Finance is an important aspect of our life and we need to have strong control over it in terms of where we spend money and receive it. We need to save money and invest it in instruments that can give you good returns. You can make a budget and save money. Though apart from budgeting, there are various ways in which you can save money faster in Canada. By using these 29 tips, you can save money on a monthly or daily basis upon your preference. So without any further wait, let’s dive deep into this article.
1. A Budget is a Must
Budgets help to regulate income and savings efficiently and are the first step to controlling your expenses. For a budget, you need to monitor your savings, foals, expenses, and income. You can do so by using genuine budgeting applications like,
- Good Budget
2. Take Handmade Lunches
Lunches engulf a large chunk of your budget. Hence, you should prepare it yourself and save a lot of dollars yearly. For instance, if you buy lunch, your average cost will come to $10-$11 around, while the average cost for packed lunches is $5. You can imagine the savings. You might get reeled into eating with colleagues once or twice but you can still have a good amount in savings.
3. Eat at Home
Going out to eat every day will drain your budget, hence given the exception of holidays or vacations, it is good to regulate eating out to once or twice a month. Restaurant food comes at high prices, and to manage all other aspects of finances like mortgage, childcare, education, etc. you need to sacrifice a little. For example, Canadians spend about 30% of their budget on going out to eat. That is a lot!! And you can save it here.
4. Make Your Own Coffee
You can easily find coffee at the sale if you look hard enough and create the perfect blend at home without spending much of your money. If you make 1 cup at 20 cents but get the same one at $10 in a store, you will prefer the former right? Hence saving a lot on this caffeine run, while also energizing the same way! As per Business Insiders, this savings is around $1,155 every year.
5. Save on the Cinema
Instead of going out each week to the cinema, you can stream it at a much cheaper rate at home. Going a few times for a movie a year seems justified, but in excess, it will drain you financially.
You will not only spend on tickets to a cinema but also pay for drinks and popcorn, which you can make at home for much cheaper. Additionally, you can save in the movie theatre by signing up for SCENE points that you can use for free movies and snacks in the theatre.
Here are some other ways to save:
- Watch the movie during the offseason.
- Scour the internet for deals on sites like LivingSocial and Groupon.
- Join the loyalty club of the theatre like Regal Crown Club or AMC stubs.
- Utilize your credit card for cash bank on tickets like Scotiabank SCENE visa card (Canada).
6. Save Electricity
Going eco-friendly and saving the cost of electricity is the best way to save money faster in Canada. When you reduce energy consumption, you and the environment both benefit. Here are some ways in which you can save money on electricity easily.
- Keep your home’s insulation up to date.
- Wash clothes with cold/warm water and not hot.
- Make your home a winter habitat.
- Use solar energy.
- Replace an electric appliance with one that has a star rating.
- Reduce the thermostat.
- Use a timer for light usage.
- Utilize a smart power strip.
- Use LED and CFL.
7. Look Out for Deals on Insurance
To find the best deal for insurance on home, car, or life do not settle on the first deal you come around and scour the market until you find the best one and save lots of money on the annuity.
- Life insurance: You can compare rates for this at PolicyAdvisor and PolicyMe. Opt for term life insurance instead of whole.
- Vehicle and home insurance: Find your deductible by looking around. Claim only for big issues and rake in benefits when you have zero claims.
Insurance plans at different places can fluctuate significantly. You can look around until the best option strikes you and this is even easier when you have already gone through some options. Make sure you have adequate insurance and are not underinsured or overinsured Canadians. If you don’t see a discount on the brochure, ask the person assisting you for that.
8. Pay Your Premium Without Delay
When you pay your insurance annually instead of monthly, your insurance company will give you benefits on home/car/life insurance. The discount can be around 8%! Hence you will save on the interest which is attached to your payment.
9. Bundle Your Insurance
If you get more than one insurance from a single company, you can get a benefit of up to 5-20%. Other ways that you can have are below
- Use a home security system.
- Maintain good driving history.
- Use group discounts.
10. Don’s Smoke
Smoking is expensive and when you remove it from your life you can save a lot. A smoker spends a minimum of $1.1 million in a lifetime. This will not only help you save on cigarettes but also the medical bills and lower your insurance premiums.
11. Go for Public Transport, Carpool, or Bike
Reduce your transportation costs by walking, going for carpool, or biking. This is considered one of the easiest ways to save money faster in Canada. The first and last option will save cost on fuel and carpool can significantly lower your transportation costs. These alternatives are also eco-friendly.
12. Buy Second-Hand Products for Kids
If you have toddlers, you know that they will grow rapidly than you think leading to frequent purchases. Pre-loved or thrift items will save a lot of money here. Based on your comfort, you can buy clothes, toys, sports gear, footwear, etc. You can also swap items from other families and visit thrift stores like Goodwill, Value Village, Salvation Army, etc.
13. Buy a Vehicle that has Good Quality
You can spend up to $2,000 on the fuel for your vehicle annually. However, vehicles come with varied mileage and if you choose the good one you will save money from your gas-efficient vehicle. So, do your own research, and compare vehicles before buying one to save money faster in Canada.
14. Pre-owned Vehicle is the Way to Go
You can buy a second-hand car instead of getting a new one and save thousands of dollars in a blink. This is because even a new car loses 10% value as soon as you drive it away from the store. After 1 year, it loses 20%, and by the 5th year, it will lose 60% value. Hence, you can lose around $24,000 on a $40,000 value of your car in just 5 years.
You should shop around for the best and certified pre-owned cars that still have a warranty or have passed rigid inspections from the manufacturers or the dealers. If you pay in cash, you will save on interest costs, and you will be burdened with less debt and financial trouble.
15. Cancel Subscriptions that are not in Use
The magazines that are lying around in your house without any purpose and just taking up the space are probably not your best subscription choices. So, instead of renewing them, cancel them. Find other such memberships and let go of them and save a lot of money on various subscriptions. To save money faster in Canada, you can use Paytm Canda to pay credit card balance, utility bills, taxes, tuition, cable, phone bills, home, and car insurance.
16. Get the Regular Fuel
Premium fuel in your car is not giving you or your vehicle any benefits. You are also paying 30-40 extra cents on every liter to load your car with this fuel.
Hence, unless it is necessary for your car to have premium fuel, which has an octane rating of 91-93, you should go for the cheaper gas with an octane rating of 87 and save money on your fuel costs.
17. Buy Less Expensive Gas
You can buy cheaper options for gas at a different place like GasBuddy (Canada) and further save dollars on your fuel expense. Use the rewards credit card when you pay for your fuel for a cashback or points for use in the future and save money faster in Canada.
18. Maintain Your Car on Your Own
Your car does not need a premium maintenance service every time. Some easy maintenance hacks will help you DIY it. For example, if you change the cabin filter yourself, you will save up to $70 on the labor charges. Here are some more easy car maintenance tips.
- Maintain the wiper blades by replacing them.
- Top up your fluid with brake, coolant, power steering, windshield washer fluid.
- Check your tires for adequate tire pressure and enhance your mileage by 3%.
- Chance your engine oil. Remember, most cars do not need a change until every 4,000km like the mechanic at the repair shop told you.
19. Drive with Low Weight
Is your car always burdened with lots of stuff that you don’t need? Reducing this load will create benefits on both car mileage and money that you spend on gas. Your car will have 1% lower fuel efficiency for every 100lbs of weight that you haul in it.
You can also save on your gas bill by:
- Keep your tires up to date and inflated.
- Avoid roaming around aimlessly.
- Don’t overspeed, you can get a penalty from the Canadian government.
- Be updated on your servicing of the owners’ manual.
20. You Should Re-evaluate the Need for the Gym Membership
If you are using your gym membership and keeping you with your resolution, well, that’s impressive! However, if you are one of those people who is not using the gym even after having a membership, you should cancel it and save money for good.
If you still want to work out, buying your equipment and working out at home will save your gym fees.
21. DIY Haircuts
You can save at least $1,000 every year on haircuts if you ditch the fancy hair salon. For that, you can probably do that easy cut on your own and not repeat the extra trimming charges on a hairstylist for doing the same thing. You can save money faster in Canada using this method.
22. Go to the Dollar Store
You will find items at a much lower cost at the dollar store like lunch bags, work gloves, disposable bags, freezer bags, garden tools and supplies, picture frames, duct tape, greeting cards, plates, spoons, gifts cards, wraps, batteries, etc. The items which do not need to be luxury can be brought here easily because you can compromise a little on quality if you are saving a lot of your money.
In Canada, you can visit the Dollar Tree, Dollarama, and The Great Canadian Dollar Store.
23. Shop at Garage Sales
If you need equipment or toys, garage sales are a good alternative where you can get significantly good equipment at a great rate. Don’t become a hoarder and keep a wishlist while crossing items off every time you buy something. You can find these garage sales in Canada at Craigslist and Kijiji.
24. Go to the Local Library
Instead of buying new books, you can save money by going to the local library. You can also find the online websites of some libraries where you can read an ebook. Listen to audiobooks on any electronic device. This is a good way to save money faster in Canada.
Your library is not limited to borrowing just books. You can borrow CDS, DVDs, and bluCanadianscashbackrays for a minimal rent fee. Libraries also give you workshops, free classes, toys, tool rentals, and many more.
25. Learn the Art of Sewing
If you have a child, you are aware of how often they can cause damage to clothes by bumping into something and tearing them by getting stuck. In that case, you cannot run to a tailor every time or buy new clothes for each hole. Hence you should learn how to sew and save on the run to the store or tailor.
26. Plan your Holidays in Advance
You can plan early to save on flight tickets and hotel stays. For that, you can set reminders for price crops on booking your flight. You can also use credit cards or travel rewards to get cashback and increase your savings with websites like Rakuten for your booking.
You should estimate the amount of your vacation ahead of time and create a find. This will avoid spending your emergency fund and missing the deadlines for payment. If you take a vacation locally instead of going to another country and spend less by supporting the local economy.
27. Go DIY
DIY is a genuine skill that saves a lot of time and money. You can learn DIY easily in the digital era of YouTube, and videos. By taking up the skill of DIY, you can save around $1,500 by doing easy things at home. It has a varied scope, so you will always find something that suits your liking.
The simple DIY tasks are laminating. Hardwood floor installation, painting, composting, caulking, pet food, soaps, bread making, etc. Here are some good DIY websites:
- The Family Handyman
- This Old House
28. You Don’t Need to Prove Anything by Spending More
People can often fall into the trap of buying lavish things to impress others. This is a drain on money and energy. When you are pressured to buy a new car, use the best smartphone because your friend or neighbor is doing so, you are exhibiting signs of overspending.
You only live once life sounds great but in terms of money, it can push your debt further into a pit and frugality will win.
29. Learn to Bargain
Use your negotiation skills to save money. Through negotiation, you can get good deals on car, home, phone, bills, etc. To learn this, do some research, know the extent to which you can negotiate, and be prepared to walk away when it doesn’t benefit you. Some people even go as far as to save over 75% on bills annually through the power of negotiation.