The holidays are over. Or in other words, it’s the time where we all face the crushing reality of our baron bank accounts and crippling credit card bills.
It’s the same song and dance you go through every January. And if you were just a little better with your money throughout the year, over-abundant holiday spending wouldn’t be as detrimental.
Magical Credit is here to offer a few simple saving and spending tips, so you aren’t sweating over your fiscal situation every single January.
You’re late on rent. Your car engine’s busted. And you can barely afford toothpaste, never mind a week’s worth of groceries. Consequently, your fridge is as hollow as a Michael Bay film.
No problem, you said, since you can just skip lunch as a cost-cutting measure. But 1 o’clock rolled around and Tim Hortons is right across the street from the office.
“I’ll skip lunch tomorrow,” you blatantly lie to/tell yourself. In fairness, you shouldn’t miss meals.
Canadians spend close to $10 on average when buying their lunch from restaurants.
But you don’t need to skip lunch to offset these costs. Nor do you need to spend a fortune on groceries.
As of November 2017, the average price of a loaf of bread was $2.77 and a jar of peanut butter was $3.17, making for a grand total of $5.94. You’ll conceivably have at least one week’s worth of peanut butter sandwiches—for less than the cost of one restaurant meal.
Plus, who doesn’t like peanut butter sandwiches?
Say Hello to Your New Bus Pass!
Using public transportation is tricky. Limited service and inconvenient travel times make most people scoff at the very idea. However, if you take time to research, you’ll narrow down a route that works for you and saves you big bucks.
Sky high gas prices, unavoidable maintenance, and insurance costs are all pitfalls of owning and relying on an automobile. A 2017 study reports that it costs Canadians on average approximately $12,000 a year to own a car. A monthly bus pass costs around $150, which is only $1800 annually, or savings totaling just over $10,000 a year.
And as an added incentive, regular users of public transit are eligible for tax refunds. For instance, if you spend $1200 yearly, you’ll be refunded $180 during tax season.
Don’t Succumb to Paycheque Gluttony
There’s nothing worse than when you’re trying to change your diet, and your friend turns up with a bag of potato chips. Soon, you’ll shamefully devour a family-sized bag to yourself.
Your paycheque is similar to delicious (re: unhealthy) food. When left in front of you, you’ll tear right through the both of them. Much like purging your kitchen of chocolate and bacon, there are plenty of banking options that automatically safeguards a portion of your paycheque, placing it in a savings scenario of your choosing.
It doesn’t need to be a large amount either; $20-$50 from you bi-weekly pay can make all the difference! You can put it in a standard savings account or invest in RRSPs. The world is truly your oyster.
But when you barely have a penny you can pinch, all the savings tips in the world won’t improve your situation.
Magical Credit specializes in high risk loans for bad credit applicants. If you’re low on cash and have nowhere else to turn, apply today in 5 minutes or less!