It’s that time again! Time for our Money Mondays monthly roundup (say that five times fast!)
Our first tip of August helped readers keep their savings out of their own hands:
Keep Your Savings Out of Your Chequing Account.
Has saving been a problem for you in the past? Are you constantly finding your money is disappearing from your account?
The first tip is to keep your savings out of your chequing account. No matter how good our intentions, we can’t always keep ourselves from spending whatever we have in that account.
If you can’t keep yourself from transferring your savings back into your chequing and depleting it, another option is to open a savings account at a separate bank. The hassle of paying a fee per transfer could be just what you need to keep your savings where they belong.
Our next tip helped readers find savings in their current spending:
Review your big expenses to find missing savings.
Feel like you can’t spare a single cent for savings? It’s time to review your expenses.
Regularly review your big expenses — like auto insurance, cell phone plans and energy bills — to make sure you are getting the best deal. You could be missing out on savings!
After that great tip, we helped our readers use their savings to enjoy themselves (wisely):
Purchase that thing you’ve had your eye on (once you’ve saved twice what it costs).
Maybe you do have some extra cash and you’ve got your eye on something special. This quick tip will help you get it, without the buyers remorse.
If you want something pricey set a goal to buy it once you’ve save twice what it costs.
Don’t want it anymore once you’ve saved the cash? Pat yourself on the back for not only avoiding an unnecessary purchase, but for boosting your savings in the process.
Of course, making the decision to buy something isn’t easy, so we gave readers another way to calculate if a purchase was worth their hard earned cash:
Evaluate purchases by cost per use.
If you’re worried about making an emotional purchase with your money, bring it back to the numbers.
Evaluate purchases by cost per use.
It may seem more financially responsible to buy a trendy $5 shirt than a basic $30 shirt—but only if you ignore the quality factor! When deciding if the latest tech toy, kitchen gadget, or apparel item is worth it, factor in how many times you’ll use it or wear it. For that matter, you can even consider cost per hour for experiences!
We hope that our August Money Mondays helped you save cash, as well as decide how and when to spend it! See you next month!
