Btchcoin’s Budgeting Survival Guide: Part Two
Welcome back to Part 2 of Budgeting 101! We put a call out to our community to share their tips of budgeting for a millennial / Gen Z lifestyle (we’re not getting involved). From software to book recommendations, we’ve included a variety of resources to help you for each step of your budgeting journey.
Money problems can’t be solved just by having “enough”. To make long-term, meaningful changes, a mindset shift is critical. Implementing small changes will help you reach your goals and give you the confidence to continue. Below are some tips that can set the foundation for good habits long-term.
“Paying annually when possible. Hydro, yoga studios, and even cell phone plans can often be paid yearly and offer a discount for doing so.” – Sabrina, Toronto
Price comparing prices on phone plans, internet plans, car insurance yearly. Lots of companies do exclusive deals for new customers, so don’t be afraid to shop around.
Creating mini challenges, like a month-long shop ban or reducing takeout to once a week, can be effective tools in managing spending by creating a sense of competition with yourself.
“Unsubscribe from promotional emails from stores. It will bring down your impulse purchases a ton.” – Claire, Calgary
Accounts to Follow
While we know social media can breed unhealthy comparisons, reward flexing, and generally not be a Great Place, it can also foster a sense of community that may not be available to you IRL. Check out some of our favourites below:
There’s a lot of choices out there when it comes to budgeting apps and preferences, so read on to find out which one is right for you.
Mint is a free, easy to set up mobile app that connects to your mobile banking and credit card apps and provides an overview of your spending.
“Consider the holy grail of budgeting software, YNAB (You Need a Budget). It tracks everything and is super easy to use” – Natasha, Calgary
“I have spending notifications turned on for my banking app to ensure I am keeping track of spending habits” – Ai-Men, Toronto
Things to Read
Reddit’s Personal Finance Canada thread. We’re not kidding… There are good discussions, helpful resources, and you can see how Canadians across the country are managing their finances.
A new generation of hybrid products are coming into the market that act like a chequing account and provide high interest rates. Neo and Koho are two Canadian companies that offer these services. Keep in mind that there are limitations — for instance KOHO accounts do not accept cheques — so for all you luddites, this probably isn’t the only type of account you’ll need.
Food costs are on the rise across the country, but a gal’s gotta eat! Learning how to maximize your grocery budget will help you get more value for your money.
By proactively planning meals for the week, you can focus on what you need for seven days rather than thinking on the go which can lead to impulse purchases. Depending how structured you want to make your meals you can create a general list of recipes you want to make in a week or break it down into daily meals.
Batch cooking is another way to make the most of your time and $. By setting aside a few hours a week to make a biiiiig batch of something yummy (did someone say chicken enchiladas?) you can just pop it in the oven on a weekday rather than ordering takeout because you’re tired.
“Take advantage of grocery store rewards points and learn how to maximize them — for example, you can get PC points when you buy gas at Esso” – Carly, Calgary.
Learning how to manage your money is one of the best financial decisions you can make! We hope you’ve picked up a few helpful tips and resources throughout this Budgeting 101 series.