. Whatever it may be, having a goal in mind will help you stay motivated.
If you’re really serious about saving money this year, but lack the willpower to set money aside, you can look into setting up automated savings. This means that with every paycheck you get, a percentage of that paycheck check will automatically go to a separate account. Most banks will offer this feature, but if yours doesn’t, see if you can set something up with your employer.
2. Track your expenses
Once you’ve committed to saving money and have your goal in mind, it’s time to get serious. The best way to do this is to track your expenses. There are plenty of apps and websites out there that can help you do this. Allevia’s online budgeting tool will help you do just that!
Once you know how much you’re spending each month, it’ll be a lot easier to figure out where you can cut back. You might notice that you’re spending too much on takeaways and coffee, or maybe you’re paying too much for internet. If you can’t cut back on certain expenses, you can determine whether or not you can find ways of increasing your income. Whatever it may be, tracking your expenses is an essential part of saving money.
3. Look for free activities to enjoy with friends and family
If you’ve been spending money on expensive activities lately, it’s time to make a change. Instead of spending money on dinner or drinks at the pub, look for free activities you can enjoy with friends and family. You can go for a walk, play board games at home or even have a picnic in the park. There are plenty of free things to do that don’t cost a lot of money, especially if you live in Montreal!
If you’ve been spending too much money on expensive dinners out, you can use that money to help you save. Just make sure you make the most of the money you have.
4. Eat at home more often
Another great way to save money is by cooking at home more often. It might sound like a bit of a boring suggestion, but it works! You can easily save hundreds of dollars a month by eating at home more often. All you need to do is plan your weekly meals and shop accordingly.
Though you might feel like you’re spending a lot in one go, you have to keep in mind that the food you’ll be purchasing will have to last you the week. It’s easy to get carried away when ordering in — buying and cooking your own food is sure to save you money. You can even save more money by shopping at Costco if you live near one. Alternatively, if you have a slow cooker, you can make slow cooker meals that are tasty and cheap.
5. Be strict with your budget
If you really want to save as much money as possible before the end of the financial year, you will have to be strict with your budget. If you have a lot of expenses coming up in the next few months, like paying off debt or giving money to charity, you might want to consider postponing your savings efforts until after those expenses are paid off. After all, setting money aside when you’ll be paying tons of money on your debt’s interest fees seems like a pointless ordeal.
Once you’re done paying your expenses as well as paying off your debts, be strict with your budget. Put away as much money as you can each month, even if it’s just $50 per week. It all adds up in the long run. If you’re having trouble staying on track with your budget, you might want to consider using Allevia’s online budgeting tool. Not only will it help you keep track of your finances, but it will also ask you to fill in what your financial goals are. Based on your financial goals as well as your financial situation, it will recommend different solutions so that you can get back on track.
Saving money can seem difficult at times, especially if you’re trying to save a lot at once. But if you commit to saving money, track your expenses and are strict with your budget, you can help yourself save thousands of dollars before the end of the financial year. If you follow these tips, you can easily help yourself save enough money to pay for a vacation or buy yourself a present. With just a little bit of effort, you can help yourself save the money you need to achieve your financial goals.
