Fighting the urge to splurge

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Fighting the urge to splurge

Posted by Rob on May 21, 2013

My debit and credit cards are both my best friends and my worst enemies. Incidentally, I think that’s called a “frenemy” in popular culture. We are young Canadians, and the pressure to save our money competes ferociously with our desire to have fun, go shopping and play hard after we’ve worked so hard. Am I right? But ... where’s the balance? Well, I’ll tell you.

The best thing I ever did with my money was to have some of it automatically deducted from my account and transferred to a savings account. It happens on every payday. You contribute whatever your budget allows, whether it’s $25 or $50, or even more! Eventually, you get to a point where you don’t even notice money has been transferred. You can set this kind of process up through your bank – usually online – and you can stop and start at any time.

What you WILL notice, however, is the money you’re saving without even really trying. It all adds up. Let’s say you put $25 from every paycheque into savings. That’s two paycheques a month.

Monthly: $25 x 2 = $50
Annually: $50 x 12 = $600

The best thing is that it’s completely customizable to your budget. Save a bit less or save a bit more! I knew entering my last year of university that I would have to repay my student loans when I graduated. It was a pretty intimidating realization, as if my youthful naiveté was finally started to fade. (I was no longer invincible!) I knew I had to take action. Having the money automatically deducted allowed me to save without even trying, resulting in a nice lump sum at the end of the year that I could put towards bills, student loans or the ever-elusive “rainy day”!

What tips do you have to save money?

And don’t forget these tips …

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