Through its website and daily newsletters, The Peak (a ZoomerMedia property) offers Canadians the news they need to understand business, tech, and other must-know stories.
In this New Year’s dispatch, The Peak looks at some ideas for starting a new side hustle, tips for creating an effective budget and fun challenges to help you beef up your savings.
How to Increase Your Money Inflow This Year
If making more money is on your 2025 to-do list, we’ve got some great tips for you. Nearly half of Canadians report being just $200 away from struggling to meet their regular financial obligations, and 30% say they already can’t cover their bills. If boosting your income is a goal, starting a side hustle is a smart way to go. A great place to begin is by monetizing something you’re already good at. It’s faster and cheaper than learning a completely new skill. But if running a side gig isn’t an option for you, there are other ways to earn extra cash. For example, if you have a car, you can rent it out on Turo, a car-sharing platform that connects you with people who need a vehicle. Alternatively, if you live in an area with good public transit or are within walking distance of work or amenities, consider selling your car, which would save you around $1,400 a month. Just remember to avoid projects that eat up too much of your time or require a big investment upfront. —Meera Raman
Set Yourself Up For Budget Success This Year
Creating a budget is a great way to set yourself up for financial success. It helps you understand how much you earn, spend, and save, and guides you towards your goals. Start by listing your income, savings, and expenses — either on a spreadsheet or with a pen and paper (if you’re feeling old school). Next, categorize your expenses into needs (like rent or car payments) and wants (like dining out). Then, compare your spending to your savings and look for areas to improve. Once you know where you stand, set short-term (like an emergency fund) and long-term (like buying a home) goals. At the start of each month, set a budget for your wants, needs, and short- and long-term savings. You can use the 50/30/20 budgeting method: 50 per cent for needs, 30 per cent for wants, and 20 per cent for savings and investments. At the end of the month, review how well you stuck to it. Over time, you’ll notice patterns in your spending and stay on track with debt repayment and saving. —MR
Once You Have a Budget, Try a Savings Challenge
A great way to stick to your budget this year is by taking on a savings challenge. Turning saving into a game can make it more enjoyable and help you save hundreds. One challenge is the 100-day envelope challenge: on day one, put $1 in an envelope (or a high-interest savings account), then add $2 on day two, and so on. By day 100, you’ll have saved over $5,000. Another similar option is the 52-week challenge: save $1 in the first week, $2 in the second, and continue for a year, ending up with over $1,300. For something more fun, try the weather Wednesday challenge: every Wednesday, check your city’s weather forecast and make a deposit equal to the temperature. If you want to save more, use the temperature in Fahrenheit; if you want smaller deposits, use Celsius. You could also go the old-fashioned route and take out cash each month, and restrict yourself to using only that money for the entire month. This might get a little tricky with fewer places taking cash, but you can try the idea with a prepaid card to keep you under your spending limit. —MR
Visit The Peak’s website and sign up for the free daily email on Canadian business, tech, and finance that you’ll actually enjoy reading.
RELATED:
