Top 10 Personalfinance tips

Quit Smoking

Smoking is not only a dangerous habit to have – it's also an expensive one. According to SmokeFree, someone who smokes a pack a day is going to spend, on average, $177 a week on cigarettes which is over $9,200 each year! Imagine having an extra $9,200 in your bank account right now. You can do a lot with that money, but instead, you're lighting it on fire.

Create a Financial Calendar

If you don’t trust yourself to remember to pay your quarterly taxes or periodically pull a credit report, think about setting appointment reminders for these important money to-dos in the same way that you would an annual doctor’s visit or car tune-up. A good place to start? Our ultimate financial calendar.

Learn How to Savor

Savoring means appreciating what you have now, instead of trying to get happy by acquiring more things.

Shop At Factory Outlets

If you love to shop, or if your girlfriend is too much a shopping addict. There are a few options you can look at. Instead of shopping at the premium malls, why don’t you try going into the factory outlets? There are plenty of factory outlets which offer great outlets and the prices are discounted and quality is premium. In Mississauga, we have the Dixie Outlet mall, almost every branded store is present here, Nike, Adidas, Puma, Levis, etc. Also, the Niagara Outlet Malls, it’s pretty big and has 100’s of stores for your shopping experience. Why don’t you check out these places instead of visiting the Eaton Center or Sheridan? Again, make sure you stick to the shopping bucket in your budget. If you haven’t created a budget yet, please do so. There are numerous software and spreadsheets readily available. Unless you create a budget and have every expense sorted out, you won’t be sure where you are spending money. Google now for budgeting spreadsheet, also there are tons of options on Reddit. Make sure, you give importance to the money you earn, working so hard.

Review Your Transactions

Take some time every week or two, and look over your transactions. You'll then know exactly what you're spending and where you're spending it. Also, if there are any mistakes you'll catch them right away.

Diversify your income

Diversify your income so you don’t rely on one source entirely. Whether this is through a second job, investing in the stock market, or starting a business, you can find ways to bring in multiple streams of income. The average millionaire has seven streams of income.

Don’t Supplement Your Income with Credit Cards

We all know the feeling of getting our first credit card. It feels like the sky’s the limit, but if you’re supplementing your income by using your credit card, you can quickly get into trouble. With high-interest rates and often too-generous balances, credit cards should be used sparingly and only when you’re confident you can use them correctly. Use your credit card for small, regular purchases, and always pay off your balance at the end of the month. Pro Tip: If you use your credit card make sure you pay off the full balance; otherwise you’ll spend more on interest and have a harder time paying off your credit card.

Get a Money Buddy

According to one study, friends with similar traits can pick up good habits from each other—and it applies to your money too! So try gathering several friends for regular money lunches, like this woman did, paying off $35,000 of debt in the process.

Start A Side Hustle

Unfortunately, most of the time working a regular 9-5 job won’t make you rich enough to live comfortably. Starting your own business or creating your own side hustle is great way to make some extra cash while taking control of your financial future. One of the main benefits of creating a side hustle and working for yourself is that you are your own boss. You get to decide when you take a lunch break, or when you go on holiday, and if you are sick, you don’t need to call your boss and explain why you need the day off. Creating your own side hustle is also potentially very lucrative. You can scale a business, you can’t scale a job. This means that although you can ask your boss for a raise, there is a limit as to how much you can earn in that job. A side gig has endless potential; the sky is the limit when it comes to how much money you can make on your own. If you are stuck for ideas, check out our 100+ side hustle ideas to get your creative juices flowing.

Deliver During Busy Periods & Aim For Peak Pay

Another useful DoorDash Dasher tip is to only work during the best delivery periods to increase the odds you get Peak Pay. Peak pay is DoorDash’s way of compensating delivery drivers during busy periods. When you open the DoorDash app, you’ll see zones marked in red as being “busy” or “very busy.” These zones also indicate if they pay Peak Pay. If you can snag Peak Pay, the bonus is a simple way to add a few dollars per delivery. However, even if you can’t get this bonus, delivering during busy times helps you get more DoorDash orders. So, what are the best times to deliver for DoorDash? Well, you can test delivering during the following periods:

  • Lunch: 11:00AM to 2:00PM
  • Dinner: 4:30PM to 8:00PM
  • Sunday: Pretty much all day
  • Friday & Saturday Night: It’s worth testing late-night deliveries when people are coming home from parties or the bar Again, this can vary slightly depending on your market, but it’s relatively stable (humans behave the same everywhere).
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