Saving your money can seem difficult at first. But once you get into the habit of practical spending, you might just learn to love your budget! With the use of some financial tips and tricks, you can start paving your path towards a more financially rewarding future.
Create a monthly budget
This is a tip that is often talked about but easily overlooked when managing your personal finances. A great way to start out your month can be to take a look at your spending habits from previous months and look at the specific purchases that you made. This can help you to track your habits and see how those purchases impacted your current financial balance. From there, you can organize those purchases into what you needed, such as rent, food, and gas, and then compare those to what you wanted, like a new phone, going to the movies, or eating out. This process is a great way to plan your budget and make informed decisions that will help you out in the long run. Sticking to a budget might be difficult at first, but once you get into a rhythm and start saving money, you might start to enjoy it.
Plan for the future
When saving your money, it’s super important to consider your future and long-term goals. This may seem like a lofty tip but planning for the future is a great way to start saving and build up your financial literacy. Whether your goal is to save for a new home, a post-secondary education, or start a savings account for your child, every step counts. Creating a financial plan that best suits you will help you to save money for the future while ensuring that you have emergency savings for life’s twists and turns.
Use what you have
Remember that fancy cheese that you bought for one meal and never used again? Planning meals ahead of time can go a long way in terms of savings money and sticking to your budget. Shopping for purpose over impulse not only creates room in your budget, but it also creates some extra room in your pantry. So, before you leave for the grocery store, remember to look at the food that you already have and create a list based on what you need. And who knows, you mind find your new favourite recipe along the way.
You can also consider repurposing some of the old furniture and knickknacks that you find in your home. Try using the tub that your macaroni salad came in to package your lunch next week, or even consider your empty peanut butter jar to store sugar. If you‘re feeling crafty and looking to throw away that old dresser, consider repurposing the wood and making some new shelves. Using what you have in your house is not only a great way to cut down your spending, but it can also help save space.
Begin your financial journey with the Momentum Savings Challenge today!