We asked our fans and followers for the Best. Money Tip. Ever.
Here are the top 10 money tips we received:
1. Set aside a few “No Spend Days” each week
Make coffee and your lunch at home, eat at work, and don’t spend anything during those days. It helps to save money when you are more conscious of spending.
2. You work hard – pay yourself (and your savings) first
Figure out how much you make per hour, and set aside one hour’s pay per day in a separate savings account. Use this money to pay for a much-needed trip, a new home, or whatever you like.
3. Save your loan payments
After you finish paying off your car loan, or any type of loan, continue to deposit that same amount of money into a separate savings account. You won’t miss the money because you’re already used to paying that amount anyway.
4. Invest your coffee money
Calculate how much it costs to buy coffee every day throughout the week. Start making coffee at home or at work, and deposit that same amount into an RRSP each week instead.
5. Create a budget that works
It’s important to be aware of the money coming in and out of your bank account. It facilitates making choices and cutting unnecessary expenses.
6. Keep the change
Throw all your change in a jar every day – you won’t miss it. Every 6 months, roll the change. Loonies and toonies sure add up.
7. Set aside 10%
As soon as you start working, deposit 10% of your salary into a separate bank account and don’t touch it. One day when you really need the money, you’ll have it, and you’ll be able to pay for the expense without using credit.
8. $20 a week from Jan–Dec.
Starting January, take $20.00 a week off each pay and put it aside. By the next Christmas you’ll have a nice little sum to buy Christmas presents, and you won’t have to use credit.
9. Have a “rainy day fund”
Put aside money from every paycheque to help yourself be prepared for an unexpected expense. Just when you least expect it, something will happen that requires immediate cash – be ready.
10. Prioritize and budget
Pay bills and high-interest credit cards first, leaving a bit more money in your pocket to save over time.
Did these tips inspire some of your own? We want to hear them!
We received so many great tips last year that we decided to bring Best. Money Tip. Ever back! The contest is running from February 11-25, 2019. Share your tips with us, and you could be entered to win 1 of 3 Amazon eGift Cards up to $500.* Visit the contest page for more details.
Supporting our commitment to financial literacy
The best part about receiving these tips? We shared them with JA Canada to support financial literacy programs geared towards Canadian youth. We’re looking forward to once again sharing this year’s top tips with JA Canada to support their programs.
Looking for more financial tips?
Since you’re already here, check out some of the helpful financial resources available on our website:
- Read our tips for getting out of debt
- Learn how to cut down on everyday luxuries, freeing up room in your budget
- Try these idea for cutting down on household spending
Thank you to everyone who submitted a tip, and good luck to this year’s participants!
Interested in a loan? Try our free loan quote! In just a few minutes, we’ll tell you how much money you could qualify for and what your payments might be. No obligation and no impact to your credit score.
*Terms and conditions apply. Contest closes Monday February 25, 2019.