Saving Money & Budgeting

I am so horrible at saving money. You would think working for a bank for over a year I would be great at it but I’m not. I’m terrible. So terrible. Eddie and I each have a tax-free savings account (TFSA) that we opened about a year ago, a few months after I started working for the bank. So far we each have about 500 saved up. I guess $1000 between us in one year is not bad if you look at it one way.

We also saved about $300 through something called bank the rest where your debit purchases are rounded up to the nearest dollar and at the end of each day that difference is transferred over to the savings account. I’m not sure but I think it’s just set up on my debit card for our joint account. I guess I need to get him to check. We’ve agreed that money is going to be used at the end of the year for something we want not need. Something for the both of us each year. So it’s being saved throughout the year and spent at the beginning of the following year.

Our TFSA’s are for a down payment on a house in another 1-2 years I am hoping. I also opened a high interest savings account which is tiered interest depending on how long you keep the money in the account. However this is empty at the moment. I had initially planned on using it to save up for a down payment on a brand new car however I decided it was more economical at this point to put the money I would have put in there directly onto the car we have to pay it down a little quicker. I set up an extra $25 on the car every 2 weeks on my payday.

I just feel like there is more we could be doing to save. I’m horrible at budgeting as well. I’ve tried using excel and I’ve tried some Android apps but I can’t find one I like. I don’t trust Mint or any of those that you have to log into your bank account. I really wish I could find an app that would work. I know if I could keep track of our spending a bit better I could cut some of our needless spending and put that money in the savings account.

I also have access to an employee share ownership program and investing options and things I can do with my bonus and such. I know I’m missing out on things I have access to but I’m not sure how to set them up. I guess I’m going to have to look into that as well.

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