In honour of financial literacy month, we asked our followers for their best budgeting tip
From November 26-December 2, we asked our social media followers to submit their best budgeting tip. The prize? A $500 Amazon gift card, and in the true spirit of the holidays, a $500 donation on the winner’s behalf to their local United Way.
Check out our winning tip below, and some honourable mentions:
1. Winning tip: Have a daily and weekly budget so you stay on track. A way you can do that is by carrying money in your wallet so when it’s gone, it’s gone. It lets you see how quickly purchasing small items here and there adds up.
2. I try to save money by lowering my heating costs through weatherproofing and using a smart thermostat. Plus, I always make a list and look at the flyer before going shopping. Small changes like these add up over time.
3. I use the envelope system! I take my tips I earn from waitressing and separate them into different envelopes for bills and savings.
4. I try to apply the 50-30-20 rule as much as possible – I allocate 50% of my income for basic needs, 30% of my income for things that are not necessary, but that I like to buy and then the last 20% goes towards savings.
5. Shovel instead of snow blowing or plowing. You’ll save money on gas and maintenance, plus it’s a great workout to help burn off some of those holiday calories.
6. Have gratitude for the things you currently own, and recognize you don’t need more stuff!
7. I buy Christmas presents year-round, and when the items are on sale. That way it’s not one big financial burden around the holidays.
8. I wear a sweater and slippers around the house rather than turning the heat up.
9. Know the difference between wants and needs, stick to sale items every week, and shop at thrift stores whenever possible.
10. Wait two days before buying something. If after two days you stopped thinking about it, it may be a sign that you don’t really need it!
Thank you to everyone who participated in our contest and submitted a tip. Wishing everyone a happy (and budget-friendly) holiday season!
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