Thankfully, you can get better at managing your money by building healthier money habits. It doesn\u2019t take any particular skills \u2014 mostly determination and consistency. Here\u2019s a few ways to live your best life (and be ready for hard times) by taking control of your finances. <\/p>\n\n\n\n
1. Use digital payment solutions like Interac<\/em> Debit to track your spending<\/strong><\/h2>\n\n\n\nThere are now countless ways to make sure your budget is in balance. The simplest is an oldie but a goodie: keeping track via your banking app. <\/p>\n\n\n\n
That approach goes hand-in-hand with another familiar tool: debit.\u202f\u201cOur research<\/a>\u202f reveals that younger Canadians value digital payments for the insight they provide into their spending habits, and are turning to debit payments as a money management tool,\u201d says William Keliehor, Chief Commercial Officer for Interac Corp.\u00a0<\/p>\n\n\n\nInterac<\/em>\u202fDebit, as well as\u202f Interac\u202f<\/em>e-Transfer, make it easy to do this, as all your expenses are in one place: By spending the money you already have in your bank account or using Interac<\/em> e-Transfer to request money<\/a>, you can watch your balance in real time via your online or mobile banking. Plus, you end up with fewer surprises at the end of the month.\u00a0<\/p>\n\n\n\n![\"2.](\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\")
<\/figure>\n\n\n\n2<\/strong>. Make a budget and stick to it<\/strong><\/h2>\n\n\n\nThis same\u202fInterac\u202f<\/em>study found that 50 per cent of Millennials and 47 per cent of Gen Z adults worry about getting in over their heads, money-wise. Staying within budget is challenging, but not impossible, and it\u2019s never too late to start budgeting. \u202fHere are some things you can do to avoid overextending yourself. <\/p>\n\n\n\nFirst, keep track of your income every month: If you know how much money is coming in, you can budget accordingly for your bills and expenses as well as track automatic deposits and money flowing out. <\/p>\n\n\n\n
Second, when planning out your monthly budget, make sure to build in an emergency fund that you add to each month. Saving doesn\u2019t happen all at once, but over time, so planning it will make it easier. Remember a little bit can go a long way and there are many ways to make your life easier with Interac<\/em> e-Transfer<\/a>. <\/p>\n\n\n\nYou\u2019ll thank yourself later when you\u2019ve got surprise expenses, as well as when you\u2019re planning bigger purchases, such as furniture or a new car. Plan those big expenses a few months ahead when possible and set a part of your savings to go towards paying it. That way, when the time comes to make that purchase, there are no surprises. <\/p>\n\n\n\n
Third, remember that getting your finances under control will help you get more out of life and know when \u2013 and how much \u2013 you can splurge. Start off by sticking to the basics whenever you can and\u202ftaking care of your needs before your wants. Most people know this, and 58 per cent of Millennials and Gen Z spent more on essentials and less on discretionary items than they did pre-pandemic. For any spending that falls outside of regular bills, give yourself a weekly, or monthly, allowance. You\u2019ll know when to hit the brakes if you set a spending limit ahead of time for a night out or an unplanned purchase (or just grabbing coffee or takeout on the go \u2014\u202fit all adds up!). <\/p>\n\n\n\n
3. Be mindful of the toll your finances take on your mental health<\/strong><\/h2>\n\n\n\nAlthough we can avoid taking on extra debt, sometimes our financial situation changes unexpectedly. It\u2019s normal to feel sad or angry when living through financial hardship, and you shouldn\u2019t just ignore those feelings. Things like asking for your money when it\u2019s due<\/a>, using Interac <\/em>Debit to pay for things with your own money, or setting up automatic deposits and payments to stay ahead of your finances, are all small things you can do to ease the mental load. So give yourself some space to process the change \u2014\u202fit\u2019s an important part of moving on and picking yourself up (here\u2019s a great \u202fresource about managing financial stress<\/a>\u202ffrom the Mental Health Commission of Canada).\u00a0<\/p>\n\n\n\nDon\u2019t be scared of talking about your financial situation with someone you trust, like a family member or close friend, to share your emotions or ask for guidance or advice. <\/p>\n\n\n\n<\/figure>\n\n\n\n4. Build overall financial resilience<\/strong><\/h2>\n\n\n\nLooking to the future, 63 per cent of Millennials would like to make their finances more resilient.<\/p>\n\n\n\n
Once again, saving up an emergency fund is a great idea. Don\u2019t forget to keep adding to your emergency fund, even while you\u2019re paying down debt, to avoid incurring even more debt if ever you fall on hard times.<\/p>\n\n\n\n
You should also be cultivating strong relationships in your community. Your social network could help provide solutions to a range of problems: finding a new job, getting a deal on something you need, and other forms of help.<\/p>\n\n\n\n
A strong community can also help you with your mental health, if you have dependable people to lean on when necessary.<\/p>\n\n\n\n
Finally, there\u2019s a lot to be said for developing some thrifty skills like learning to cook on a budget and finding good deals in stores \u2014 by saving up where you can, you can save up money for the future, or just have a bit extra to treat yourself at the end of the month. You never know when a rainy day will come, but you can prepare today without sacrificing the things you love.<\/p>\n\n\n\n
Discover how simple Interac<\/em> Debit can be.<\/strong><\/p>\n\n\n\n
Interac<\/em>\u202fDebit, as well as\u202f Interac\u202f<\/em>e-Transfer, make it easy to do this, as all your expenses are in one place: By spending the money you already have in your bank account or using Interac<\/em> e-Transfer to request money<\/a>, you can watch your balance in real time via your online or mobile banking. Plus, you end up with fewer surprises at the end of the month.\u00a0<\/p>\n\n\n\n This same\u202fInterac\u202f<\/em>study found that 50 per cent of Millennials and 47 per cent of Gen Z adults worry about getting in over their heads, money-wise. Staying within budget is challenging, but not impossible, and it\u2019s never too late to start budgeting. \u202fHere are some things you can do to avoid overextending yourself. <\/p>\n\n\n\n First, keep track of your income every month: If you know how much money is coming in, you can budget accordingly for your bills and expenses as well as track automatic deposits and money flowing out. <\/p>\n\n\n\n Second, when planning out your monthly budget, make sure to build in an emergency fund that you add to each month. Saving doesn\u2019t happen all at once, but over time, so planning it will make it easier. Remember a little bit can go a long way and there are many ways to make your life easier with Interac<\/em> e-Transfer<\/a>. <\/p>\n\n\n\n You\u2019ll thank yourself later when you\u2019ve got surprise expenses, as well as when you\u2019re planning bigger purchases, such as furniture or a new car. Plan those big expenses a few months ahead when possible and set a part of your savings to go towards paying it. That way, when the time comes to make that purchase, there are no surprises. <\/p>\n\n\n\n Third, remember that getting your finances under control will help you get more out of life and know when \u2013 and how much \u2013 you can splurge. Start off by sticking to the basics whenever you can and\u202ftaking care of your needs before your wants. Most people know this, and 58 per cent of Millennials and Gen Z spent more on essentials and less on discretionary items than they did pre-pandemic. For any spending that falls outside of regular bills, give yourself a weekly, or monthly, allowance. You\u2019ll know when to hit the brakes if you set a spending limit ahead of time for a night out or an unplanned purchase (or just grabbing coffee or takeout on the go \u2014\u202fit all adds up!). <\/p>\n\n\n\n Although we can avoid taking on extra debt, sometimes our financial situation changes unexpectedly. It\u2019s normal to feel sad or angry when living through financial hardship, and you shouldn\u2019t just ignore those feelings. Things like asking for your money when it\u2019s due<\/a>, using Interac <\/em>Debit to pay for things with your own money, or setting up automatic deposits and payments to stay ahead of your finances, are all small things you can do to ease the mental load. So give yourself some space to process the change \u2014\u202fit\u2019s an important part of moving on and picking yourself up (here\u2019s a great \u202fresource about managing financial stress<\/a>\u202ffrom the Mental Health Commission of Canada).\u00a0<\/p>\n\n\n\n Don\u2019t be scared of talking about your financial situation with someone you trust, like a family member or close friend, to share your emotions or ask for guidance or advice. <\/p>\n\n\n\n Looking to the future, 63 per cent of Millennials would like to make their finances more resilient.<\/p>\n\n\n\n Once again, saving up an emergency fund is a great idea. Don\u2019t forget to keep adding to your emergency fund, even while you\u2019re paying down debt, to avoid incurring even more debt if ever you fall on hard times.<\/p>\n\n\n\n You should also be cultivating strong relationships in your community. Your social network could help provide solutions to a range of problems: finding a new job, getting a deal on something you need, and other forms of help.<\/p>\n\n\n\n A strong community can also help you with your mental health, if you have dependable people to lean on when necessary.<\/p>\n\n\n\n Finally, there\u2019s a lot to be said for developing some thrifty skills like learning to cook on a budget and finding good deals in stores \u2014 by saving up where you can, you can save up money for the future, or just have a bit extra to treat yourself at the end of the month. You never know when a rainy day will come, but you can prepare today without sacrificing the things you love.<\/p>\n\n\n\n Discover how simple Interac<\/em> Debit can be.<\/strong><\/p>\n\n\n\n![\"2.](\"https:\/\/stage.interac.ca\/wp-content\/smush-webp\/2021\/11\/INT_InLife_Money-Anxieties-1-1024x439.jpg.webp\")
<\/figure>\n\n\n\n2<\/strong>. Make a budget and stick to it<\/strong><\/h2>\n\n\n\n
3. Be mindful of the toll your finances take on your mental health<\/strong><\/h2>\n\n\n\n
![\"4.](\"https:\/\/stage.interac.ca\/wp-content\/smush-webp\/2021\/11\/INT_InLife_Money-Anxieties-2-1024x439.jpg.webp\")
<\/figure>\n\n\n\n4. Build overall financial resilience<\/strong><\/h2>\n\n\n\n