When it comes to saving money, even if you’re fairly well-off, sometimes it’s difficult to make the required commitments without making significant downgrades to your lifestyle.
But saving money should be smart, not restrictive! We still want to be able to ‘live our lives’, have fun and go out for dinner occasionally!
This article outlines 14 ways you can save money today – without sacrificing your lifestyle:
1. Pay yourself first
On payday, aim to transfer as much as you can afford, with a minimum of 10%, to your savings or investment account.
Use the rest of your income to live off of.
Better yet, have the payment set up automagically every month so you can set it and forget it. Like creating a good financial habit, except you only need to remember to do it once until the next significant change in finances.
2. Become a coupon expert
Take full advantage of loyalty programs and coupons – spend just a little bit of time finding the best deals and you can save yourself hundreds on household commodities and groceries!
Find them:
- Along grocery aisles with tear-pads and shelves
- Via online coupon companies: save.ca or gocoupons.ca
- Via this Canadian Coupons Database
- On product packaging – McDonald’s loyalty cards you can peel off the cup
- Coupon inserts from your local newspaper
3. Sell your old belongings
Take an inventory of your personal belongings and be honest with yourself.
Ask yourself: How many times have I used this/these in the past year?
If the answer is between zero and one, I’d say its time to to move on.
Use craigslist, kijiji or ebay to easily list your unused phones, clothes and other items which are causing clutter.
4. Avoid overspending on branded clothing
If a simple plain t-shirt and jeans will do the job just as well, there’s no need to overpay for a brand name!
Try some great, affordable fashion stores available in Canada such as H&M or Winners.
5. Complain when necessary
Don’t be afraid of complaining about sub-par customer service (only where necessary, mind!).
If you’re paying for a quality meal in a top restaurant and feel disappointed with a sub-par experience, say so!
This not only provides them with an opportunity for improvement, but it means you will get your money’s worth. If not, you may be entitled to your money back.
6. Use cash-back credit cards with no surcharges
Most notable, some if the best Canadian credit cards provide the following:
Capital One Aspire Cash Platinum Mastercard – 1% cash reward on all purchases without a limit on earnings, price protection
Royal Bank Cash Back MasterCard – 2% cash back on groceries, purchase assurance, extended warranty
See the full list of recommendations here
7. Challenge (or go without) service providers
Cancel your cable. Spend the time you would have spent in front if the TV investing in your education or making yourself some extra cash!
For those service providers you just cannot live without, take an hour or so to do a comparison.
Ask them, “Your competitor is offering me X deal, so if I switch, what can you do for me?”.
Rinse and repeat for gas, electricity, internet, cell phone and so on.
8. Avoid fees like the plague
- Carry cash so you can avoid ATM fees
- If you have to pay a fee to book online – don’t do it! Call instead.
- Any other fees, such as late fees can be avoided by setting up automated payments or a monthly reminder on your calendar.
9. Avoid using high-cost household appliances
Wash your dishes in the sink (with one sink-full of water – if you go overboard you’ll use more water than the dishwasher!)
Dry your clothes on a clothing line – as a nice bonus, they’ll last longer, too!
10. Recycle!
Think twice before you throw out your ‘garbage’ – some of those items can save you from spending!
- Recycle your own grocery bags as bin-liners
- Re-use scrap paper for taking notes and writing grocery/to-do lists
11. Turn unused electronics OFF
According to Energy Star, the average household spends more than $100 each year on ‘phantom’ devices such as TVs often left in ‘sleep’ mode while we’re away from the house. While this may not seem like a huge saving, it may be 5 – 10% of your energy bill.
What is more, if more people jump on the bandwagon, the cumulative effect of energy-saving could have a larger impact on the environment, which is a win-win for everybody.
So the moral of the story: unplug / turn these off when you’re away – don’t just leave them in sleep mode!
12. Stock up on sale items at the grocery store
If some commodity is on sale, such as buy one get one free – you should stock up and buy at least two.
13. Cancel / Downgrade subscriptions
Go through your bank and credit card statements, or use an app which will do this for you such as mint.com and check if there are any subscriptions you’re no longer using. If you’ve been with a provider for a while, compare rates and see if you can get a better deal elsewhere.
14. Drink tap water
Instead of purchasing bottled water, invest in a water filter, which over time, will cost you far less. Not only this, but spending less on packaged drinks will benefit both your wallet and your health, since you’ll likely be ingesting less sugar and calories.
Don’t like plain water? Try adding a calorie-free sweetener, a slice of lemon, cucumber or your favourite fruit for an all-natural flavouring.
Bonus tip: Slice your fruit and store what you don’t need immediately in the freezer for later use!
