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5 Easy Ways to Save Money in 2020

The words “saving money” make some of us cringe.  I get it.  When you are working hard to make ends meet, saving money seems out of the realm of possibility.

Guess what?  It isn’t.  With a few small changes, you can start to save, allowing you to take control of your finances.

 

Adopt these five money-saving habits, and you will be surprised how easy it is.

  1. Change Jar

A change jar may seem old fashioned with all the modern money-saving tools, but in reality, it is the perfect way to save.  The reason this works is you can SEE your money accumulating, therefore, are less likely to spend it.  Saving quarters, loonies or toonies consistently can add up to $100’s of dollars in a few months.  These funds will allow you to upgrade furniture, go for dinner, or a spa treatment without reaching into your bank account.

  1. Dinner Dates

How many times do you eat out in a month?  We all do it more than we’d like to admit.  Cut one dinner out of your schedule each month and store that $50- $100 in a safe place.  Over time, the accumulation of these funds will allow you to make a worthwhile purchase with minimal financial disruption.

  1. Automatic Withdraw

Set up an automatic withdraw in your bank account that goes directly into a TIFSA, RSP, or bank account with no interact access. The idea here is out of sight, out of mind. Once you remove funds, you no longer factor those funds into your budget.  If all your money is in the same bank account, it is too convenient to dip into.   

  1. Save with Intention

Attach your savings to a specific intention.  Saving for a birthday, a special vacation, a new appliance, a new car, or some other item that has significance to you, you’ll think twice before spending the money as there is an opportunity cost to using the funds. Striving for a goal is an effective way to keep you on track.

  1. Financial Plan with a Professional

At Gail Sylvester Mortgages, we’ve seen it all. We do not pass judgment on your financial situation. Our goal is to put a plan in place, allowing you to reach your financial goals.  Working together, we will review your current financial situation and begin to make the necessary changes for a secure future.

At Gail Sylvester Mortgage, we care about your financial well-being. Let’s work together to ensure a bright future and a fantastic 2020.  Contact us today to book an introductory session.  We look forward to connecting with you!