The Star shows that 44% of Canadians are living from paycheck to paycheck. This means that if their pay was ever delayed for some reason, or you lost your job or had to go off on a sudden leave of absence, that they would be financially burdened. This can be a cause for alarm as unemployment rates in certain fields are rising and the cost of living is going up.
If you are one that is living paycheck to paycheck, you may find yourself wanting to stash money away for a rainy day. But, is it possible to make a legitimate savings account when you only have enough money to cover the basics?
Thankfully, you definitely are not alone! It is also absolutely possible to make a savings account when you feel overwhelmed with the financial burden. But HOW can you make a savings account when you are finding it hard to get ahead?
How To Make A Savings Account When You Are Living From Check To Check
Make (and stick to) a realistic budget.
Why do I say realistic? It is so easy to either high-ball or low-ball your budget. But under guessing what you are making and spending, you may be saving less than you could be. However, by cutting yourself short you could set yourself up for a financial setback. This makes it important to figure out what you actually are clearing, what money you NEED, and what things are you buying that you want but don’t need.
Make A Savings Goal
A savings goal could be a goal of money that you want to put away every week, it could be what you want to have saved up in a month, or even a year. It could also be a tangible item that you are saving for. For example, if you want $3000 dollars for a new trip, $12,000 dollars for a new car, or $200 dollars for new tires.
Whatever your goal is, write it down, and put it in front of you. That could be on the fridge or on your phone, but put it where you regularly see it so that you have it as a goal in front of you every day. The more you see it, the more you think about it, remember it, and are more likely to stick to it.
Cut Costs Where You Can
If you find that your money is going every month and you can’t figure out why take the time to sit down and see where your money is going. Then think about where you can cut down. Are you spending money on takeout when you have food at home? Are you spending money on coffee instead of making it before you leave the house? If so, try and eliminate unnecessary spending. This will leave more money in your pocket to put into a savings account. It isn’t always easy, but you will be glad that you did.
Find A Side Hustle For Extra Cash
So many blogs or financial officers tell you to get a higher paying job. However, we all know it isn’t that simple! Instead, is it possible for you to find a side hustle? Can you sell your photography, crafts, or work online doing some odd jobs? Even an extra one or two hundred dollars a month can mean a lot over the course of 12 months.
Check out these 50 Ideas for a Lucrative Side Hustle! Some of these are super easy but can help you stack up some cash.
Switch To Using Cash Instead Of Plastic
In the age of debit and credit cards, it is all too easy just tap your card, and boom, purchase anything in a split second. It also makes it all too easy to accidentally overspend. By switching to using cash when you shop for groceries or other items, you eliminate that risk since you only have a certain amount with you that you can spend. This means that you have to say no to extra items that you really do not need.
These are just five quick hacks that you can implement today if you need help kick-starting your savings. It is always great to have an emergency fund started because you never know what will happen from one day to the next. If a big expense rears its ugly head. you will be prepared to handle it, instead of racking up debt because of it.
What hacks do you use to save money every month? Comment below!