Saving is such a broad topic. Books, TV programs, podcasts, educational courses and many other helping resources all exist to help us learn how to save.
But wading through all that audio, video and text can be pretty daunting. Save with SPP decided to do a quick combing of the sands of the Internet to search for a few nuggets of saving wisdom.
At the How Stuff Works blog, there are actually 10 top ideas presented, but let’s focus on the top three. First, the blog says, you must “make your money work for you.” The blog suggests that money left over after all the bills are paid can be invested in interest-bearing accounts and savings vehicles.
“You define the terms — how long it will take to mature — and that money goes away. When it comes back, it brings more money with it,” the blog explains.
The second tip offered here is “making – and sticking to – a budget” so that you know where the money you spend is actually going. You need to be honest, and fully aware, of “the money you make and the money you spend,” we are advised.
Coming in at number three is the importance of having an emergency fund. We all know all about that.
It’s a similar tale over at the Modern Mix Vancouver blog.
This blog advises that we “plan ahead; and look back.” A budget is great – if you are following it. So review your expenses every month, and plan as much as you can in advance. “Stock up on non-perishable items when they are on sale, like jars of pasta sauce, dried noodles, canned beans and chickpeas… and shop for fruits and veggies that are in season,” the blog suggests.
A second tip is to use loyalty cards. The author cites Starbucks, Sephora and Shoppers PC Optimum points as examples of where you can earn points to redeem on free stuff simply by signing up.
The third tip here is to “live credit-free and avoid interest fees.” Don’t carry a balance on those cards and if you have done so, work hard to pay off your debt – the interest you pay is significant.
At the My Canada Payday blog, the advice is tailored towards those of us who are struggling with our finances. Their first tip is to try and stretch your precious dollars.
“While saving money can be difficult when funds are low, there are generally certain steps that can be taken to truly get the complete bang for one’s buck,” the blog suggests. Look for a bank that offers low fees, the blog suggests – you’ll be surprised how much you can save.
A second idea is to sell off any items you’re not using, either online or through a yard sale. “Upon attaining these extra funds, putting them aside is a proactive way of getting used to saving money,” the blog advises.
Finally, if you’re having trouble making ends meet, the blog suggests looking for a way to “increase (your) earnings.”
You might be able to become an Uber or Lyft driver, delivering people or groceries, or you could look for online freelance projects, the blog suggests. This added income may be enough to lift your prospects, the blog concludes.
These are all sound ideas. Save with SPP will add one additional one that has worked over the years, and that is the concept of “paying yourself first.” Direct money from your paycheque into savings, whether it’s a retirement fund, an emergency fund, or a savings account, and then let that money grow. It doesn’t have to be a huge amount – you will be surprised how quickly the dollars will pile up.
The Saskatchewan Pension Plan permits automated savings. You can set things up so that an amount is automatically transferred to SPP from your account at regular intervals, such as paydays. That way, you’ve done your savings before you have a chance to spend the money. Check out SPP today.
|Written by Martin Biefer
|Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. A veteran reporter, editor and pension communicator, he’s now a freelancer. Interests include golf, line dancing and classic rock. He and his wife live with their Shelties, Duncan and Phoebe, and cat, Toobins. You can follow him on Twitter – his handle is @AveryKerr22|