10 Small Ways to Change Your Spending Habits

Saving up is hard to do, but we have a secret: It’s really not. Small change can add up to one big difference in your pocketbook – and it all starts with a few small changes in your day-to-day living. It’s ten small steps for you – and one giant leap for your wallet.

Let’s take a look…

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1. Save the extra change from everything

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1. Save the extra change from everything

Your bank may even have an option for your debit card that allows you to automatically round up your purchases to the nearest dollar and stash away the extra coin.

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2. Shop alone

In a recent survey by YouNeedABudget.com, an overwhelming 64 per cent of respondents said they tended to spend more when they shopped with a friend than when they shopped solo. If you must tag along with the shopping squad, leave your wallet at home.

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3. Never pay full price again

Chances are you can wait until that item goes on sale, or find a similar item that already is on sale.

4. Save room in your budget for, you know, saving

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4. Save room in your budget for, you know, saving

Allocate a percentage of every paycheque to this goal – and make sure it’s one you can manage. For example, start with funnelling one per cent of every paycheque into your nest egg. Stay consistent with that proportion even as your income fluctuates along the way. Find a way to make this work for the rest of your living expenses.

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5. Make sure you pay yourself first

Experts have found Canadians are more concerned about paying down their debts than they are saving for retirement. While perhaps a noble strategy, it’s also been proven to cost more out-of-pocket in the long run.

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6. Head to the dollar store

Everything from pregnancy tests to gym socks to cutting boards can be found at the dollar store for a fraction of the cost of what you’d get them for elsewhere. And yes, many of these are just as good (if not the exact same thing) as what you’d find at bigger department stores.

7. Swap out brands to cut back without noticing

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7. Swap out brands to cut back without noticing

Don’t worry, you can still stick with your $20 tube of shampoo. But you likely won’t notice the difference between that name brand label of paper towels and its generic counterpart.

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8. Carry your cash in large bills

Research shows we’re less likely to spend money when we carry large bills rather than small bills. Our brains don’t like to break up Benjamins, apparently (or Bordens, if you’re Canadian).

9. Invest in quality and value over quantity and price

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9. Invest in quality and value over quantity and price

It’s not rocket science. The faster we consume, the more frequently we have to go out in search of more. And the more frequently we go out, the more likely we are to spend more than we anticipated more often. Invest in higher quality goods when it comes to clothes and long-term purchases.

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10. Invest in a good financial planner

You’ll reach your goals faster and more effectively with an expert on your side. They’ll keep you accountable, honest with yourself, and on the right track. It never hurts to have help in your corner.