Eight ways to start saving now
Saving money is difficult for many people across North America. According to a 2017 GoBankingRates survey, 57 percent of Americans have less than $1,000 in their savings accounts, and 39 percent have no savings at all. A recent Ipsos survey on behalf of the accounting firm MNP found that more than half of Canadians are living within $200 per month of not being able to pay all of their bills or meet their debt obligations.
With such little room for error, even minor unexpected bills can pave the way to financial hardship. Fortunately, many people do not have to make drastic changes to save more.
Here are several ways to start saving more now.
1. Plan meals. Decide what you will make in advance and list all the ingredients, enabling you to shop for the lowest prices.
2. Cut the cord. Cutting ties with traditional cable television providers can save consumers substantial amounts of money. Streaming services like Netflix, Hulu, and Amazon Prime provide a slew of content for a fraction of the cost of mainstream cable.
3. Establish a goal. It’s easier to save when you have an end goal, whether it’s financing a vacation, buying a home or growing your family. Establishing a goal gives men and women something to strive for.
4. Make coffee at home. Make your daily coffee at home rather than paying several dollars per day for that morning cup of Joe.
5. Wait before checking out. Impulse buys can quickly add up. Store that online item in the shopping cart for a day or two to really think about if it is a necessity or just an impulse buy.
6. Shop quality not quantity. Bulk buys may seem advantageous, but not if the items break or wear out prematurely. When shopping, opt for quality merchandise that may cost more initially, but thanks to its durability, will save money in the long run.
7. Don’t worry about your neighbor. Trying to keep up with the Joneses, Smiths or Murphys is a recipe for overspending. Stick to your budget and make improvements or upgrades as you can afford them.
8. Rely on automatic deductions. Set up automatic deductions so a predetermined amount of money is deposited into a designated savings account each paycheck. Chances are you won’t miss it, and the savings will add up. MM17C532