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Saving for a Rainy Day
By admin | August 21, 2009
Everyone tries to save for a rainy day, but when that day arrives most people do not have enough funds saved up. While Canadians used to put a lot of money into their savings accounts, this is no longer the case.
In fact, economists are worried about the state of Canadian saving. At the rate that Canadians aren’t saving, a large amount of the population will be in trouble when funds are desperately needed. If you’re one of the many that just can’t seem to save, take a look at these helpful "how to save" tips.
1. Track Spending: really keep track of your spending habits. If you track and trace your money, then you will be able to find out where all those dollars go at the end of the month.
2. Trap Your Money: open a savings account that you can’t touch for a number of years. Any bank financial advisor will help you to set up this kind of account, and it’s a great way to ensure that you have some money set aside. Simply determine the amount of money that you want to place into the account each month, and ask your bank to take this money directly from your pay.
3. Check Your Bank Fees: are you being charged anonymous fees? Make sure that you know all about the bank fees that you have to pay. To do this, take a good look at your bank statement. If anything looks unusual, contact your bank asking for an explanation.
4. Bank Accounts That Work For You: some banks have special savings account options. Often, these options allow you to save money when completing transactions, using cheques, and even using your Interac card. When you know how to make your bank account work for you, you’ll have the money that you need in no time.
5. Stop Living Pay Check to Pay Check: Do you find that your funds are all gone at the end of each month? If so, you may want to look into a small car title loan from a private lender. Why? This type of loan will help you pay your bills earlier in the month, so that you can save more money during the rest of the month. And, because these types of loans are secured, even those with bad credit, or no credit can qualify. When the month ends, simply pay back the loan - sometimes, small loans can really help bridge the gap!
Posted in Financial Planning, Reducing Debt | | Print This Post |