Challenge yourself to save with Metro's Small Changes, Big Win series
Our goal with this series is very simple: to help you save at least $10 per week for four months without forfeiting your social status or fun.
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A harmless daily coffee purchase will add up to over $100,000 throughout your life. Layer that with a lifetime of lunches out and drinks with friends each week, and you’ll literally ingest the equivalent of a 650 square foot condominium in an expensive housing market like Toronto or Vancouver.
Miniature purchases are often overlooked because we tap and forget: $3 here, $8 there. But if we channelled those small purchases into a savings account, we’d quickly build hundreds of dollars; then thousands.
Over the next four months, our team will be sharing a dozen ways that you can easily add $10 per week into your savings account, without forfeiting your social status or fun. Here’s what you’ll need to get started:
• A savings account that pays interest.
• Access to online banking through a mobile app or website.
• Two minutes on the day you create the savings. You’ll be making a deposit directly into your savings with the exact amount that you save each day that you create the savings. This e-transfer should take less than two minutes.
If today you decide to downsize your $4 grande latte from Starbucks to a small regular Tim Hortons coffee for $1.75, you’ll e-transfer the difference of $2.25 into your savings account today.
There are three things you need to watch out for when starting a savings program. First, is that some financial institutions charge fees to make a withdrawal from savings. Use this as an incentive to grow your money versus clear out your savings. Second, some people work totally in cash. If this is you, no problem. You can simply deposit your savings weekly through a teller at your banking branch or the ATM machine. Third, negative self-talk about how you can’t afford to save. In my experience, everyone can afford to save something, even if it’s small. We promise to show you areas of your spending that can be improved.
Our goal with this series is very simple: to help you save at least $10 per week for four months. And we want to hear about your progress @MetroNewsCanada.
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If you want to be able to cope with life’s little surprises you have to first know exactly where your money is going.
Take stock of your debts and devise a plan to pay them off while saving as much on interest as you can.