The Best Personal Finance Advice, According to You
If you’re trying to make improvements to the way you manage your money, one of the best places to start is to ask the people around you what they’ve found to be successful for themselves. Of course, everyone has different financial priorities, vices, responsibilities and so on, so money management strategies that work for your best friend or a family member aren’t guaranteed to work for you. Personal finance is highly, well, personal, so you’ll need to consider any factors that make your situation different than others. However, at the very least, asking the people in your network what works for them is a great way to see what kind of concrete steps others are taking to ensure their personal finances stay in line. Particularly if you find you’re hearing the same piece of advice offered up by numerous members of your network, you can assume that you’re being pointed in the right direction.
We held a giveaway last week and asked our participants to offer up their best piece of personal finance advice to enter. We were thrilled to read through all the amazing entries we received! As the contest winner was found by selecting one name out of a randomized draw of our entries, we didn’t select one winner above all; we don’t consider any one tip to be better than the rest. As the contest has now wrapped, we wanted to archive our results so that a wider audience of QUBER users and Money Talks readers could easily access these great pieces of advice. As such, enjoy - this is some great personal finance advice, as told by to you!
On resisting impulsive spending:
“Online shopping tip 101: The 24 hour rule. As you shop and drop all those wonderful gifts and necessities into your online Cart.... wait a full 24 hours before you pay. In 24 hours your more rational mind can sift through and delete items that caught your eye but really you should not buy, and therefore help keep closer to your budget. (Just remember don't start shopping again, just pay for the items and leave the site.)” – Sharon V.
“If I can put it on hold at the store for a day, I don't really need it if I don't feel like making the trip to go back and get it” – Sharon B.
“While it is okay sometimes to buy something that you do not need but just would like, avoiding impulse buying is best. Do not buy the item right away. Wait for a while and go back later if it is really something that you want to buy. Wait a week or a day or even just until the end of your trip to the mall. Do not buy the item immediately. Wait and then go back - OR maybe, in the interim, you will think better of the purchase and NOT go back. “ – Marnie S.
“Before doing an impulse buy, ask yourself " Is it a want? Or is it a need?’” - Jolyne D.
“Whenever you buy a new item that may be unnecessary, keep it aside and in its package hidden in your closet for at least a week. If you don’t use it within a week, then return it” – Haniya A.
“Make sure you LOVE it before you buy. In other words, if you only like it, leave it.” – Sarah McGraw
On being mindful of credit card use:
“Before making purchases on a credit card, ask yourself ‘Do I really need it? or Do I just want it? Or Do I have the cash on hand now to pay for it? Every little thing adds up” – Odette T.
“Setting goals; making lists; and only buying the larger purchases with cash; even if it takes time to save for them. Leave the CC at home only for emergencies” – Kim M.
On planning ahead:
“Budgeting for occasions like Christmas Birthdays and Vacations. Putting aside at least 20 dollar in a seperate account each week or month ads up and enables you to enjoy those occasions more because you dont have to worry about paying for it all at once.” – Kari P.
“After many years of careful attention...I've realized that Christmas happens the same time every year.... I mean, EVERY YEAR! So now, I use the Quber challenge to accumulate our Christmas budget throughout the year vs figuring out how to pay for it all in January! Also started using the Jars to save for other things that...you guessed it...happen the same time each year like birthdays, annual bills, etc.” – Neil R.
“At the beginning of each year, I plan out all the big items I'll need money for throughout the year (and even next couple of years). For me, it's always Christmas, RESP, kids sports, and vacations - and making sure my emergency fund stays at a certain amount. I know my daughter needs braces next year so I also have a jar for that. As soon as I get paid, money moves into these jars. I add extra money throughout the year by spending less. For the past 3 years, I have managed to stay out of debt by planning ahead. These are all things I would have used my credit card for in the past!” - Jen L.
“I only leave the amount of money I can spend that week in my chequing account. All savings, debts and monthly expenses, i move into a back up account or savings accounts with specific names and move them when that time in the month requires it. One of those accounts is also a ‘bank the rest’ account, so round up from my chequing spendings to the next dollar and saves it.” – Charlotte H.
“Plan meals, this will greatly reduce or eliminate the need to eat out... I'm still working on this one, I suck at meal planning.“ – Daryl L.
On reducing expenses:
“At the beginning of each month, I put aside time to comb through all my finances and I always come up with a phone call that I can make to reduce the cost of a service/or discover a "Benefit" that I didn't know applied to me by taking a FEPS workshop/and I always find an amazing Quber opportunity that I can explore!” – Christina W.
“My best friend and i shop for fruits and vegetables and split the cost. We save and eat healthy” – Angela K.
“We look for gifts in used items sites, then when toys are outgrown we post them to sell to someone else. Bonus is keeping items out of the landfill.” – Kimberley M.
On saving:
“Putting money away in a separate chequing and savings account I can not remove unless I go to the teller makes saving soo much easier and when I want to pay something I have a lump sum I can take out “ – Jessica L.
“The best tip I ever received that has helped me a lot to save is the automatic transfer of money by my bank every month. Every month a set amount of money will be taken from my chequing to saving account. It is so convenient.” - Alicia M.
“Something i do to save is when i get each paycheque from work is to send a certain amount to my savings. My amount is 200. So every two weeks i send 200 to my savings account to not touch unless of emergencies. Putting it in my savings makes me not realize how much money i actually have so that i cannot spend it foolishly.” – Tameran D.
“Always take out your savings first before paying anything from your income. Pay yourself first.” – Kevin M.
On budgeting:
“Prepare a budget every year and track your monthly spending to compare to the budget. Don't forget to include categories that typically are spent in bulk or randomly through the year. Ex:Christmas, sport registrations, winter tires, vacation, property taxes, clothes, etc. Make a plan to withdraw a set amount from your chequing to either Quber or savings and any extra amount during the year. The money will be saved in a seperate account for these big purchases!” - Francine P.
On staying accountable:
”One way to improve your own financial literacy is to commit to teaching your kids! When you talk about things out loud including the rationale, it sticks with you! Plus kids always ask great questions that force you to dive further into learning more!” – Heidi M.
“I have recently created a vision board with goals on it that require a financial budget so when I need the motivation to keep up with my good-spending habits, this really helps me to stay on track with my financial goals.” – Megan M.
“Having an accountability buddy, sometimes it’s easier to give control or accountability to someone else first. It’s a lot easier to convince yourself into compulsive spending than it is to convince others!” – Haniya A.
Check back to Money Talks every Monday for a new post featuring more tips and tricks on how to reach your saving goals, and subscribe to our mailing list for blog updates!
Have a suggestion for something you’d like us to write about? Shoot us a message at contactus@quber.ca and we’ll get to work.