How to save more money
Aneesha is The Cascade’s business manager and a fourth-year accounting student at UFV. She’s adept at financial literacy and passionate about helping students achieve their financial goals. If you have any questions or need any advice to do with money management, write to us at business@ufvcascade.ca.
Hi Aneesha,
My New Year’s resolution is to save more money. I have been absolutely terrible at this in the past, as I tend to blow my paycheque on pretty much whatever I feel like without putting much thought into how I could use that money in the future. Luckily, I’m all about that new-year-new-me mentality, and I’m ready to make a change. Please tell me how I can get better at saving my money.
Sincerely,
Total lack of self-control
Hello,
This is a great New Year’s resolution! Finding a way to save money can be a difficult task for people, as there is so much information out there, but if it isn’t broken down into small steps, how can you understand where to start?
To begin, there are things that you need to pay for, such as living expenses, phone bills, and groceries, but there are also things that we want, which can be things like new headphones, Lululemon water bottles, or even a fancy, overpriced journal. Once you have paid for your essential needs, you can allocate 20 to 30 per cent of the rest of the money left over from your paycheque to go straight to savings. After you have saved, you can spend the rest on your wants.
Take Wally, for example. Wally needs new runners for his daily exercise program. Wally wants the brand new Brooks Ghost 13 shoes, but as a student working part-time, this is not a feasible option. So, Wally decides to find a more affordable pair of running shoes for his daily exercise program. Be like Wally and live within your means.
Aneesha
