The New Year is a great opportunity to focus on building wise financial habits.
It can be difficult to maintain a budget over the holiday season. However, the New Year is a great opportunity to focus on building wise financial habits. If you’re bringing debt into 2018, your priority should be working towards paying it off.
It’s no secret that rebuilding your credit after a long season of spending will take time and effort, but getting a handle on your expenses means less trouble down the road. Here are 6 easy money saving tips to bring into the New Year.
1. Clear out your clutter (and sell it online)
Less clutter means more organization. The more organized you are, the more control you’ll have over what you need and what you want. Sites like Kijiji, Facebook Marketplace and Craigslist are a great place to sell your things online and make a lot of cash in the process.
2. Cancel any unused memberships
Before you sign up for that New-Year-new-me gym membership, think if you’re really going to use it. Gym memberships are great, but paying month-to-month for something that you’re not taking full advantage of is a waste of cash.
3. Stop buying coffee every day
A couple dollars every day on coffee might not seem like a lot, but over time this builds up. The average North American spends over $1,000 on take-out coffee every year. Drinking office coffee or bringing your own from home is worth the sacrifice when you think of the long-term money saved.
4. Read up on financial news
We didn’t learn financial literacy in school, so why not start educating yourself now? Spending a few minutes browsing the web on a financial topic every day will help you understand the politics of money and how to better manage your hard-earned cash. Check out the Canada Drives blog for weekly financial tips and news!
5. Coupons are your friend
According to a consumer behaviour study based on 11-countries, Canadians are the least likely to use coupons. We’re not suggesting that you turn into an extreme coupon user, however taking advantage of them will help you save money. Check out online deals, social media giveaways, your local newspaper or grocery store flyers to get essentials for half the price.
6. Stay focused on your goals
Make a financial goal and stick with it. Getting your partner and the rest of your family involved will help you stay within your budget, and starting to get organized now will benefit your financial situation for years to come.
Holiday debt is known for creeping up on us after the New Year. Instead of falling into old financial habits, make a game plan, educate yourself and save your pennies to ensure that your credit won’t get hurt in the process.