Are you planning on buying a gift for yourself this holiday season? You’re not alone – self indulgence is on the rise – after all, Oxford Dictionary declared 2013 to be the “year of the selfie”! And, a RateSupermarket.ca poll found a full 67 per cent of Canadians plan to treat themselves this holiday season while checking off their gift lists.
Seems expensive? Treating yourself doesn’t have to be – in fact, in can be downright financially responsible! Here are five great ways to spoil yourself and invest in your financial future.
#1 – Turn $1 into $1,485
Open up an online savings account right now and deposit $1. Each week, increase your savings by an additional dollar. In one year, you’ll have $1,485 saved (assuming you’re getting a 1.90 per cent return on your savings account.
With $1,485 savings in hand for next year treat yo-self to a vacation, a spa day, a hockey game, or (even better) a holiday season already paid for. Voila: an easy way to save money!
#2 – Pay Down That Mortgage
Sounds boring – but consider this: an extra $1,000 a year will save you $10,747 in interest over the course of your mortgage on average! (Check out our Mortgage Save Infographic for more details.)
If you’re sitting there thinking, “where the heck am I going to find another $1,000 lying around?”, starting now will set you up for easy saving later. Set up an automatic deposit to take out $84 a month and set it in a savings account.
#3 –Treat Yo-Wallet
Make a point to do an audit now of not only what you’re spending – but how you’re spending your money. Is the credit card you’re using really the best option for your needs? There are so many great offers in the market right now, so if you’re considering switching take advantage.
On the other hand, come to terms with your spending behaviour. If you’re prone to carrying a balance, then switch to a low interest product. If you’ve been using a crummy rewards card for years and haven’t seen a dime in return, then switch to a card with better rewards.
#5 – Education Fo-Free
If you’re looking to invest in your own knowledge (or just learn for the pure heck of it because learning IS cool) consider sites like Coursera, where you can take a university course for free online. Learn about everything under the sun from Roman Architecture, to Cryptography, to Bioinformatics.
#5 – Give Yo-Self
Volunteering will not only give you some happiness, but can also help your career through teaching you new skills and providing you with networking opportunities. Volunteering doesn’t have to just happen around the holidays either. Set a goal for yourself now for 2014 and give yourself the year to follow through.