It seems impossible as a young professional (which I am) to be able to afford designer bags and shoes. Well, that’s what I thought before…before I fell in love with a powder pink Saint Laurent bag and realized that I need to have it no matter what. Shortly after, I created a plan for myself which I religiously followed for a year to get my dream purse. In addition to that, I discovered various banks with good savings options, one of them was EQ Bank (link) , a digital-only Canadian bank which is very convenient to manage your money on the go. By adjusting my life ever so slightly and following this plan religiously I can now afford two new designer bags each year. And trust me—a great bag dangling from your shoulder is way more satisfying than that fancy chai latte.
So here are 10 simple, yet life-changing rules:
1. SKIP THE STARBUCKS LINE.
I know this seems like nothing, but $5 a day x 365 days = $1,825 a year! So you can save big by making your own coffee or tea at home. Plus, it’s hip to carry around a recyclable thermos. It gives you the right to look smug all day.
2. SIGN UP WITH A BANK THAT HELPS YOU SAVE MONEY FASTER.
With the EQ Bank Savings Plus Account (link), you earn 2.30% interest on your money (all of your money – this isn’t a promo rate). EQ Bank (link) is a digital bank that offers a seamless online and mobile banking experience. From your home or phone, you can bank when you want, the way you want. It definitely makes saving money more simple and convenient
3. PACK LUNCH FOR WORK.
Put your body and your wallet on a frequent mini-cleanse, and pack nutritious salads at least three times a week. You can save at least $45 a week! And $45 a week x 52 weeks a year = $2,340 saved each year.
4. MAKE SURE YOUR SAVINGS ACCOUNT IS MORE THAN JUST A SAVINGS ACCOUNT.
EQ Bank (link) has blurred the lines between chequing and savings to help girls like me to save more, faster. Their account is simple: no minimum balances, no monthly fees and unlimited day-to-day transactions. You can also pay bills, transfer your money with 5 free Interac e-Transfers per month or between EQ accounts instantly (for free) and track your savings to reach your financial goals faster – all from a savings account with a high everyday rate of 2.30%.
5. HOST A BYOB GIRLS’ NIGHT POTLUCK.
A night out for drinks and dinner with the girls can cost upward of $100, as opposed to $30 at home. Instead, host a BYOB girls’ night at your place once a month: $70 x 12 months = $840 saved each year.
6. GIVE MANIS AND PEDIS A BREAK.
Let your nails breathe (yes, giving your nails a detox is actually a thing), do your nails yourself, or merely cut back on your time at the salon. For example, instead of getting a manicure every two weeks, go once a month. A manicure costs around $30 with tip, so you’ll be saving $360 each year.
7. REMEMBER THAT CHEAP ISN’T FREE.
Sometimes, you’re so excited to get a deal, you feel like you absolutely have to get this item. But do you actually need it? Take a moment to think and make sure you actually want the item, check your online banking — don’t be blinded by the price. That’s why I love that EQ Bank (link) always allows you to bank securely and safely from your phone – even when you’re out shopping!”
8. GO EASY ON TRENDS.
Fashion trends all have their moments. Once that moment’s over though, it’s either sitting in your closet or headed for charity. Even though stores like H&M and Forever 21 try to get you to buy ultra-trendy items because they’re so cheap, think about it — if you’re constantly buying the latest trends and then not wearing them for long, are they really that cheap? Instead of falling for fast fashion, only buy trendy items that you genuinely like and that fit with your style.
9. SWAP FOR SPECIAL OCCASIONS.
If you’ve got a special occasion coming up and a friend who’s a similar size, shop her closet for something new to wear. When she’s got an event coming up, you can return the favor — and you both get a better ROI on your formalwear.
10. SHOP OUT OF SEASON.
I know, it’s exciting to buy things pre-season. But if you’re buying in anticipation of what’s next, you’re paying the maximum retail price. If you shop for what’s not happening, you’ll get a much better price. Sure, it might feel weird to buy a sweater when it’s nearly triple digits outside, but it’ll save you some cool cash.
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! If you think about it, that’s half way to these amazing Shutz shoes (link) (I’ve been obsessing over them forever).
This post was sponsored by EQ Bank (link) , but all opinions are my own.
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These tips are great! Thank you!!