Discover 5 tips to improve your finances in the new year!

Plan your budget

The 50/30/20 rule is a budgeting method proposed by U.S. Senator Elisabeth Warren in the book “All Your Worth: The Ultimate Lifetime Money Plan” published in 2005. It consists of dividing all your expenses into three distinct categories so that you can make savings each month.

50% for basic needs

Essential expenses cover the fixed needs of everyday life that you cannot live without. These include rent, electricity, gas and internet bills, food, insurance, debt repayment, transportation/gasoline, etc. When your fixed expenses exceed 50% of your income, it is imperative that you reduce them with less expensive options such as a roommate or a cheaper internet provider.

20% for savings

It is important to set aside money to achieve your life goals. These savings can be used as an emergency fund for unexpected life situations such as illness, accident or job loss. It can also be very beneficial in the long term for your retirement or investments.

Adopt healthy financial habits

Managing your finances also means adopting a lifestyle that is conducive to saving. Many people are constantly asking themselves how to save even more money. However, you will agree that it is very difficult to make considerable savings when you eat out more than at home, for example. That’s why you need to develop healthy financial habits on a daily basis. Start with homemade food, get rid of unnecessary subscriptions, buy more discounted items, take vacations closer to home (local tourism is very popular right now), think about having a no-spend day and why not find another way to make money. And if you find it hard to discipline yourself, don’t hesitate to download free online applications to track your spending throughout the month.

Enjoy bonuses and free spins at the casino

Did you know that it is possible to win money at the casino without wagering anything? Most online casinos offer welcome bonuses upon registration… 5 euros, 10 euros or more just to thank you for signing up. And that’s not all! You can also take advantage of free spins bonuses at slots to make some serious cash. The real challenge is finding the best gaming site bonuses. Fortunately, there are some great platforms like BonusFinder Quebec that offer a list of casinos with the most enticing bonuses. So don’t hesitate to try your luck, you have nothing to lose!

Try the penny challenge

The penny challenge is one of the most useful little techniques for saving money during the year. The principle is simple: take a jar or piggy bank and put in one cent on the first day. The second day, two cents, the third day, three cents and so on. This challenge allows you to save 667.95 euros in one year. You can also follow this challenge during the week. The 52-week challenge allows you to save 1 euro each week and thus save 1,378 euros in one year.

Investing your money

Cutting expenses is necessary to save money, but it’s certainly not enough to become the next Elon Musk! So think about investing part of the 20% of your budget (your savings according to the 50/30/20 rule) to increase its return. You can invest your money in the stock market, directly or through an expert. However, it is wiser to use experts who can easily advise you according to your risk profile, market conditions and investment horizons.
Start the new year off right with new resolutions to better manage your budget. Improving your finances and enjoying life are not contradictory! So don’t hesitate to reward yourself with small pleasures while giving priority to essential expenses.

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