Written by Financial Toolkit Creator

This is the sixth post in a series that will use the advice from the Eva’s Financial Literacy Kit to share tips on budgeting, spending, debt and credit. This post offers some sage advice about how you can increase your savings.

Saving money for me (and I’m assuming I’m not alone here) is as frustrating as exercise. It never feels good until after it’s done and your mind tries to convince you that it’s a bad idea even up until your runners are on and you’re headed out the door – or you’ve transferred your yearly bonus or tax refund straight onto your Line of Credit.

So how do we trick ourselves into saving money? Some people are just more capable of exerting self-control in savings as with exercise, but for the rest of us it just isn’t so easy. So tricking ourselves is a must. I’d start with the following 5 tips and then just see what works well for you – for your daily routine, habits, temptations and most of all for you to reach your goals.

5 Savings Tips:

  1. Everyone should be saving! I don’t care if you’re not working, still try to save something because the habit you form is crucial for your future. And any safety net is better than none.
  2. Put any bonuses or tax returns directly into your savings or onto a debt depending on your goals. Don’t even think of them as spendable!
  3. Try saving a toonie a day – that adds up to $730 a year. You might find that you don’t have to give up much to save a toonie a day…
  4. Take note of your biggest spending temptations – knowing what tempts you and why will help you avoid big purchases and get on track with your saving goals

Create a list of possible road blocks beside your savings goals. Go through all of the things that can get in the way of you reaching your goals and then beside that list write another on how you’re going to overcome these road blocks. This action of mapping out your strategies will come in very handy!

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