Many people nowadays struggle to save money. Saving money is very important, particularly if you’ve taken out unsecured loans. Unsecured loans for people with bad credit in Canada are also easily available. If you’ve taken out any sort of loan, especially unsecured loans Canada, unsecured debt consolidations loans Canada and unsecured personal loans Canada, savings are even more important for you. If you don’t have savings, you can end up compounding your loans, especially in case of emergency. Unforeseen circumstances can often make money demands on you, and you should therefore always have a fund set aside for rainy days. Here are some saving techniques you can apply for 2018 to make the job of saving money easier.
First, pay yourself
A relatively new strategy to save money is to first pay yourself, meaning that you assign a specified portion of your paycheck to yourself, whether it be in the form of a money amount, such as $30 or $50, or whether it be in a percentage amount, such as 5% or 10%. The amount you pay yourself is at your discretion. What is important it that you pay yourself before you make other payments, such as settling bills. Often people make their payments first and then save whatever is left over. This doesn’t work, because usually, people spend everything they have, leaving nothing over to save.
Paying yourself first works because it makes saving your number one priority.
What is effective about this method of saving is that, in case you have a tight budget, you are forced to adjust it elsewhere, ensuring that your savings continue growing.
It also makes sense to pay yourself first; after all, that’s why you go to work day in and day out anyway; you don’t go to work to make money for anyone other than yourself and your family. When you yourself are your number one priority, it makes sense to look after yourself first as well. Other people won’t look after you; they’ll assume you’re looking after yourself.