The average Canadian makes $49,300 per year, or $4,180 per month. Depending on exactly where you live, your household size, and your lifestyle, this can either be enough to live like a king or barely enough to get by.
Either way, it’s a good idea to put money into a savings account. That way, you have a safety net should an emergency arise. Plus, you’ll accumulate a nice nest egg to make a big purchase easier in the future.
If you find it tough to save money, then keep reading. Here are seven effective tips from Kingcash!
1. Focus on Your Debt First
Before you can even think about saving, you should focus on paying off your debts first. After all, it’s counterintuitive to squirrel away cash while your debt accumulates and grows from interest.
It can be difficult to see $0 in your savings account for a while, but look at the big picture. Once you pay off all your debt, this ensures that all income you can spare will go into your savings. As a result, the balance will grow quickly!
2. Set Your Savings Goals
Saving money mindlessly is like running a marathon without knowing where the finish line is. It can end up feeling monotonous, and it’s likely you’ll lose motivation to put away money. But if you set goals before you start saving, you’ll have things to look forward to.
Ideally, you’d set both short-term and long-term goals. For example, you can save for an emergency fund of three months’ living expenses for the former. For the latter, you can aim to save enough for a down payment on your dream home.
When you have clearly defined goals, you can visualize these things and stay determined.
3. Quit Smoking
10% of the Canadian population smoke, and 8% smoke daily; do you? Then maybe it’s time to quit.
We all know the health issues that can arise from smoking cigarettes. But have you ever stopped to think about exactly how much you’re spending on all those packs of cigs?
One pack can cost anywhere between $10 to over $15, and if you’re a heavy smoker, that’s a lot of cash that goes up in smoke (literally). Even if you only buy two packs a month, you can save between $240 and $360 by cutting out that nasty habit.
Not to mention, you can also decrease the chances of developing health problems in the future. When you don’t have to pay for costly hospital stays, procedures, and treatments, you’ll be able to save more money.
4. Don’t Eat Out as Much
Before heading in to work, you like to stop by your favorite coffee shop for a piping hot latte. And after a long morning at work, it can be nice to walk outside and treat yourself to takeout sushi from the great place down the block.
Even if you don’t do these things every day, you could be spending over $100 a week on takeout, and you might not even realize it!
You don’t necessarily have to bring home-brewed coffee and lunch to work every day. However, cutting down on your treats to once a week or so can help you put more money in the bank. In addition, it’s better for your health, as restaurant food tends to be greasier and saltier.
5. Do Groceries Smartly
You might’ve heard that you shouldn’t do groceries on an empty stomach. It makes sense, as you might grab everything in sight! But how else can you do groceries smartly?
First, take inventory before you head out. After all, buying another carton of eggs when you have a full one already is wasteful.
Also, check what’s on sale that week and plan your meals around that. Not only can it force you to get creative with your meals, but it can cut down costs too.
Create a grocery list before you leave the house, and make sure you stick to it. If you’re a very spontaneous shopper, then only bring cash with you. That way, you won’t have wiggle room to chuck extra things into your basket.
6. Cancel Unused Subscriptions and Memberships
Subscriptions and memberships might seem cheap at first glance. However, $5 here and there adds up, and are you using these things anyway?
Reevaluate whether you need your gym membership, subscription boxes, Amazon Prime, Spotify, and Netflix. If you can’t remember the last time you logged into these things, then it’s time to cut ties and save some money.
7. Use an Automated Savings Plan
If you lack discipline and direction, then an automated savings plan can be what you need. It’s ideal for those with a steady income and who can spare a little money each month.
You’ll sign up with a provider and agree on a certain amount to save per month. This provider then automatically transfers that amount from your bank account into this special savings one.
Tell yourself that you won’t touch the cash in here until you really need it. In the meantime, it’ll accumulate interest, and you’ll see your money grow.
Kingcash Is Here to Help
While these tips are helpful and can put you on the right financial path, they won’t get you money immediately. In that case, Kingcash can help with no credit check loans.
We offer fast loans in Canada so you won’t have to fall behind. Use our cash loans to pay off existing debt, make all repayments, and then you’re on your way to a savings account with a large balance!
If you need fast loans in Canada, then apply with Kingcash.ca now. We don’t perform credit checks, and our application takes less than five minutes to fill out!
