We’ve all been there: it’s the day after payday, and you’re already down to your last couple of bucks. The struggle to budget is real — and unless you find yourself yelling B-I-N-G-O A-S-A-P, chances are, you need to work towards adjusting your lifestyle.
In honour of stretching your dolla dolla bills thru to your next pay cheque (or, you know, 10 years from now), we’ve compiled a list of tips and tricks to kickstart your new financially-friendly habits.
- Divide and conquer
Try the 80/20 rule on for size. Allocate 20% of your take-home income towards savings, and 80% towards everything else. So you’re not tempted to dip into your savings, set up an automatic withdrawal every time your pay cheque is scheduled to roll in.
2. Track your spending with Mint
Struggling to stick to the 80/20 rule? Do a deep dive into your spending habits with apps like Mint. Using the same fintech partner we do, Mint keeps track of where your dollars go by lumping purchases into major categories like “Groceries”, “Entertainment”, and “Gas & Fuel”. Take a look at your finances, and be honest with yourself about areas in which you can cut back.
3. Order the cheapest wine on the menu (seriously)
Worried about looking “cheap” in front of your date? Drop some knowledge on your latest Bumble find.
You: “Did you know restaurants mark up the second cheapest wine on the menu because people don’t like the association with ordering the most inexpensive bottle?”
Him/Her: “Really? I had no idea. You’re so cultured and I’m having a great time.”*
*Response not guaranteed
4. Or skip the restaurant altogether
What happened to a nice night in with a bottle of red (or three) and Code Names?
5. Save your change
Go old school a la Michelle Tanner, and put all your day’s change into a piggy bank for future you. Or — go 2018 and sign up for Koho, the app that rounds all of your purchases up to the nearest dollar and deposits the rest for long-term savings. Plus, instant cash-back.
6. Memberships: are they worth it?
Do a tally of your monthly and annual membership fees — then trim the fat. This is an anti-judgement zone, but are you *actually* using your gym membership? Do you have club fees? A website that’s collecting dust? Get serious about your commitments and where you (actually) spend your time.
7. Sell, sell, sell
Spring cleaning can go down any time of the year. Take a peek into your closet, and those baskets under your bed brimming with misc. items. Do you really need that blanket from the 1980s? Online marketplaces like Facebook and Bunz are the perfect forums to get rid of your unwanted stuff.
8. Buy frozen
No matter which way you slice it, fresh fruit is expensive. Maintain your healthy disposition, but opt for frozen fruits, instead. They’ll last longer, and you won’t have to worry about sorting through 50 apples to find the one without a bruise.
9. Use Drop
[Insert shameless brand plug here]
Want to save more of your money? Download Drop and earn cash rewards from spending at your favourite brands.
