New Year, Better Me: Little tricks that can save big money

Everyone wants to save more money, no matter what their income is. While some people may strive to get their finances in order with the help of a financial planner, there are ways to start contributing to your own wealth. They may seem small, some may seem silly, but every dollar really does count over the course of 365 days. If you’re looking to get some savings started this year, you’re trying to pay down some of that student debt, or you finally want to bank enough to go on that dream vacation, try some of these tips to get yourself on track.

Pay yourself for your hard work

When your paycheque comes in, it may feel like the money is flowing to everyone but you. There’s bills to pay, but don’t forget to pay the most important person, yourself. Take a portion of your paycheque and put it away for your future self. Investopedia says that 10% of your paycheque is a desirable amount to put aside, but starting at 5% is a great way to build your investments. Talk to your bank and find out which kind of account is going to help you build your savings. You won’t notice 5% of your paycheque gone, but you will notice when you have a huge amount of savings at the end of the year.

Sell your stuff

We all have boxes and closets of old stuff we never use, but still don’t want to part with it because we paid money for it. If you feel like you’re clinging onto your stuff because it holds value, why not sell it? It’s easy to sell your stuff online to people who need it, and you’d be surprised at how much money you can make just by selling your clutter. Apps like Curbza empower you to easily sell your stuff. Check out our blog post on how to price your stuff, and start making a list of everything you could potentially sell. Are you seeing dollar signs in your future? We are!

Take advantage of free subscriptions

Many apps and websites allow users to sign up for their services and receive the first month free. They get you using their product, give you the first month free, and hope to hook you in. It’s a great tactic, but if you’re smart about it, it could save you a significant amount of money. TV streaming services, music apps and design software is often based on a monthly subscription. Do some research and make a list of all the services you can find. Divide them into sections like “music” and “TV”. In each section, write “January” beside the first option, “February” beside the second one and so on. You may be able to fill half your year with free one-month subscriptions before choosing your favorite to commit to. The biggest trick here is to set a notification on your phone that will remind you to cancel your subscription at the end of the month. If you successfully cancel your subscription at the end of each month to start a new one, you’ll save cash. This way, you’ll be able to go payment free for a while and make the right choice when committing to one service.

Start shopping second-hand

It’s easy to say you want to buy less in the new year, but sometimes things come up and you can’t help but need a certain item. Becoming a savvy second-hand shopper can save tons of money. The Globe and Mail reported that the average Canadian family of four saves around $1,150 a year by purchasing second-hand items. That’s a lot of extra cash to save for a rainy day! If you don’t know where to start, check out our blog post on the things you can always buy second-hand instead of new. Start shopping on apps like Curbza to keep cash in your own hands.

What do you think is the best way to save some extra cash? Leave your tips down below!