We don’t know about you but, two months into the year and we’re already having some serious issues keeping up with our savings goals. Like most consumers (and us!), at the end of last year, you probably set yourself a few financial goals or resolutions. This is great by the way; we completely recommend and stand behind goal setting. It’s always a good idea to be working toward something especially when it comes to your money. But, we also know that year long goals can often seem unattainable when it comes down to actually living your day to day life. Setting a goal to save $2000 this year is awesome, but how can you push yourself a little harder right now to get one step closer to achieving this goal?
We’ve got you covered with these five easy ideas on how to work on your bigger picture savings goal by implementing a few easy changes right now before the end of March.
Unsubscribe to All the Retail Newsletters You Receive
Nothing like being bombarded with daily newsletters, filled with great deals and exciting discount codes, from your favorite retail stores to throw off your saving goals for the year. Sometimes it nice to receive fun emails and get a heads-up when a store is having a sale, other times it’s a recipe for disaster and by disaster we mean a ridiculous spending spree late at night in the dark where no one can witness how fast you were able to put six pairs of shoes into your shopping cart, fill in your credit card information, and press buy.
Some lucky people have the willpower to simply ignore these emails (not sure who those people are), others, do not. If you’re part of the latter group, the best thing you can do for yourself is to unsubscribe, a simple, yet effective method of dealing with the temptation that arrives in your mailbox all too regularly. See no evil, hear no evil, speak no credit card number, that’s how the saying goes right?
If these emails get you every time, this is probably the only thing you need to change to save a $100 by the end of March, but if you’re really looking to kick your savings into high gear, we have even more ideas for you.
Figure Out How to Get Free Banking
This is probably one of our favourite pieces of advice and one that we will never stop suggesting. If you are paying a fee to use your chequing account, stop right now and figure out how to eliminate that fee. Call your bank, take a look at their website, or research other banks that might have better options for you. Typically, larger banks like TD, CIBC, or Scotia Bank will have a one or two chequing accounts that require a minimum balance for the monthly fees to be waived. While we understand that it can be very difficult to maintain a certain balance every single month, especially when life can be so unpredictable, but the benefits definitely out way the effort you’ll need to put in.
It’s like you’ll be paying yourself roughly $30 a month to keep more money in your chequing account. So not only will you be saving the money you’ve previously been spending on banking fees, but you’ll so be more conscious of your spending so you won’t go under the minimum balance.
Bonus, after you save your initial $30 for the month of March, you’ll continue to save that amount every single month for a total of $360 a year.
Take Advantage of the Warmer Weather and Walk
Hopefully, where you live, March means warmer weather and more opportunities to get outside and walk. If so, take advantage of this. Not only is it a great way to get outside and get some exercise after a long winter, you will also definitely save some money on gas. Ok, we know, walking to and from the store a couple of times between now and the end of March probably won’t save you $100, but it will save maybe $5 to $10. Not a lot but every little bit counts.
For this option, we think that the most beneficial thing you’ll gain is creating a good habit. Getting into the routine of choosing to walk somewhere close instead of driving is a great habit to have and one that you can implement throughout the year.
Cut Your Entertainment Budget This Month by Visiting Your Local Library
Most people might just assume that their local library (figure out where your local library is here) is for children and families, but we think everyone, not matter what their age, can benefit from taking advantage of the services libraries have to offer. If you love to read and find yourself constantly dropping $20 on a new book to read, then you should without a doubt hit up your local library. Sure you might have to get on a waiting list to borrow the post popular books, but while you’re waiting you could always take a shot at some of those classic novels you’ve always wanted to read but never got around to.
Depending on how much you’re spending per month on books, this could save you anywhere between $20 and $50.
Looking to start a budget? This article is for you.
Choose One Type of Bill or Coin and Save it
This is a great option or anyone, but particularly good for those who like to pay for things with cash. Here’s what you do. Pick one type of bill or coin and then every time you receive it as change put it away and save it. Let’s say you choose a toonie, every time you get a toonie put it in a jar and then at the end of the month deposit it into your savings account. Bonus points if you choose a five dollar bill, you’ll definitely be able to hit your $100 savings goal by the end of March.
