I was fortunate to take a short vacation to a sunnier destination at the end of last month. Nothing gets me thinking about my finances more than travel, especially when converting hard-earned Canadian dollars into US currency. With tax season upon us, and in an effort to bring attention to the importance of financial wellbeing, I present a list of our top financial hacks to help set you on the right track for the new financial season.
Hack #1: Deal with high debt
Prioritize debt with the highest interest rates. When you’ve paid off one, move on to the next highest.
Hack #2: Unsubscribe from temptation
If you are trying to practice good financial health, unsubscribe from mailing lists so that you are not tempted to impulse-buy through online shopping deals.
Hack #3: Travel tips
Planning a vacation and want to stretch your dollars? Look at “value for money” destination lists such as Lonely Planet’s 2018 Best Value guide. Or, try clearing your cache (browsing history) each time you search for flights online, as sites often raise their prices if they see that you are searching multiple times for the same flight.
Hack #4: Statements serve a purpose
Read your monthly financial statements to help combat fraud and identify potential mix-ups early. Real-life example: I discovered I was being overcharged on my cellphone bill even after contacting the company to clear up the error. I would not have caught it without fully reading through my statement each month.
Hack #5: Get gift card savvy
If eating out is important, save some money by giving someone an “experience” gift, purchasing prizes in bulk, or buying discounted gift cards from places like Costco or London Drugs. Alternately, if you find yourself with a wallet full of unused gift cards, look at re-selling them online through sites like CardSwap.ca.
Hack #6: Maximize your benefits
Do you know all of the details of your UBC Extended Health plan? You might be missing out on opportunities to save money. Learn more about your benefit details, or check out our Health, Fitness and Family Discounts.
Hack #7: Strengthen your money know-how
Attend our upcoming workshop on Debt Freedom & Finances or The Psychology of Money, or read some of our past finance-related articles, including A Financial Cleanse in Five Steps and ‘Cha-Ching’: Cost Effective Health Hacks.
Here’s to healthier wallets this spring!
All my best,