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Tag: saving

  • Don’t Waste Your Money on Something You Don’t Want

    Don’t Waste Your Money on Something You Don’t Want

    Life can get pretty expensive, especially as you start to get older. The more mature you become, the more responsibilities you will be expected to deal with. This includes taking care of your finances and income.

    When you are young, it’s easy to spend a lot of money on things that you don’t really want or need. You may have savings or work part-time, and its very tempting to go out and spend your pay cheque on something that you don’t really need. You most likely aren’t paying for your own rent, groceries, bills or tuition, so it can seem as though you have a lot of disposable income in your hands.

    While it is important to relax and have fun sometimes, its also necessary to plan and save for the future – especially if you wish to do things like rent an apartment, buy a car or go into post secondary education. This is why you should stop and think before spending your money. “Do I really want or need this in my life? Is it actually worth what I’m paying for it?” The worst thing is to spend a bunch of your hard earned cash on something and then find out that you don’t like it, or didn’t really need it in the first place.

    There are a few tips you can follow to help you decide whether or not something is really worth the money you’re paying for it. For example, many purchases are out of impulse; you see something you want and buy it right then and there, such as an expensive piece of clothing or jewelry. This is the easiest path towards regretting your purchase. Instead of buying what you want the moment you see it, wait a while and take some time to think about whether or not its actually worth spending your money on. It’s a good idea to at least take a night to sleep on it and decide the next day before spending a bunch of your hard-earned money. You could also take some time to research the product you want, read reviews from other people, compare prices online through different websites and see if there are any deals or sales coming up allowing you to save some cash.

    Once you’ve bought, paid for and used something, that money is gone. Don’t waste it on something you won’t like! Cash isn’t easy to come by so it is important to think and consider the options before buying anything, especially if you aren’t sure that you really need or want it. The older you get, the more expenses there will be in your life, whether it be insurance, gas money, tuition, rent or a number of other essential things. It is far better to consider your purchase now than to end up seriously regretting it later on, when you need to pay for necessities or if you find something that you truly want to buy. So take some time, consider your options and make sure that you aren’t wasting your hard earned cash on something you really don’t want.

  • Money Management

    Money Management

    Times are rough and life will throw you costly curve balls. You need to know how to manage your money and maximize your saving skills so you are ready for any financial emergencies you may have to face.

    If you’re receiving any kind of financial help, you may be thinking, “I don’t really need to worry, I have help if something were to happen”. The truth is these options may not always be there. Learning how to fend for yourself will make costly times a lot easier to handle and give you a rewarding sense of independence. So let’s get to it by prioritizing where your money goes:

    Housing and Rent
    Food
    Transportation
    Credit and Banking
    Utilities and Telephone
    Health Care
    Pets
    Recreation

    Housing and rent. If you’re working, a good way to budget yourself would be to split your paycheques up to make sure you’ll have your rent ready for the end of the month. If you get paid bi-weekly, every two weeks split your rent into two and save that amount from each pay. So if your rent is $500, save $250 per pay. This is a safe way of ensuring you are saving for rent and can also budget for other things during the month.

    Transportation. Take advantage of bus tickets and bus passes depending on the amount of traveling you do and try to be productive in your travels. If you drive, that applies to you too. Make a plan before you leave and go from point A to point B strategically to save gas. If you’re one of those good people who are always giving lifts to your friends, it’s okay to ask your friends to pitch in a bit of gas money from time to time. Give them the opportunity to be a good friend, too.

    Credit and banking. Bank fees aren’t too bad these days (especially if you are a student) – it’s your credit card you have to be frugal with. Having a credit card at such a young age is one of my biggest regrets. Ince you have got yourself into credit card debt, its really hard to get out. We are living in a material world and it is very tempting to go shopping and buy things we really don’t need and could very well live without. Try your best to be smart in these times. Credit cards are for emergencies only – you don’t want to have to use them unless you really need to.

    Health care. In Canada we are lucky that most things are covered by our government health plan. But some things may not be, such as dental appointments. Many post-secondary institutions offer health plans with your tuition to help cover these types of costs. If you are under a certain age, you may still be covered by the health plan your mom or dad has through their employer. Be sure to check into both of these options.

    Utilities and telephone. Be energy smart: if you don’t need a light on, turn it off. If you don’t need the water coming from the tap, turn it off. I admit I used to leave the water running while I brushed my teeth for three minutes. Once I stopped doing it, I saw a huge difference in my utility bill just from not running my water senselessly for six minutes a day. As for your cell phone, there are plenty of good plans out there – but also plenty of rubbish ones. Make sure whatever plan you’re choosing is really working for you and that you’re not paying any more than the amount you agreed to. If you are, it is time to change your plan or service provider.

    Pets. Dogs and cats are adorable, I know. We all see them and instantly want them. But if you’re in school and working, you usually don’t have time for them. They are costly and require their own food, medical attention, and grooming. Make sure you’re making the right decision for you AND your furry loved ones.

    I hope this has given you a bit of an eye-opening incentive to be smart with your spending so you can live a less stressful life and be ready for any sudden expenses that might come your way. Happy saving!

  • You’re Not Alone On A Budget

    You’re Not Alone On A Budget

    As young people, we are often faced with circumstances of lower than desirable monetary funds. This is something that affects almost all of us, and is a great reason to get a part-time job. Having money available to spend on the things that you want and need will facilitate your everyday life, especially once you start college. However, quite often we might have to put in time at a workplace where we are counting down the hours and can’t wait to get home and take off our uniform. The important thing to remember is that whenever you feel forced to work in unfavorable conditions, you are not alone! People often say that the only thing that gets them through a work shift is the people that they work with (along with the paycheque, of course!)

    Once the paycheque comes, you may have a list of more than 50 items that you would love to purchase. The reality is that you may not be able to afford all of these things. This is frustrating, but it helps to remember that other people are going through the same thing. When we look at television shows like Gossip Girl or Pretty Little Liars, we may feel that we fall short and we wish we could have what they have. These shows, we must remember, are meant for entertainment purposes and they do not reflect a reality for most young people in Canada. Comparing yourself to people on television never produces positive results, and you end up feeling depressed and discouraged.

    When you are feeling down, remember that your financial situation is temporary and will not last. If you plan well, you should be able to land yourself a good job after school. You can also help to reduce your financial burden by applying for as many scholarships as possible. Learning to manage your money is one of the most important things you can do as a young person. If you know how much money you make and how much money you spend, you can figure out the best way to go about spending and saving it. Talking with your parents, friends and people at your banking institution will help you to inform yourself and make smart choices.

    What are you waiting for? Start informing yourself today!