With the sun still shining bright and the city looking as beautiful as ever, you’re probably dreaming of how to make the best of what’s left of your summer staycation. Getting your finances straight is probably the last thing on your mind.
But now with summer winding down, it’s the perfect time to talk about money, what your game plan is heading into the fall and winter, and how to make the best money moves for you.
Here are the brightest summer money moves to make, which can make the biggest impact on your bottom line.
Build up your emergency fund
As the last few months have shown us, life can turn on a dime. That’s why it’s crucial to prepare for the unexpected. If you don’t already have an emergency fund, now’s the time to start putting away some cash every month and if possible, with each pay period.
We recommend keeping your savings in a high-interest savings account to earn the most out of your money (they’re free!). This way, you aren’t losing money to traditional banking fees each month, but rather earning the most you can by keeping your hard earned cash 100% safe.
With markets remaining volatile this year, earning a high-interest on your savings completely risk-free (and being prepared for the unexpected), is one of the smartest money moves to make before summer ends.
Neo Savings is the one-stop-shop account that earns you higher interest on all your money with all the features you expect from a chequing account, and with no strings attached.
Stay on top of your spending
Longer summer days and nights may mean you’re out making more purchases than usual. Treating yourself to your favourite ice cream shop before the sun goes down, or evening drinks and games can rack up your expenses.
But as our daily lifestyles have adjusted to a new normal, maybe you’re a bit more low-key and rely more on buying groceries, or find yourself spending more on online purchases than you did before.
Whatever the case may be, keeping track of the ins and outs of your money tells you exactly how much freedom you have to put it towards new purchases, monthly expenses or your savings.
Neo sends you notifications on every purchase and any time you get paid, so you’re always in the loop. Leaving it to memory is a bad idea and we always recommend having some sort of digital paper trail that shows your money’s movement.
If that isn’t enough, more financial tools and spending insights are coming to your Neo account soon.
Throw away your unused loyalty cards
Canadians don’t have the best track record when it comes to loyalty cards. We rack up an average of 12 different programs and cards but realistically, less than half of them make an appearance during everyday transactions. Summer is the perfect time to slim down your wallet and start using one app and seamless experience, like Neo, that combines your spending, savings and rewards.
Get rewarded by supporting local
There’s no better time than summer to go out and about and explore what your city has to offer. Especially as our small businesses need our support now more than ever.
As our local economies reopen, so too will the restaurants, coffee shops and gyms you love. Supporting local businesses like ordering the best tandoori from your favourite Indian eatery, or picking up a new pair of kicks from your favourite neighborhood boutique gets better with a rewards credit card that offers instant cashback from the local stores you love supporting.
Neo works with hundreds of local merchants (both online and in-person) to reward your curiosity and loyalty when you support hundreds of our partnered stores. These are the businesses that make our communities vibrant, and supporting these small businesses gets even more rewarding by discovering exclusive offers, which can ultimately make a big difference on your monthly cash flow.
Visit your favourite local restaurants, shops, bakeries, gyms, markets and more, and pay with the Neo Mastercard to earn up to 20% cashback rewards.
Best of all, you don’t need to remember to redeem your rewards. They’re automatically applied when you complete a transaction at the places you frequent most.
Automate your money
As we return to school or begin to ramp up the change in seasons and responsibilities at our jobs, it’s easy to forget things like paying our credit card and monthly bills. Even the best of us get hit with surprises, like late fees.
Avoid getting dinged altogether by automating your bills. Coming soon, Neo will send you notifications when payments are coming up. We appreciate transparency and don’t believe in catching our members off guard.
Stop throwing your money away
Pesky bank fees add up. Do the math yourself and see how much you’d save in a year, just to keep your money someplace safe (and usually without a high-interest return). The reality is Canadians dish out an average of $220 in fees per year.
While we may not have paid enough attention to it before, now with the dog days of summer winding down, it’s the smart move to be more proactive with our finances by seeking out solutions that don’t charge any annual or monthly fees for holding a credit card and bank account.
With Neo, our members earn more back on their daily spending and monthly savings without the fees.
Be smart about your money
Being responsible now puts you in a better position to make smarter decisions with your money, which can benefit your wallet all year round. After all, we can all cool down those spending and saving habits which aren’t earning us as much time and money back as they should. As the seasons change, so too can your financial habits for the better.