Are you looking for some good news? Growing your savings doesn’t have to be hard work. It can be easier than running your own neighborhood lemonade stand for some extra cash! When you try more creative strategies, you will see your savings grow and might even have some fun!
No matter your financial situation, growing your savings is always a good idea. You may want to increase the dollars you are putting away for retirement, invest more into your kid’s education savings account (RESP), save up enough for a down payment or even to simply increase your cash flow month-over-month. No matter your goals, or where you are at in your savings journey, with these five tips you’ll save without even trying!
There is no question about it: reward programs through credit cards or memberships are one of the best ways to earn major discounts. You could find yourself saving on everything from flights to car rentals and even your groceries! Be sure to understand how points are accumulated and how to best spend them. Save them for a specific item, for example, the hotel for an upcoming vacation and see the savings when you get back home! They could help lower your grocery bill a few times a month or get major discounts for school supplies. Try to plan out how you will use your points to be sure you are maximizing your saving potential.
Technology is on your side!
Automatically grow your savings with your spare change. Set up through your bank to have every purchase you make round up to the nearest dollar. Put the extra cents into your savings account without having to think about it or make any extra effort. The ‘keep the change’ approach can send dollars directly to a certain account and turn every transaction into a savings opportunity!
Have you ever added up how much you spend on bank fees each year? Between e-transfers, ATM or general account fees the dollars can add up. Consider switching to a free account like our Simply Free Account® and you could save up to $200.00 per year (based on average monthly fees on products with comparable features at major Canadian banks as at June 9, 2022). You are sure to notice the extra dollars in your account each month once you stop paying fees!
When you have extra cash on-hand, (or an extra-large amount of big change and small bills in your jar), don’t open that lemonade stand, instead buy a gift certificate to your favourite restaurant or entertainment spot. This way, in a more expensive month you won’t feel the cash crunch if you have an extra night out with friends.
Set up a phone reminder that will alert you once a month to check the settings section in your phone. We’ve all been there when we realize an app or membership has been charging us a small amount each month behind the scenes.
Without much effort at all you will start to notice more dollars in your bank account. Start today and see how small habits can help you save without any effort!
Bonus Saving Tip:
Don’t forget to take advantage of the three government grants related to RESPs that BC residents can take advantage of.
Use these tools and resources to help you stay on your savings path and maintain your budget:
Send us a note and let us help you build a plan to reach your financial goals.