Personalfinance tips

Try a Money Saving Challenge

Sometimes all you need to build the habit of saving money is a challenge to jumpstart your gears. Try these money-saving challenges out:

  • 9 Ways to Do the 52-Week Money Challenge
  • 100 Envelope Challenge

Pay Your Credit Card in Full

Last but not least, this money saving tip is an important one. If you're going to keep using a credit card instead of cash, you need to pay it off in full every month. The way I make sure my credit card is paid off is by paying it off every couple of weeks, that way I never forget. By paying off your credit card balance in full every month, you'll be able to get extra cash back rewards and travel points, and you'll be building your credit. Win-win-win?

Review Your Transactions

Take some time every week or two, and look over your transactions. You'll then know exactly what you're spending and where you're spending it. Also, if there are any mistakes you'll catch them right away.

Stop Gambling

If you're living paycheck to paycheck, don't risk your money by gambling it. Your time spent gambling could be spent doing things that are much more worthwhile, like:

  • Side hustling
  • Hanging out with your friends & family
  • Starting a blog
  • Budgeting

Sign up For Swagbucks

I mentioned Swagbucks in money saving tip #53, but Swagbucks is more than just a survey site, it's a way to make extra money and save more money. When you sign up for Swagbucks, you'll notice they have a discovery section and a shopping section. Those are the sections where they offer deals that could give you colossal cash back returns. It get's better: Download the Swagbutton extension and you'll be automatically alerted whenever a savings opportunity presents itself. It's awesome. Sign up for Swagbucks here and you'll get $5!

Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do. If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself. There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better. Patience is the key of financial success. Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above. So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Start Investing

You're reading money saving tips, and you're successfully saving, but what's next? Investing! A simple way to start investing is to use a robo-advisor, I use Wealthsimple to handle my investments for me, and it's been great so far. It's nice to be able just to set it and forget it.

The Wealthy Gardener

I was fortunate enough to receive a free copy of The Wealthy Gardener from author John Soforic a few months back. I’m always very appreciative of offers like this and naturally I had to read this. While I wasn’t sure what to expect, I found myself eager to read further after each chapter. This book follows the story of the author’s journey of finances, as a business owner, and to eventually reaching financial freedom in his early 50s. The book is dedicated to his college-aged son to help him understand what it means to be successful and prosperous in life. What is cool about this book is it doesn’t follow the traditional style of financial non-fiction. It tells the story of a wealthy garden who shares his wisdom and insights on life. Then that fictional story ties into the less of the real like of the author.

The Simple Path to Wealth

If you have come across and financial blogs or websites, a common personal finance book that is often referenced is The Simple Path to Wealth by JL Collins. According to the author, “This book grew out of a series of letters to my daughter concerning various things—mostly about money and investing—she was not yet quite ready to hear.” Funny how a few books on the list were sparked from real life conversations, but those tend to make the best lessons and reads! But Collins took many complex ideas around investing and finances and broke it down into simpler terms. The Simple Path to Wealth covers a TON! I’m talking about debt, how to think about money, investing advice, how the stock market works, investment strategies, avoiding being scammed, social security, and much more.

Napkin Finance

Another book that I received a copy of from the publisher was Napkin Finance by Tina Hay. I love the idea of this book coming from drawing ideas on napkins, which then became this awesome illustrated book. For many people, sometimes a huge book with just words is not enough for financial concepts to stick. Totally common and you should not feel bad or get frustrated if this is you. Instead, you can turn to the book Napkin Finance! Author Tina Hay built Napkin Finance to be a simple visual learning tool with learning modules to help you grasp every finance topic imaginable. We are talking budgeting, investing, debt, student loans, and other complex areas of finance. She makes it more interesting and engaging, so finances do not have to be boring.