Saving money. It’s something we all know we should be doing, but the reality for 40% of Canadians is that they just aren’t. There is a wide range of factors as to why, but a contributing factor most definitely is the rise in cost of living. For many, their salaries aren’t matching the cost of living increases, which makes trying to put funds away hurt the day to day living. So is there a way to save without the sting? Below we’ve put together three quick ideas for putting away some funds!
The 50% Rule
The easiest time to put away rainy day funds is when you aren’t expecting money. A great habit to follow is that if you receive money as a gift, on a lottery ticket or some other unexpected way, get in the habit of putting half into savings. Since it was money you weren’t expecting anyway, you still benefit from the windfall, while still investing in your future.
Raise your Retirement
Another great way to save, but on a more consistent basis, is to give your savings account a “raise” when you get a raise. The next time you have a salary increase, calculate how much extra is appearing on your paycheque, and send half of it to savings each month. It’s a great way to get a start on your little retirement package. If you can consistently do this every time you get a raise, the savings will add up quickly. Even better, set these savings up as automatic transfers and you won’t even have to think about the funds, which will make you less likely to spend them!
A Return on your Returns
Get a return on your returns every time you go to the recycling depot! Any time you return cans for a refund, take that money and put it into savings! It’ll do much better for you in the long run than most short-term plans you may have made for it. And again, because it’s unexpected income, it’s a way to save without feeling the sting of saving! Give one, or all of them, a try today! If you try any of the ideas, or have some of your own, we’d love to hear from you!
Image by Steve Buissinne from Pixabay
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