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How to be Better with Saving Money in London, Ontario

How to be Better with Saving Money in London, Ontario

Posted by on Aug 16, 2021 - Archived under Uncategorized

If you’re trying to save up for a down payment on a car loan or having to cut back to pay off debt, how can you change your mindset and become better with saving money? How can you change your spending habits to help you make savings?

 

We asked our London auto loans team to come up with some tricks to help you live while making savings and change those spending habits for good.

 

How to Become Better with Saving Money

 

First off, let’s just say up front that we know from our own experiences that living on a minimal budget or having to seriously cut back isn’t easy. But it is possible, we are all testament to that.

 

Here are a few tips we used to become better with saving money.

 

Do I really need that?

 

The world is built around trying to separate people from their money. Advertising, TV, magazines, newspapers and the entire internet is designed around parting us from our cash.

 

Your main defence, aside from avoiding media altogether is to ask yourself a simple question whenever you’re tempted to spend.

 

‘Do I really need that?’

 

As long as you can answer yourself honestly, this should reduce the number of impulse buys you make.

 

Unsubscribe from newsletters

 

Newsletters are marketing tools for increasing engagement and to convert you into a paying customer of some kind. Some newsletters are genuinely useful and dress up that conversion with some news, tips or fresh ideas. Many are not so subtle.

 

Unsubscribe from any newsletter or promotional mails that don’t offer value. Times is as short as money so don’t waste either when you don’t have to.

 

Listen to podcasts or read instead of surfing the internet

 

We spend a lot of time on our phones and a lot of that is spent shopping and surfing. If you have time to kill on the bus or train, or while waiting for something, why not plug into a podcast, listen to an audiobook or read a book on your phone instead?

 

You’re still being entertained but hopefully by something with a little substance rather than something you’ll forget in 10 seconds. Plus, you won’t be bombarded with temptation while you’re doing it!

 

Leave your cards at home

 

Having card free days can be liberating. Leave your credit cards at home in the safe and just have a debit card with you for emergencies. Keep the balance purposely low, enough for a coffee or a train ticket and nothing else.

 

Making it harder to spend means you’re less likely to spend. Over time, you’ll find it becomes easier to look at something and not want to buy it, which means you’re on the right track!

 

Track your spending

 

Every time you buy something, track it so you can see the pattern. It should also highlight how easy you’re finding it to spend and how easy it is to forget how much you’re spending.

 

It’s not a guilt thing, more a conscious thing. The more conscious you are of your spending, the more you’ll realize you’re spending more than you think. Which will help change behaviour.

 

For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!

 

For any questions or concerns, please don’t hesitate to contact us here!

 

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