I’ve been thinking a lot about money lately, especially since I officially started my own freelance social media marketing business in March. This decision came after carefully assessing my income and Mike’s, determining how much money I’d need to bring in each month to maintain where we were at with my full-time job, or costs we’d be comfortable cutting out of our lives knowing (at least for the first little while of the business) that I’d be making less than I did before. We also took our current savings into account, and comfort/risk levels with using that (if required).
The timing of these decisions was pretty great because it coincided with my partnership with ATB Wealth. I’ve been learning all about money, saving and investing for these ATB-focused blog posts the last few months, but I’ve actually been applying what I’ve learned to my own finances!
Now I’ve got a few more money saving tips to share—tips that are helping me stress less and tips that will help you stress less too!
You know what else is pretty stress-relieving?
Winning free money!
Last month I ran a giveaway for $500 towards an ATB Prosper account (congratulations to the previous winner Lisa LaRocque!!!) and I’m happy to announce that I’m giving away ANOTHER $500 to help you stress less and get closer to your dreams!
Check out my money saving & investment tips below and enter for a chance to win $500 towards an ATB Prosper digital investment account.
(This is a sponsored post with ATB Wealth)
5 Ways to Stress Less With Your Money
1. Try a “Cash Diet”
If you find you’re a bit trigger happy with that credit card of yours, you should try going on a ‘Cash Diet.’ The gist is: take out cash from your bank account and allocate it into envelopes labeled with different spending categories like groceries, eating out, gas, expenses like that. Try to only use the cash in the envelopes that month and then see what money you’ve got left over or where / when (and why!!!) you ran out (if you ran out). Taking this Cash Diet Challenge according to ATB “will give you a strong sense of the value of money” and hopefully help you spend smarter (and save more) in the following months! (Admittedly, the idea of a Cash Diet sounds more stressful than less stressful, but I think once you’ve done it and apply the lessons you’ve learned will ultimately lead to less money stress!!! lol)
2. Set Really Simple, Realistic Savings Goals
This was how I approached my financial resolutions for the year. Don’t make some very lofty, pie-in-the-sky goal, tell yourself you’re going to do very simple things and watch it work for you. I told myself I wasn’t going to spend as much on new clothes this year, and while I have still bought the occasional outfit, it’s definitely far less than what I’d normally spend. I am making very intentional decisions to not purchase and for instance before going on a vacation, digging in my closet for an old outfit or borrowing an outfit from a friend versus going to buy a new outfit. I also said I was going to eat out less, cook at home more this year and so far we’ve been saving lots on our home cooked meals! I’m still eating out (note: my goal was not DON’T EAT OUT because I would break that instantly, that’s not realistic!) but cooking at home more is definitely a simple, realistic action I could take that ensures money stays in my account and I stress less!
3. Start an ATB Prosper Investment Account
I’ve been preaching this for months, but I mean it! With ATB Prosper, Alberta’s first digital investment experience, it takes just $100 and less than 10 minutes to open your investment account. You don’t have to make an appointment at the bank. You don’t have to call someone for financial advice, but you can if you want to. Everything is done seamlessly online. Answer a few simple questions to gauge your risk threshold and how soon you want to achieve X amount of money and you’re good to go!
There’s also a handy ATB Prosper app where you can quickly check how your investments are doing, set up new investment goals, or set one-time quick deposits to get you to your dreams sooner. It’s a simple and straightforward system that does exactly what it’s meant to do: get you investing!
4. Implement a 50/30/20 Rule
That is, each month about 50% of your income should go towards necessities, 30% should go towards your wants (for me—eating out!) and 20% should go into savings. You should always try to put something into your savings each month (ideally 20%, more if you can, but ANYTHING even if you can’t hit the 20% that month). Listen to the math for money success!! And if you’ve got an ATB Prosper account, there’s a great feature called Quick Save where you can add additional one-time deposits for any amount when you’ve maybe got a bit of extra cash, or feeling like more money than your usual could go into your savings. Sometimes I’ll throw an extra $25 into the account which may not seem like much but certainly adds up over time!
5. Take Advantage of Budgeting and Investment Resources
There are so many great resources, tips and ideas to help you stress less with your money, ATB Financial even features a ton of personal money saving and investing advice on its website. They also have a Savings Calculator that can help you figure out how much you need to save per month to achieve certain small to big goals! In this Google and smartphone era, there’s literally so much good information at your fingertips. Take advantage!
And now, the easiest way to stress less… winning free money!
** GIVEAWAY **
I’ve partnered with ATB Wealth to put on Linda’s Season of Savings! Enter to win an ATB Prosper digital investment account with a $500 balance. If you don’t have an ATB Prosper account, ATB will get you started with a cool $500. If you already have an ATB Prosper account, you’ll get a cool $500 placed into that existing account.
HOW TO ENTER TO WIN $500 TOWARDS AN ATB PROSPER ACCOUNT
- Leave a comment on this blog post telling me your money-saving strategies to stress less!
Note: Leaving a comment on the blog is mandatory for entry.
Comments are moderated so if yours does not appear right away, don’t worry!
Get additional entries through social media:
- Tweet the following message: Win $500 towards your dreams! Read @lindork’s money-saving strategies and enter for a chance to win for $500 towards an @atbfinancial #ATBProsper investment account: http://linda-hoang.com/stress-less-with-these-money-saving-tips-enter-to-win-500-towards-an-atb-prosper-account #yeg #yyc #AB
- Leave a comment on my Instagram post, telling me your money-saving strategies to stress less and tag a friend to spread the word.
- Leave a comment on my Facebook post, telling me money-saving strategies to stress less and tag a friend to spread the word.
This contest runs from April 23, 2019 – May 7, 2019.
One winner will receive an ATB Prosper investment account with a balance of $500 CAD. If you have an existing ATB Prosper investment account, ATB will deposit $500 CAD into the ATB Prosper investment account.
And thanks for following along with my financial savings/investing journey the last few months!
I had a lot of fun partnering with ATB Financial and ATB Wealth and I learned a ton about saving and investing myself. I’m also so happy I finally started my own investment account!!
Disclaimer: I am working with ATB Wealth in a paid partnership to help highlight its ATB Prosper investment experience. This has no impact on opinions stated in this post. Throughout this partnership I have created my own ATB Prosper investment and am utilizing ATB Financial tips for saving and investing. I love being proactive about my finances and financial future!