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Saving and budgeting is hard! If you wanted to save $12,000 this year by manually putting $1000 every month into your savings account … good luck! If you are like most people, then the $1000 would already be spent on food, clothing, and other random stuff before the end of the month. Trying to save money manually does not work, but what if you were to save money without even thinking?
In this article, I will share 4 ways to save money automatically so that you don’t have to even think about it.
1. Dollar Cost Averaging:
I do this using Wealthsimple Invest. Use this link to get $10,000 managed for free!
2. Invest your spare change:
In today’s digital age, the piggy bank equivalent is an app called Mylo. Mylo is a Canadian company that invests your spare change. Each time you make a purchase with your credit/debit card, you can automatically transfer the spare change to your Mylo account. Then Mylo automatically invests your money for you!
It’s like a piggy bank that knows how to invest!
3. Credit Card Rewards:
I use credit cards to rack up points that I can convert to automatically invest in my TFSA/RRSP account. I also have cash back credit cards that I can use to get $$ back that I can then invest!
Make sure to look at the best credit cards for you based on your spending habits.
4. High-interest Savings Account
If you don’t want your money to lose value, use a High-Interest Savings Account! The best one that I use is EQ bank because it has one of the highest returns of 2%.
CONCLUSION
These are the 4 ways that I use to save money automatically, so I don’t have to even think about it.
By automatically investing money each month/week/day, investing your spare change using Mylo, choosing the best cash back credit card for you, and by using a high-interest savings account you will be a wealthier individual.
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