Saving money is a skill most of us wish we were better at. Here are ten simple steps to help you hone your savings skills. Make sure you read to the end for an exciting savings opportunity!
Put a plan in place so you have something to work towards. A Libro Coach can help you determine the overall goal, your priorities, and the time frame.
Pay Yourself First
Put money aside before you even realize you have it! By setting up an automatic transfer on payday, money starts to add up in your savings account without the feeling of being deprived. Read our blog post here on setting up an automatic savings plan.
Take Advantage of Tax Deductions
Make regular RRSP contributions to achieve tax deductions on your income taxes. By being organized and knowing your options, you could receive hundreds of dollars back.
Be aware of interest rates. Calculate how much extra you’re paying on a purchase when you take into account the interest on the loan. Is it really worth paying an extra 10 to 20 percent for that big screen TV? If you’re trying to reduce your debt, consider consolidating credit cards or other loans into one lower interest loan.
Shop in your own community to save money. Choosing local vegetables from your farmers’ market not only saves money, but helps the local economy.
Evaluate everything you spend money on. For example, an innocent four-dollar latte each day adds up to $1,460 a year! Review how much you’re spending on non-essentials, then consider whether that money could serve you better elsewhere. Maybe even try a No-Spend-Day!
Pay With Cash
Use cash more oﬅen. When swiping a debit or credit card, you may not be keeping track of the amount. By limiting yourself to what’s in your wallet, you’re less likely to make impulse purchases.
Save the Extras
Put unexpected money, such as a birthday giﬅ or a year-end bonus, directly into savings, instead of spending it.
Understand your Finances
A Libro Coach helps take the complexity out of ﬁnances by explaining things in a straightforward manner, so you can make decisions with conﬁdence.
Stick With It
Saving money may be a challenge at ﬁrst, but if you remain committed, it will become a valuable routine.
Get $105 To Start Your Savings!
If you aren’t already an Owner, join Libro and start an automatic savings plan before August 31, 2022 and receive $105!
If you’re already a Libro Owner, start an automatic savings plan and get entered to win a $5000 with our Big Save Contest – it’s a win-win-win!