Small But Meaningful Ways To Save

10/23/2017 08:45 EDT | Updated 10/23/2017 10:54 EDT

The cost of living is increasing and frankly things are more expensive than they've ever been.​ ​Learning​ ​how​ ​to​ ​save​ ​money​ ​is​ ​a​ ​vital​ ​life​ ​skill,​ ​and​ ​so​ ​we've​ ​got​ ​you covered​ ​with​ ​some​ ​easy-to-implement,​ ​practical​ ​tips.​ ​Between​ ​easy​ ​life​ ​hacks​ ​and​ ​​forward-thinking​ ​financial​ ​solutions​ ​like​ ​Scotiabank's​ ​new​ Momentum​​PLUS​ ​Savings​ ​Account,​ ​that​ ​can help set you on the right financial path.

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Track Your Spending

Tracking​ ​your​ ​spending​ ​seems​ ​like​ ​a​ ​tedious​ ​thing​ ​to​ ​do,​ ​but​ ​figuring​ ​out​ ​where​ ​you're spending​ your​ ​money​ ​is​ ​the​ ​first​ ​step​ ​towards​ ​knowing​ ​where​ ​you​ ​can​ ​save​ ​and​ ​where​ ​you can't.​ ​There​ are​ ​numerous​ ​personal​ ​finance​ ​apps​ ​out there that can make tracking costs easily. ​Mint, Freshbooks and YNAB (You Need a Budget) are good options. ​Fixed​ costs​ ​like​ ​your​ ​rent​ ​or​ ​mortgage​ ​likely​ ​won't​ ​fluctuate,​ ​but​ ​keeping track of your expenses ​for​ ​a​ ​month​ ​may​ help​ ​you​ ​realize​ ​that​ ​you're​ ​spending​ ​more​ ​than​ ​you​ ​ought​ ​to​ ​on take-out​ ​coffee​ ​or​ ​happy​-hour​ ​pints.

Piggy Bank

This​ ​sounds​ ​like​ ​a​ ​joke,​ ​but​ ​piggy​ ​banks​ ​work because​ ​they​ ​get​ ​your​ ​loose​ ​change​ ​out​ ​of​ ​​sight.​ ​"Out​ ​of​ ​sight,​ ​out​ ​of​ ​mind"​ ​is​ ​a​ ​saying for​ ​a​ ​reason;​ ​if​ ​you​ ​can't​ ​see​ ​the​ ​stack ​of​ ​coins​ ​that​ would have inevitably ​ended​ ​up​ ​on​ ​your​ ​dresser, ​​you​ ​won't​ ​have the opportunity to spend it.​ ​Try​ ​out​ ​this old-school​ ​trick​ ​and​ ​make​ ​a​ ​point​ ​of​ ​emptying​ ​it​ ​once​ ​a​ ​month​ ​and​ ​taking​ ​the​ ​contents​ ​to your​ ​bank.

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Cut Your Cable

Cable-cutting​ ​is​ ​all​ ​the​ ​rage​ ​these​ ​days,​ ​and​ ​for​ ​good​ ​reason.​ ​Traditional​ ​cable​ ​packages​ ​are oftentimes​ ​costly​ ​and​ ​usually​ ​don't​ ​have​ ​the content that matches your interests.​ ​Combining​ ​a​ ​few​ ​streaming​ ​services​ ​is​ ​a​ ​good​ ​way​ ​to​ ​get​ ​what​ ​you​ ​want​ ​without paying​ ​for​ ​things​ ​you​ ​don't.​ ​Bonus:​ ​​you​ ​can​ ​stream​ ​shows when​ ​it​ ​is​ ​convenient​ ​for​ ​you​.

Think Outside The Box

Programs​ ​like​ ​Scotiabank's​ ​"Bank​ ​The​ ​Rest"​ ​are​ ​a​ ​neat​ ​way​ ​to​ ​put​ ​away​ ​some​ ​cash.​ ​If​ ​you enroll​ ​in​ ​this​ ​savings​ ​program,​ ​purchases​ ​you​ ​make​ ​with​ ​your​ ​debit​ ​card​ ​get​ ​rounded​ ​up​ ​to the​ ​next​ ​$1​ ​or​ ​$5​ ​(you​ ​choose).​ ​The​ ​difference​ ​between​ ​your​ ​purchase​ ​and​ ​the​ ​amount​ ​it gets​ ​rounded​ ​up​ ​to​ ​gets​ ​deposited​ ​in​ ​your​ ​savings​ ​account.​ ​For​ ​example,​ ​your​ ​purchase​ ​of $4.23​ ​will​ ​get​ ​rounded​ ​up​ ​to​ ​$5.​ ​The​ ​$.077​ ​of​ ​your​ ​own​ ​money​ ​will​ ​be​ ​moved​ ​to​ ​a​ ​savings account​ ​of​ ​your​ ​choosing.

Automate Your Savings

We​ ​live​ ​in​ ​a​ ​digital​ ​age,​ ​and​ ​doing​ ​your​ ​banking​ ​from​ ​your​ ​phone​ ​or​ ​laptop​ ​is​ ​just​ ​the​ ​way things​ ​are,​ ​now.​ ​Automating the transfer of $200 into ​your​ ​savings​ ​account​ ​every month, for example,​ ​is​ ​the​ ​higher-concept​ ​iteration​ ​of​ ​the​ ​piggy​ ​bank's​ ​"out​ ​of​ ​sight,​ ​out​ ​of​ ​mind"​ ​idea. You​ ​should​ ​give​ ​it​ ​a​ ​go,​ ​because​ ​it's​ ​easier​ ​to​ ​save​ ​towards​ ​a​ ​goal​ ​like​ ​a​ ​home​ ​or​ ​a​ ​vacation if​ ​you​ ​combine​ ​active​ ​strategies​ ​(making​ ​choices​ ​like​ ​having​ ​one​ ​fewer​ ​latté)​ ​with​ ​passive ones​ ​like​ ​pre-authorized contributions.

Scotiabank's​ ​new​ ​digital​ ​Momentum​PLUS​ ​Savings​ ​Account​ ​is​ ​a​n innovative ​solution ​for​ ​customers interested​ ​in​ ​high-interest​ ​savings.​ ​​ Fully​ ​customizable,​ ​Momentum​PLUS​ ​offers​ ​customers the choice of up to five different​ ​savings periods – 90, 180, 270 or 360-day periods, to save for different things, all within the convenience and simplicity of that one account. A longer savings period earns a higher interest rate provided no withdrawals are made. The longer you save, the more interest you earn helping you reach your savings goals faster. Open an account online or learn more here.