Five simple habits can help you save money

Date Posted: December 1, 2015

Pungent peppermint informs your nose of your mouth’s first sip. Smooth mocha decorates your throat with a fresh coat of cream and cocoa. Whipped cream blankets your upper lip in white. $5.95 leaves your wallet.

Aristotle said that success is a habit, not an action. The small choices we make every day — not the ribbon-cutting ceremonies — determine who we are. We all know that every great pianist practiced their 10,000 hours; that every great athlete shot their 10,000 shots.

But what about that $5.95? What if it takes $10,000 to become a money pro?

Here are 5 habits that save money.

Imagine a scenario with me…

Walks past window.

Sees Star Wars t-shirt. Star Wars t-shirt is answer to romantic problems. T-shirt is $28.

Romance is priceless. Buys Star Wars t-shirt. 

You buy the t-shirt ‘cause “why not”. You buy the coffee ‘cause “why not”. Too many “why not” purchases cause a lot of stress and wound your wallet.

Five habit that save you money

1. Start a budget!
When you budget, you are rationally deciding beforehand that it is okay to spend x on that sweater or that coffee. There’s peace of mind to that.

Download an app from the app store (I recommend “Budget Book Pro”) and keep track of your purchases and incomes. After a month of budgeting, you’ll know how much money you’ve spent on what and where you can cut back.

2. Invest.
If you like to spend, then you will love investing. While investing feels like spending, it is actually smart saving. Great investments include GICs or mutual funds (or if you have some financial experience, stocks).
Simply phone your bank and let them know your financial situation and goals. They’re extremely helpful.

3. Get the right credit card for you.
Do you love to travel? Sign up for a credit card that gives you travel points. Do you love free groceries? Get a card that gives you food points.
Remember to always pay your credit bill on time and to never spend on credit what you don’t have in your account RIGHT NOW. You never know if the next paycheque is coming or not.

4. Study hard.
The Students’ Association, RDC and the community contribute generously to scholarships for students. By volunteering, demonstrating leadership, and maintaining a high GPA, you could earn enough scholarships to pay for an entire year of college and residence fees!
Say goodbye to buzzfeed and hello to textbook.

5. Wait 30 days before making a big purchase.
The camera, scuba gear, sunglasses, and Star Wars t-shirt often seem much less necessary after sleeping on it for 30 days. You’ll save a lot of money by practicing patience.

Article Author: Luke Neilson, Vice President Operations

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