Discover inspiring stories to save, improve your relationship with money and plan your projects.
Mcontrolling your finances and having a good relationship with money is not always easy. One thing is certain, with the real salary we finally get, the budget to manage and major projects to achieve, such as buying a first home, there are several elements to consider in the equation. If you are concerned about your finances, here are some testimonials to inspire and reassure you.
Save your money
Before embarking on big projects, it is better to build up a safety cushion. You can draw on it if something goes wrong, if your car gives you a hard time or if you lose your job. It is often recommended that you accumulate an amount that will allow you to meet your financial obligations for at least three months. This will help you stay clear of debt and leave your RRSPs alone even when times are tough. But how do you get there?
Keeping your student lifestyle
When she got a job in her field, Mireille kept for a few years a lifestyle similar to the one she had when she was a student. “I put a lot of money aside pretty quickly,” she says. Mireille also advises to put aside salary increases, annual bonuses and tax refunds. “If you lived well without this money before, you probably don’t need to spend it now.” You deserve it, but you probably deserve even more to grow it into a trip, a car, a house, a Florida retirement, or something truly sustainable. “
Save without realizing it
By saving through automatic amounts taken from your payroll, you raise funds without realizing it. This is the strategy adopted by David since he understood that it is what would allow him to carry out projects.
Better live your relationship to money
Question of personality or education, we are not all equal when it comes to managing our money. The fable of the grasshopper and the ant has some truth to it, but there is always room for improvement.
Stop living beyond your means
Sophie has always been the cicada type. After graduation, when she finally entered the workforce with a good salary, she had no control over her spending. She always got a little more into debt. She repeatedly tried to pay off her debt. “But, I didn’t have a good savings strategy or a good relationship to money: I still had to spend,” she explains. And that led to two debt consolidations in three years. However, the arrival of love has changed many things. “When it got serious with my boyfriend, I had to talk to him about my financial issues and, although it was very embarrassing, I found the best person to help me,” she says. He supported her in her transition to a better relationship with money, helping her in particular to respect her budget. She is now paying off her debt faster.
Manage your financial stress
Managing your personal finances isn’t always easy, even when you’re the ant type. Mireille had her parents explain what an RRSP is before she landed her first job. Since she has lived in an apartment since she was 17, she is used to following a budget. Still, when she bought a condo in Montreal, all alone, at 30, she had some fears. Even though the HBP and her TFSA allowed her to make a down payment of 20% and that she had savings to pay the notary, the welcome tax, and other expenses related to her move, she will be financially tighter these. coming years.
Dare to talk about money as a couple
When a couple begins to live together, they gain everything from having a frank discussion about money. That’s what Karine did with her cicada-type friend. “We really had no choice if we wanted to come up with common projects, whether it be going on a trip or buying a house one day! “On the job market for a few years, Karine was putting money aside, but her boyfriend was living his life to the fullest as a new professional. She quickly found that saving is not that easy for everyone. The couple made a budget and each set an amount to automatically save each month. “My boyfriend paid off the entire balance he accumulated on his credit card, which had not happened to him for a few years. And, this does just because we’re a couple doesn’t mean we have to do everything together. He can’t afford to travel twice a year, but I can do it with my savings, so I don’t deprive myself. “
Planning a project
The great thing about managing your money well is that you can carry out projects, such as going back to school to change careers or going on a (long!) Trip. All without jeopardizing its financial health.
Create a winning plan
To spend five months on the other side of the world without going into debt, you have to have a great plan. That’s what Yasmina did. First, she chose a destination where the cost of living is low, Southeast Asia. She also sublet her apartment at a price high enough to cover all expenses related to her rent. “I even took the opportunity to clean my apartment and sell goods that I accumulated without using them, which gave me a little more money for my trip,” she says.
Adapt your life to achieve your project
Putting his professional life on hiatus to go on a bike trip for six months to the other side of the globe is David’s plan. He wisely prepares his shot. Almost all of her lifestyle choices are made based on her trip. He lives in a shared apartment, keeps his old car, and has not succumbed to the urge to buy a motorbike. It is therefore very far from debts. He even limits his outings to restaurants and does economical groceries
The beauty of these savings? “The money I accumulate can be used for any project if my priorities change,” he says. In any case, it is not lost. “
Managing your money is a challenge, but there is always a way to put effective strategies in place to make it happen. Do not hesitate to ask for the help of a financial advisor who can give you tips on how to better manage your expenses and grow your savings.