Can you believe it’s already been a month since we introduced our Money Mondays feature? We’ve had so much fun sharing quick tips with you at the beginning of each week. We want to make sure you have a place to find them all later as well so we will be doing a roundup here at the end of each month.
Our first tip helped provide you with a great way to tangibly keep your spending in check:
Having trouble saving money but don’t know where it’s going once it hits your chequing account?
Consider an all-cash diet.
If you’re consistently overspending, this will break you out of that rut. This helps you set a budget for extraneous spending and we all know that it’s a lot harder to spend cash than it it is to tap a card.
Our second tip was just what you needed half way through the year to remember those goals you made back in January:
Get Your Finances–and Body—in Shape
One study showed that more exercise leads to higher pay because you tend to be more productive after you’ve worked up a sweat. So taking up running may help amp up your financial game. Plus, all the habits and discipline associated with, say, running marathons are also associated with managing your money well.
Our final tip in June was a quick tip to help you make a roadmap for your debt repayment:
Pay off your debt with the highest interest rate first!
Paying attention to interest rates will help inform which debt or savings commitments you should focus on. You’d be surprised how much a high interest rate can contribute to a mountain of debt. Get the debt with the highest interest rate paid off first and you’ll cut your repayment time down significantly.
We hope you’ve enjoyed June’s Money Monday tips. We’ll be rounding them up here each month. See you next time!