Some people seem to be able to make their money go further than others who earn a similar amount, and the reason for this, is often down to a case of developing some good money-saving habits.
Canadian’s who find themselves in need of a cash boost can always look at a short term option like using someone like captaincash.ca for example. In the long term, if you can develop some useful money saving skills, there is a good chance that you might be able to make your money go further in the future.
Spend less than you earn
Such a simple strategy in principle, but it is all too common to find that if you sit down and add it all up after you run out of money before your next payday, you must have taken more out of your bank account than you put in.
There are many Canadians who find that they are spending more than they are earning each month, meaning that they will be going a bit deeper into debt with every month that passes.
If you want to avoid that scenario taking hold, the simple solution is to live within your means.
To get a clear idea of exactly where you stand financially, you will have to create a household budget. Not everyone warms to the prospect of writing everything down that you pay out each month, but there are plenty of tools around that make the task as simple as possible.
Once you have entered absolutely everything you spend into your spreadsheet or written it down in basic categories, such as rent or mortgage, and other important commitments, followed by listing what you spend on cable, entertainment, restaurants etc, you can then get a very clear picture of where you are spending too much and where you might be able to make some cutbacks.
There is a difference between needs and wants, so work out what you can do without and what you have to pay, so that you balance your budget and hopefully end up spending less than you earn each month.
Keep it simple
In addition to setting a budget, there are also plenty of really simple ideas that you can use to save money and get better deals when you do spend money.
One way to save money on your phone calls, would be to consider the idea of switching your local phone from a standard telecommunication provider, to a service that provides VOIP, such as Primus or Vonage. Normally you will pay a fixed fee for accessing the service, after which you can then make local and long distance calls, without worrying about the bill.
One of the things that can have a big impact on your monthly outgoings is spending lots of small amounts each week, without realizing how much it is all adding up to in total. Picking up a coffee in the morning from a Hortons or Starbucks is an easy habit to get into, but that habit can soon add up to some big bucks over a month.
Get yourself a travel mug or a thermos, invest in a decent brand of coffee and make your own each day to take with. You will be surprised just how much you will save each month by cutting out small incidental spending, but without spoiling your enjoyment.
Utility bills can easily eat into your pay and the cost of heating your home is somewhere where savings can definitely be made.
Consider installing a programmable thermostat or a smart meter, so that you make the most of technology to use your energy more efficiently. This simple adjustment to the way you heat your home could generate savings close to $200 each year, so it is well worth doing.
Choice of viewing
It can be tempting to sign up to the full cable TV package on offer from your provider, but do you really need or watch all of the movies and channels you are paying for each month.
With a host of online sites like Netflix and Amazon, offering you access to loads of movies for a small monthly fee, you might find that it is cheaper to downgrade your cable TV bundle to a lower tier, then download movies when you want from the internet.
Conserving your cash and even putting more savings away each month, will improve your finances very quickly, so take a look to see where you could be achieving those savings.
Joseph Faulkner had to tighten his belt when he was hit by redundancy, at the same time as his wife was pregnant with their 2nd child. Now in a better financial position than ever before, Joe shares some tips with others to control the cash.