(NC)-Don't know where to start when it comes to saving? Desjardins Financial Security has five simple strategies to suggest-you just need to want to improve your financial health to make them work!
1. Try the "Cash" diet
Are Visa and Interac your best friends? It's time you went on a "liquid" diet! Don't worry, I'm talking about a liquid cash diet. Every Friday, you could withdraw a set amount corresponding to what you think will be enough to cover your living expenses for the week, including groceries, cleaning supplies, trips to the video store and, of course, a few meals out. Still have money in your pocket at the end of the week? Fantastic! That means you can splurge a bit the following week if you want!
2. "S" is for slush fund
Want to replace that hideous looking olive green fridge that makes a loud racket every night between 3 and 4 am? Why not set up a little slush fund to help you save? With this type of "account", you put money aside at regular intervals (like every time you get paid) in a virtual account that's part of your main savings account, until you've saved however much you need to make your purchase. All you need to manage your slush fund is an Excel spreadsheet or even a good old scrap of paper and a pencil.
3. TFSN: Tidy, Fix and Say No
Tidy: Need a bigger house? Make more room in your current living space by clearing up the clutter of furniture, knick-knacks and other odds and ends that are constantly getting in your way. If you aren't ready to part with certain items yet, store them for a bit in your basement or a locker. If you've forgotten about them after six months, it's time to find a new home for these items.
Fix: When buying an electrical appliance, ask yourself if it can be fixed if it breaks. Would you know where to take it to get it fixed? Can you get spare parts locally or online? In the majority of cases, it's always easier on your pocketbook and the environment to fix a higher end appliance instead of buying a new one of lesser quality.
Say No: It's not easy to stick to a budget when you've got a busy social and family life. When you're faced with an expense that doesn't fit in with your financial strategy, you need to learn how to politely, but firmly, say "no". Don't think it would go over too well if you tell your friends that your resources are somewhat limited? Just say you're saving for an awesome trip to Italy next summer and they'll understand why you want to save your money!
4. Bargain hunting
Are you a "buy one get one free" shopper? Unless you've got specific plans for all these bargain-priced items, there's a really good chance that you're not getting that great a deal. The best thing to do is to ask yourself if it's something you'd be willing to buy at regular price. If the answer is no, don't buy it.
5. A 24-hour "no-spending" spree
The best way to save is not to spend. Put yourself to the test! Can you go 24 hours without spending a single cent? To make it a little easier, try it first on a weekday by bringing your lunch to work and drinking the free coffee provided by your employer rather than going to the coffee shop around the corner. If it works, try again, but this time on a weekend. You'll see how all those little expenses can add up and account for a huge portion of your budget!
- News Canada