Top 10 Personalfinance tips

Rent out your car when not in use

You might have heard of the app, Turo. If you haven’t, it’s ok. Using the Turn app, you can rent out your car, when you wish to and for a couple of days every month. It depends on you as to how many days you want to rent your car out, for whom and at what price. Creating your profile is very easy, it hardly takes a few minutes to rent out your car. You can choose the date, time, meet the person you will be renting it out to and also have special instruction if any. Turn is great, I’ve tried it and it works seamlessly. You can look out for these options, which will help you in earning more monthly income and at the cost of renting out your car for a few days in a month.

Create a Financial Calendar

If you don’t trust yourself to remember to pay your quarterly taxes or periodically pull a credit report, think about setting appointment reminders for these important money to-dos in the same way that you would an annual doctor’s visit or car tune-up. A good place to start? Our ultimate financial calendar.

Learn How to Savor

Savoring means appreciating what you have now, instead of trying to get happy by acquiring more things.

Shop At Factory Outlets

If you love to shop, or if your girlfriend is too much a shopping addict. There are a few options you can look at. Instead of shopping at the premium malls, why don’t you try going into the factory outlets? There are plenty of factory outlets which offer great outlets and the prices are discounted and quality is premium. In Mississauga, we have the Dixie Outlet mall, almost every branded store is present here, Nike, Adidas, Puma, Levis, etc. Also, the Niagara Outlet Malls, it’s pretty big and has 100’s of stores for your shopping experience. Why don’t you check out these places instead of visiting the Eaton Center or Sheridan? Again, make sure you stick to the shopping bucket in your budget. If you haven’t created a budget yet, please do so. There are numerous software and spreadsheets readily available. Unless you create a budget and have every expense sorted out, you won’t be sure where you are spending money. Google now for budgeting spreadsheet, also there are tons of options on Reddit. Make sure, you give importance to the money you earn, working so hard.

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.

Diversify your income

Diversify your income so you don’t rely on one source entirely. Whether this is through a second job, investing in the stock market, or starting a business, you can find ways to bring in multiple streams of income. The average millionaire has seven streams of income.

Don’t Supplement Your Income with Credit Cards

We all know the feeling of getting our first credit card. It feels like the sky’s the limit, but if you’re supplementing your income by using your credit card, you can quickly get into trouble. With high-interest rates and often too-generous balances, credit cards should be used sparingly and only when you’re confident you can use them correctly. Use your credit card for small, regular purchases, and always pay off your balance at the end of the month. Pro Tip: If you use your credit card make sure you pay off the full balance; otherwise you’ll spend more on interest and have a harder time paying off your credit card.

Get a Money Buddy

According to one study, friends with similar traits can pick up good habits from each other—and it applies to your money too! So try gathering several friends for regular money lunches, like this woman did, paying off $35,000 of debt in the process.

Start A Side Hustle

Unfortunately, most of the time working a regular 9-5 job won’t make you rich enough to live comfortably. Starting your own business or creating your own side hustle is great way to make some extra cash while taking control of your financial future. One of the main benefits of creating a side hustle and working for yourself is that you are your own boss. You get to decide when you take a lunch break, or when you go on holiday, and if you are sick, you don’t need to call your boss and explain why you need the day off. Creating your own side hustle is also potentially very lucrative. You can scale a business, you can’t scale a job. This means that although you can ask your boss for a raise, there is a limit as to how much you can earn in that job. A side gig has endless potential; the sky is the limit when it comes to how much money you can make on your own. If you are stuck for ideas, check out our 100+ side hustle ideas to get your creative juices flowing.

Check Your Interest Rate

Q: Which loan should you pay off first? A: The one with the highest interest rate. Q: Which savings account should you open? A: The one with the best interest rate. Q: Why does credit card debt give us such a headache? A: Blame it on the compound interest rate. Bottom line here: Paying attention to interest rates will help inform which debt or savings commitments you should focus on.