Money Hacks

Some people like to use tips or money hacks to trick themselves into 'saving' for their Emergency fund, RRSPs, or planned spending accounts.

Here are some various tips or hacks that could help jump start your savings for 2011:

1. Empty all your coins from your wallet or purse at the end of a day into a change jar. At the end of the month, sort and roll coins to deposit to your savings account. Those loonies and twoonies can really add up.
2. When shopping, identify a purchase as a need or want. If you decide to purchase a want item, transfer an identical amount of money into your savings account on the same day. Online and telephone banking make this very easy to do.
3. If you do not already have an automatic transfer monthly from your chequing to savings account, start one. Even if it only amounts to $1 per day, those savings will really add up.
4. If your bank has a 'Super Saver' program, like TD Canada Trust, take advantage of it. With this program, every time you use your debit card, the bank will automatically transfer $0.50 - $5.00  to your savings account. You decide when you sign up for the program how much to transfer with each debit.
5. When you save money on a purchase, actually put that money in savings. Bought a regular $20.00 priced item for $15.00? Transfer the $5.00 savings into your savings account.
6. On a budget/spending plan, and have some money left over in your jar or envelope for the week? Put it into your savings account.
7. Sell some stuff on Kijijii or Ebay. Put the proceeds into savings.
8. Cut back on ONE item in your Spending plan for the month. Challenge yourself to reduce your grocery bill or dining out category by half. Put half the value into your savings BEFORE you start your monthly spending, reducing your risk to go over your allotted amount.
9. Collect your $5 bills. Keep them somewhere safely in your home. When you have a certain amount, say $100, take them to deposit into the bank.

This is not an exhaustive list, but just some ideas on ways to actually save your money, as opposed to spending less.