Considering money is a leading cause of personal (and family) stress, most of us have made a New Years resolution to get a better handle on our finances. Whether it’s paying off debt, building an emergency fund, or cutting back on unnecessary spend, all of these can help stop the paycheck to paycheck cycle. Setting a goal is the first step, now let’s make sure you are able to stay on track to meet your goals in 2020!
The best way to control your money is to set attainable goals, build good habits, and make saving and managing money part of your every day life. Let’s get started!
Be mindful of where you are spending money
We all spend money in places that we don’t really need to. But managing money is complicated and sometimes so overwhelming that it feels like you can’t break out of your financial rut. But like many other people have, you can too! You just need the knowledge to make small changes, and the right tool to help motivate you. First, figure out where you are spending your money. Are you eating out a lot, spending too much on coffee, buying a lot of clothes? Then, decide one place or thing that you could spend less on. Using a tool like QUBER, set a goal to spend less there. Once you conquer your first spending challenge, you’ll be ready to take on more.
A couple of other things to be aware of how is much you are spending on subscriptions and bank fees. It is mind-blowing how these 2 things alone can add-up and throw your budget out of whack. What’s even worse is that a lot of people have subscriptions that are not being used. When’s the last time you made a call on your landline? Do you watch cable TV or prefer Netflix? Do you use your gym membership or work out at home? Start questioning what you really need. And bank fees, just - why? The amount of money you are paying to have bank accounts, loans, overdraft is eye-opening and scary. Shop around for lower (or no) fee banking, there are many out there to choose from. These two things alone can have a serious impact on your budget.
Make new habits stick
In order to be successful with saving money, you really need to make it part of your every day life. The QUBER app was literally built to make saving money top of mind, every day. Rounding up your purchases may sound insignificant, but what it does is remind you every time you make a purchase that your change is moving towards your saving goals. Then you start to think about your saving goals again! Getting a couple of those notifications every day are a perfect way to keep saving top of mind. And, you’ll be surprised at how quickly the change will add up.
Is working out part of your every day? Great! You can also save money every time you work out either by connecting your Fitbit, or using Tap to Save automatic saving feature in the app. Get paid today? Awesome, automatically save a portion of your deposit each time, without thinking. Save money when you drink more water, shop second hand, recycle, eat healthy, spend less time on social media, do a no-spend day Whatever is important to you can help you save more money! And build good habits too.
Pay off expensive debt
This is an important one and something we recommend to all of our Ignite customers. Pay off your debt first. If you are making monthly payments, great! Save more throughout the year and top off your debt payment at the end of each year to pay it off even faster. Create a Debt-repayment jar in QUBER and make this your top priority. Paying expensive interest on debt just doesn’t make sense and it consumes your money. Yes, you will have to make sacrifices. But it’ll be worth it in the end.
Save for an emergency
This one is so important we created a separate blog just on Emergency Savings! Your emergency savings is what is going to save you from using credit to pay for things that happen unexpectedly, and then landing back into the cycle of paying off debt. Build up your emergency fund so when your dryer breaks, you need new tires, your kid signs up for hockey, or you need to travel unexpectedly, the money is there for you.
Create your Rainy Day Savings jar in QUBER today, stick to your new found financial habits, and feel good about saving money and building a security net.
Experience something new
Finally, we do believe the secret to success is through rewards. Whether it’s financial rewards, like Save to Win , Cashback Rewards, or your own personal reward for working hard to make real change. Allow yourself a new experience, if you’re trying to pay off debt - keep it small by going to the spa, or a sports game. Or maybe you’ve beat the debt cycle and are looking for something more exciting, like a trip to Paris. Choose the reward that fits into your savings plan, and then add it as a savings goal in QUBER app!
Together, let’s make 2020 the best year yet!
Your saving habits coupled with automation will drive your success and really change your financial situation before your eyes. Check out more money saving ideas here: Our top 5 saving ideas