How to save money in your day-to-day life?
1. Avoid impulse purchases – take the time to think it through and make a personal budget. Wait 24 hours or a few days before making a purchase. This will help you distinguish between your wants and your needs, put spending limits in place and make it easier to consume responsibly.
2. Reduce your utility bills by adopting good habits. Heating accounts for most of your electricity costs. If you’re leaving for the day, turn down the thermostat by a few degrees (you can do the same thing at night). Smart thermostats are also a good investment.
Good to know: Your water heater can consume up to 20% of your annual electricity bill. Reduce your energy costs by washing your clothes in cold water with a detergent formulated for this purpose.
3. Buy house brands. They’re cheaper than well-known brands and often just as high quality.
4. For renovation projects, rent the tools that you won’t be using very often. Not only is it more economical, it also means less clutter in your home.
5. Make your coffee at home rather than buying it at a coffee shop. It doesn’t take much effort and you’ll save money without even realizing it.
How to save money at the grocery store?
6. Go grocery shopping after a meal or have a snack just before – people who go to the supermarket on an empty stomach tend to buy more.
7. Make a monthly budget and prepare your shopping list by browsing online flyers for discounts. Some apps can also do the work for you and suggest the best buys.
8. Compare prices by weight to find the best price/quantity value. This information can be found on the labels displayed on supermarket shelves and is very handy for comparing products.
9. Don’t buy prepared products. Pre-cut vegetables or grated cheese cost a lot more. Get out your knives and grater and start saving!
10. Reduce your meat consumption. Meat is expensive. Start with one or two meat-free meals a week and gradually replace it with plant proteins such as beans and other legumes.
How to save money on transportation?
11. Travel by bike whenever possible. This is a great way to save on transportation costs and get some exercise while you’re at it. If you don’t own a bike, bike-sharing is available in certain towns and cities.
Pro tip: Find you’re using your vehicle less often? Notify your insurance provider and your car insurance premium could be reduced.
12. Ride with other people. Whether it means using public transit or carpooling with coworkers, it’s more responsible and economical than driving alone. You could also try car-sharing applications, which allow drivers to pick up additional passengers.
13. Before buying a car, use an online comparison tool to find a less expensive model. What about a hybrid or electric vehicle? They’re more expensive to buy, but you’ll save on gas in the long run.
14. Slow down to reduce your fuel consumption. Did you know that driving at 100 km/h on the highway instead of 120 km/h saves fuel? Try applying other principles of fuel-efficient driving – avoiding sudden acceleration or easing off the gas pedal to slow down instead of using your brakes – and you’ll start to see positive effects on your gas costs.
How to save money on internet, TV and cell phone bills?
15. Review your bills to see if you’re paying for unnecessary services. Do you really need all those TV channels and streaming services? Getting rid of the ones you only use occasionally could save you tens of dollars every month. You could also subscribe to different platforms on a rotating basis.
Pro tip: If you spend a lot of time at home using Wi-Fi, chances are your mobile data needs are lower. Check out the details of your cell phone plan to see if another one might be better for you.
16. Renegotiate your cell phone plan regularly. Sometimes all you have to do is ask for a discount and they’ll give it to you.
17. Buy a second-hand cell phone or keep your current one for as long as possible. New phones are very expensive. Resist the temptation to upgrade to the latest version and keep the one you have for longer. You could also find a used phone at a fraction of the price online.
18. Bundle your services. By combining your internet, telephone and TV subscriptions into a single bill with one provider, you could save a lot of money.
How to save money on your kids’ expenses?
19. Give homemade gifts or second-hand toys. Not only is it good for your wallet, it’s also good for the planet.
20. Buy clothes at thrift stores. Kids grow up fast, so why buy new clothes when they’ll only be worn for a few months? Whether you go to a second-hand clothing store or thrift store online, you’ll find pieces for much less.
21. Rent your sports equipment. A number of specialty stores offer inexpensive year-round rentals and will even give you credit in exchange for equipment your kids have outgrown.
22. Contribute to a Registered Education Savings Plan (RESP). The money set aside will grow tax-free, plus you’ll also be eligible for government grants, which will reduce the cost of your child’s post-secondary education.
To learn more
Want to learn more about managing your
family’s expenses? Check out our article: Household
budget planning: indispensable tips.
How to save money when you’re in school?
23. Buy used textbooks. Many academic institutions organize used book sales on their social networks or discussion forums, and school book stores will often buy your used books. You could also opt for digital versions of textbooks, which are generally less expensive than the paper versions.
24. Take advantage of student discounts. Thanks to your student status, you may be able to get discounts or special rates on various products and services. Don’t forget to keep your student card on you!
25. Avoid getting takeout meals and limit your restaurant outings. These bills add up quickly, so try hosting dinners with friends at home. You could also cook in larger quantities – it’s more economical – and freeze the extra portions.
26. Take advantage of free activities. Many cities and towns offer free shows, exhibitions and cultural activities. It’s easy to have fun without spending a fortune!
27. Claim your student tax credits. This credit is equivalent to 15% of your annual tuition fees at the federal level and 8% at the provincial level. When you file your income tax return, don’t forget to claim the interest paid on your student loan, if you have one.
Example: A student who pays $3,000 in tuition fees can earn up to $450 in credits.
28. Plan a budget for your first apartment if you’re thinking of moving out of your family home. This will help you better manage your housing costs.
29. Learn about scholarships and student loans. Don’t have enough savings or money in your RESP to finance your studies? Explore scholarship options for your program or province. Alternatively, a student loan may be a good solution. It’s still a loan, but the interest rate is relatively low.
30. Choose the right banking package. No need to pay fees – if you’re between the ages of 18 and 24, The Connected® chequing account is available for $0/month.
How to save money on travel?
31. Support local tourism and go on adventures in your own province. You don’t have to spend money flying overseas to experience your dream vacation.
32. Set up alerts on different airfare sites. You’ll be notified when there’s a price drop on tickets you’re interested in.
33. Try a home exchange. There are several platforms where you can swap accommodation with someone in a destination that interests you. If you’re after something a little more adventurous, couch surfing – free accommodation with locals – is also an option.
34. Change your cell phone plan or get a local SIM card. To avoid roaming charges and high bills when visiting another province or country, review different options with your provider. Some packages offer more attractive travel rates and service fees. Alternatively, you could buy an eSIM card online that works for the region you’re visiting. This will give you access to data – and sometimes text messages and phone calls – for a fraction of the price.
35. Be flexible with your travel dates. Consider different options, as moving the departure or return date by even a few days can have a big impact on the price.
To learn more
For more tips on how to save money when travelling, check out
our article: How
to make a travel budget.
How to save money on financial services and taxes?
36. Save money with accelerated mortgage payments. By accelerating your mortgage payments, you could save thousands of dollars in interest. Our payment calculator will help you figure out the best plan.
Good to know: By paying an additional $2,000 per year on a $300,000 mortgage, at a fixed rate of 5% amortized over 25 years, you’ll pay $41,252 less in total interest. You’ll also pay off your mortgage sooner than expected.
37. Pay off your credit cards in full every month – you could end up paying a lot in interest otherwise (link to external site). A $2,000 purchase at 20% interest will cost you $4,240 if you only cover the minimum monthly payments. That’s more than double!
38. Shop around for home and car insurance whenever you renew a policy. Premiums vary widely from one insurer to another. Do your homework before you renew and shop around. You could also reduce your premium by bundling all your policies with the same insurance company.
39. Take advantage of your employer’s pension plan. These plans are usually worthwhile because your employer contributes to them too. A group RRSP in which your employer makes additional contributions is another great option.
40. Split your pension income with your spouse. If you’re retired, consider splitting your pension income. This means allocating a portion of your income to your partner to maximize your tax efficiency: if you have the higher income, moving to a lower tax bracket will mean you’ll pay less tax as a couple. Age requirements may vary from province to province, so it’s worth reading up more.
There are plenty of ways to save without sacrificing too much. Start with the tips that seem easiest to adopt today, and use that money to set up a systematic savings plan. Remember: little by little, a little becomes a lot. The sooner you start, the sooner you can carry out projects that are close to your heart.
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