Hey Prepsters,
I am super excited because I have partnered with EQ Bank to share my personal tips for saving money for things I love, where I splurge, and where I cut back!
Being a student and a blogger, I have had to find many ways to work with a tight budget and stretch it as far as possible! Especially when it comes to buying clothing items, shoes and accessories. Here are a few awesome tips that I learned over the past couple of years that I would highly recommend for you as well!
Tip 1. Create a budget for everything!
Budgeting is a super important tool to that is often over looked. I personally create a budget for everything, such as my daily coffee trips, to how much I can spend on clothing items, to how much I need to set aside for tuition, vacations and savings.
I prioritize on things that matter the most to me. Personally, I set aside 20% of all of my income towards my savings account, which I do not touch whatsoever!
I then delegate the rest of the budget to ensure I have enough money set aside towards whatever I like. The easiest way to do so is to have a set percentage of your budget go to all your purchase categories. This way, you know exactly how much to put towards each categories budget. It may sound tedious, but it’s quiet simple and in the long run, you will definitely be thanking me!
There’s no hard and fast rule to budgeting – do what works for you. Since I bank online, I use EQ Bank’s saving goals feature, to easily set goals for each of my savings areas, add automatic transfers based on what I want to save and watch my money grow.
Tip 2. Save on Trends, Splurge on Classics
If there’s one thing I know best, it’s how to pinch a penny towards my clothing costs! Being a style blogger, I have to keep my closet fresh, but I also have created ground rules to how I spend money on these finds! For trendy pieces, I love fast fashion retailers, where I can find items that cool for now, but I most likely won’t be wearing for years to come. However, for pieces such as formalwear, outerwear, bags and footwear, I like to splurge. A great tip I learned is to budget aside money for each splurge worthy items, so that when you finally find something you absolutely love, you have money set aside to purchase it.
Tip 3. Join the right bank
It’s really important to join a bank that works for you. For me, EQ Bank is an amazing option because I can stay on top of my finances on the go!
With the EQ Bank Savings Plus Account, everyone can save faster because their interest rate is 2.3% – their everyday rate for everyone!
For me, it’s also about the extras. EQ Bank doesn’t have fees or minimums, and no complicated terms or unreasonable conditions. It offers things like 5 free Interac e-Transfers® every month (awesome for splitting the brunch bill with friends!) and free EQ to EQ account transfers. On top of that, it’s safe – I can securely pay bills and all of my money (up to $100,000) is covered by the Canada Deposit Insurance Corporation.
Tip 4. Check your account frequently!
Make it a routine to check your bank account every other day that way you can stay on top of your spending and know how much is in your account. EQ Bank is amazing because it is completely digital, and offers a seamless banking experience, no matter where you are!
Thanks for reading! Be sure to visit EQ Bank’s website to sign up so that you can save more, faster!
As a special treat for my readers to get your summer savings started, new accounts opened have the chance to win one of 10 $150 deposits into your new savings account! That’s $150 that I would use towards my travel budget, or even a really nice way to treat myself!
