NOV 16, 2022
Living within our paychecks isn’t an easy challenge.
Spending less money than you earn requires a thoughtful review of your finances and self-discipline. According to the Financial Consumer Agency, providing financial literacy to Canadians, minor changes in your spending habits can result in considerable savings in the long term.
The key is to find places where you spend unnecessary money and dollars that don’t add value to your life. Then, remove money waisters or replace these expenditures with activities and purchases that add value. The overall result can increase your chances of achieving long-term goals and improve your happiness.
Track your Expenditures Every day for a Month
You probably spend money in places where you don’t notice the accumulation. To trim your costs, try tracking how much money you spend daily for a month. For example, take note every time you open your wallet during the Month of November. You may have a banking app that does this for you, or you may like to use a spending journal. Special attention is often needed on daily expenditures like coffee, eating your meals out, and impulsive purchases.
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