The summer is a dangerous time for your chequebook. It’s easy to spend all your money when you’re trying to enjoy the season. If you want to survive the summer without going broke, and other than making money on the side, you should follow these three simple tips for saving more money.
Identify and block shopping triggers
Impulsive spending is a financial mistake that can leave your budget broken. Each unnecessary purchase you make limits how much you have to spend on the necessities, plus how much you can put into savings. You can reduce its impact by identifying what triggers you into shopping thoughtlessly and trying to avoid it.
Unless you’re hyper self-aware, you’ll need to spend some time looking over your finances to figure out what tempts you to spend. Go through your finances and track every expense from the past year. Once you have every transaction laid out before you, you can see your spending habits. While some are perfectly justified (like rent), others won’t be (like that upgrade to a new Fitbit). Target unnecessary purchases you make often and try to kick the habit.
Be prepared for the unexpected
Life is full of surprises and many of them come in the form of bills or repairs seemingly designed to test your finances. Thanks to Fluffy’s penchant for eating elastic bands, you could come away from the vet with a bill that’s three times what you were expecting. Or maybe you need help paying for necessary repairs on your AC. When your savings are still modest in size, it can be difficult to pay for these on your own.
A personal loan is a perfect stopgap, but few of them work fast enough for emergencies. When you face urgent bills or repairs that need immediate repayment, search out help from an online lender like GoDay. Since they provide financial assistance over the Internet, they eliminate many of the analogue barriers that delay a traditional loan. Their online platform means you can get the same fast-acting payday loan Toronto borrowers use even if you live in BC — and vice versa. Wherever you’re located, you can apply as soon as you realize you need a little help, even if it’s in the middle of the night.
Use credit cards sparingly
You probably have at least one credit card sitting in your wallet. Like payday loans, it’s a valuable financial tool when you need help making a large, necessary purchase, but you shouldn’t treat it like cash. This increases your risk of spending more than you intend at the till. Not only will you have to pay interest on every transaction, but you’re also more likely to buy more than you planned. A study conducted by Dunn & Bradstreet shows people can spend up to 18 percent more with credit cards than with cash, so reserve credit and other financial assistance to moments when you really need help.
Whether you have big plans to fund a summer vacation or you’re simply looking to survive the season on budget, these tips can help you keep your spending to a minimum this summer. They may be simple, but they’re a practical way to boost your savings, whatever the season.