The first time you make it to a salaried position, you feel pretty excited. Chances are, you spend everything you make those first two paychecks because after all, you’re getting it again in the next payday! However, quickly you realize how easy it is to spend everything you have when you know you’ll be getting the same thing in a week or two.
In addition, there’s a chance that you will find expenses to fit your income. This can turn into a “the more you make, the more you spend,” type of situation. Getting ahold of that right away can help with saving money in the future.
Today, we’re going to offer a few tips on how to start adding extra money in your savings account for each payment period.
Get Accounts & Make a Budget
The first thing that you need to do is get a savings account and checking account from a financial institution in your area. Following that, create a budget that you can use to keep in charge of what you are spending. Using apps will help you to see exactly what you are spending with your debit card and even credit cards, allowing you to tighten budgets as needed.
Pay Yourself First
It may seem intuitive to take care of expenses in the following order: bills, savings, and then extraneous expenses like clothes and food. Try changing this up by always putting your designated amount of savings away first thing when you get paid - even before you pay your bills!
This makes it less tempting to chip off a little bit of your savings money in favour of using it for "fun" things like movies and restaurants. By putting money in your savings account at the outset, you're paying yourself before you pay your phone provider, your grocery store, or anyone else. It teaches you to prioritize yourself and your future needs!
It can sometimes be hard to keep up – especially when a one-off bill comes from out of the blue. If there are times of the year where you need extra money, you can always apply for short term loans online.
Instead of looking for “short term loans near me“, consider the advantages of working with a direct online lender. This is Canada, the weather can change from one moment to the next. Whether the temperature is -40 or +30, you don’t have to go outside. You can always apply for a loan from the comfort of your home of office.
When deciding upon which lender to work with, please ensure that the company is licensed within the province you reside. The regulations they adhere to are meant to keep customers like you properly informed about any fees, as well as any terms and conditions, connected to your loan.
With your budget in mind, you should set up an auto-transfer into your savings account with each paycheck. This should never be more than you can afford.
However, adding just a little each month can help you build your savings over time. When you check your account, chances are you won’t even notice that it’s missing.
Avoid Impulsive Decisions
If you are out shopping, don’t spend money without thinking about it first. Impulsive decisions can hurt your wallet more than you think. This is especially true for getting coffee and other snacks out with friends. If at all possible, bring an apple with you! There’s no shame in saving money for memories over food.
The problem is that none of us can predict the future to know in advance when we will need extra cash for unexpected events in our lives. For example, your car may need repair on a cold Canadian winter day just as you are on the way to work. The repair work may end up costing you hundreds of dollars which means you need immediate cash.
Trying to get funding from a banking institution to pay for an emergency repairs may not be the best option as it may take a while to be approved to pay for car repairs. Easy money loans let you apply for a loan and receive the money instantly.
Cash loans are designed to assist you when you need money in an emergency.
Applying for payday loans from canadian lenders takes very little time. The online application is straightforward and easy to complete. You can apply online 24/7 and within minutes, you’ll know the exact amount that you were approved for.
Do note that on occasion you may be approved for a lower loan amount than what you requested. If your loan is repaid by the date(s) agreed upon, you could be eligible for a re-loan with a higher dollar amount.
Reduce Your Monthly Bills
If you have a bunch of monthly expenses, then cutting them back will help you save more each month. For example, if you pay for Netflix, Hulu, and cable, then paying for just one of those could save you hundreds of dollars a month. Also, look to ways to save money by turning the lights off when you leave the room and the air down when you’re not at home.
Find Cheaper Prices
If you really want to save money, then look for cheaper options for what you are currently using. For example, finding lower costs for your phone, car insurance, or health insurance could save you hundreds if not thousands of dollars a year.
If you are a long-time customer of your phone or internet provider, chances are you will be able to get a better deal with them just by calling.
Find out the prices that their competitors are offering, and use this information to negotiate a new, cheaper plan. It never hurts to ask, and many service providers will gladly give you a more affordable plan if it means they can keep a customer!
Looking For Help?
If you haven’t set up an emergency fund, then you should consider appying for instant online payday loans when something goes wrong.
This can providee you with funding to help you pay for emergency expenses while you wait for your next paycheck. Check out iCASH for options on how you can get a cash loan of up to $1,500.