In June 2020, we asked readers across all of our social media channels for money tips that resonated with them. This was done as part of #LearnWithCCS, where readers enter a monthly $50 gift card draw by learning more about personal finance with us and sharing their tips. After receiving plenty of great budgeting strategies, shopping hacks, and more, we’ve picked 5 to highlight below:
Put Some Money Away in an Emergency Fund
From A.K. Navarro to @mymoneycoach.ca on Facebook
Great tip, A.K.! We can never emphasize enough the importance of building an emergency fund. The COVID-19 pandemic has highlighted that no one is immune from an economic shock. Global emergencies and personal ones like job loss, illness, accidents, or other unexpected expenses can happen when you least expect them. Be prepared for hard times by working towards saving up an emergency fund equal to 3-6 months of your expenses. Depending on your financial situation and whether you’re making debt payments, you might decide to save a specific percentage or set amount per paycheque. Even just $20 a month is a good start to building up security for your future if money is tight.
Follow a “30 Second Rule” – A Way to Help Avoid Impulse Buying
From Prakash Koirala to @CrdtCounselSoc on Twitter
Thanks for the smart tip to help avoid impulse buying, Prakash, and congrats again on winning a $50 gift card from the June draw! A big part of shopping – whether in-store or online – is the good feeling you get from putting something in your cart and checking it out. But that good feeling can also push you towards overspending. Whether it’s 30 seconds, 5 minutes, or even a few days, figure out how much time it takes for you to have the second thoughts you need on a purchase. Then create strategies for yourself to stop impulsive buys. This will not only help you save money and give your credit cards a break, but can also help you focus your time and energy on the purchases you really enjoy.
Don’t Let Money Saving Apps Make You Spend More
From A.M. Friesen to @mymoneycoach on Instagram
Another great shopping and savings tip comes from A.M. Friesen, and it’s one that even the savviest deal-hunters should take note of. There are many money saving apps, websites, and other Canadian tools out there to help you get more bang for your buck. However, even if they save you money on each purchase, they can also make you spend more overall as you shop and think about shopping more. If an app is linked to a store’s loyalty or points program, you might even be tempted to make spending choices specifically to earn rewards. Avoid overspending by making a budget and sticking to it no matter what “great deals” your favourite app shows you.
Pay Yourself First – The Best Way to Force Yourself to Save
From Tina Janisse to @nomoredebts on Facebook
Yes, Tina! The money you pay yourself is money that goes straight into your own savings. It’s unfortunate that many of us work so hard only to pay ourselves last, if ever. But this tip is one that successful money managers always follow, and you can do it too. As Tina said, pay yourself first by having money from each paycheque automatically transferred to your savings. Out of sight, out of mind – if you never see the money go into your chequing account, then you won’t miss it, which will help keep yourself from spending on things you’ll regret. But that money will be there for you when you need it.
Unplug What You Don’t Use to Save on Household Bills
From Shawna McLiesh to @mymoneycoach_ca on Twitter
Our last great money tip comes from Shawna and is something you can do right now to save on your household bills. Electronics keep sucking energy even when they’re turned off, so unplugging them when they’re not in use will help the environment and your wallet. Using only what you need can be done in other parts of your home too. Don’t let your water tank run too hot, turn off lights when you leave a room, and pause the AC when you go outside. All of these small but certain actions will add up to big savings in the long run.
Follow Us for More Personal Finance Tips
Did you already know all these personal finance tips or were some of them new to you? Let us know in the comments and stay in touch for more money tips and educational resources. You can follow our blog, join one of our free online webinars or special events, and browse our site for useful info like non-profit credit counselling organizations in your area. We believe that financial wellbeing is achievable for everyone and are here to help you reach that goal.