A Fresh Start: New Year, New Wallet

You always hear that money isn’t everything. Ok…but you kinda need it to do most things. For the past couple of years I always start January with a "money plan" because I need to get my shit together! Getting my finances right is the hardest thing for me! I want to buy a house. Butttttt I also like to shop. I need to pay my bills. Butttttt I also want (NEED) to travel. I just find it so difficult to find a balance between securing a stable financial future and enjoying my life the way I want. But I am a grown-up now so I have to, right? Here are some ideas if you want to save a little bit of money!

For the uncontrollable spenders: Automatic withdrawals

These days you can set up automatic transfers through your online banking. Try setting this up weekly for your money to go into another account you can’t easily access. I do this biweekly for my TFSA and RRSP and weekly for my saving account. You can’t use money you can’t touch.

For the goal-getters: Budget Spreadsheets

This is my favorite thing! NERD ALERT! I create an Excel spreadsheets that help me organize my financial targets for my different goals based on my income. This also helps me balance some stability I need with freedom to live it up! I am currently in the midst of trying out some apps that do the same thing…

For the resolution keepers: Reallocation

If you promised yourself this year will cut your bad habits like daily Starbucks beverage or quitting smoking, you can just contribute what you would have spent on these habits to your savings. You’ve been spending that money anyway.

For the clueless: Spending Tracking

Don’t know where all your money is going? Track your spending. You can do this old school (manually writing and keeping receipts) or through various apps available. You can categorize it and see a total running amount. When you see your spending in action, you will know what areas you can cut back on.

For those who want a little extra: Piggy Banking

You can do this however you want! Get a jar and throw in all the $5 and change you come across during the year. Or contribute a set small amount weekly. Either way, after 365 days you will have a decent amount. I ended up with over a G (that’s $1000) from Jan 2014 – Dec 2014!

It is not an easy task to save money when there is A LOT of fun, easily accessible stuff to spend it on! Train yourself to live within your means by putting your needs to survive first before all your wants. Don’t give up! Practice some self-control! I know you can do it cuz this shopaholic did!

How are you saving to reach your goals this year??