10 Creative Ways to Save Money

By on June 3, 2021 No Comments
Outside the box ways to save money

Life is expensive, which makes finding creative ways to save money more important than ever. With expensive cities like Toronto, Victoria and Vancouver, it’s easy to fall into debt. Rent, utilities, transportation, taxes, mortgages, groceries, hobbies, nights out, and other activities add up!

Luckily, there are so many ways for you to save hundreds of dollars a month. Check out these creative ways to save money:

1. Put Extra Thought Into Your Grocery List

It’s easy to make impulse purchases when you’re hungry. It’s always a good idea to go to the grocery store with a full stomach.

Additionally, consider preparing a grocery list for each trip. This helps you stay on track and avoid spending money on junk food. It also helps you plan your meals. By sticking to a list, you can save tons of money at the grocery store.

2. Evaluate Subscriptions

If you take a look at your credit card statements each month, you may find a few subscriptions charging you monthly. It’s also likely that you probably don’t use each subscription often enough to warrant paying for it.

Common subscriptions include Netflix, Spotify, Apple Music, Amazon Prime, Crave TV, and special memberships for food delivery services like Uber. Do you really need both Crave TV and Netflix? You can save a few dollars each month by cancelling at least one streaming service.

3. Automate Savings

It’s easier said than done to put away 20% of your paycheque into savings. But if that 20% were automatically deposited into a savings account, you might find it easier. Automating savings is a great way to keep yourself accountable.

You can also decide on various savings accounts. Some allow you to earn cash in interest if you set the money aside for an agreed-upon amount of time.

4. Drink Coffee at Home

Buying coffee each morning could require $100 or more out of your budget each month. Those $2-3 coffees add up! Consider brewing coffee at home and buying a nice thermostat to carry your coffee into work.

5. Workout at Home

Gym memberships are a healthy way to spend your money, but you don’t really need gyms to work out. You can work out from your own home by watching personal trainers on youtube and Instagram for free. Even if you purchase a few weights, the cost is still much lower than a monthly gym membership.

6. Create a Budget

Unfortunately, only about half of Canadians have a budget. However, budgeting is one of the most important steps you can take to manage and save. your money. There are plenty of digital tools to help you budget each month.

Additionally, it’s important to adjust your budget as your financial scenario changes. If you make more money in one month, put more into your savings account.

7. Pay Debt Strategically

Everyone has some form of debt, whether it’s student loans, credit card debt, or other forms of debt. Debt comes with interest, which means more money you need to spend each month. Prioritize paying off your debts with the highest interest rates. You tackle debt and save money in high-interest payments that you don’t have to pay now.

8. Enjoy the Free Things In Life

Start cutting out expensive hobbies like going out to bars or impulse shopping online. There are so many free things to spend time doing. Visit a local library to borrow a book. Have a picnic in the park instead of in a fancy restaurant.

Go for a hike instead of hitting the bar. By changing some of your habits, you can discover new things and save a lot of money.

9. Get Comfortable Negotiating

Negotiating is uncomfortable, but it’s an important skill to have to succeed. Knowing your worth helps you negotiate a salary or rate you’re happy with, and helps you earn more money. Similarly, you can negotiate the price of some of your purchases to save money as well.

If you’re buying a new phone on Kijiji, consider haggling the price. If you’re a frequent customer anywhere, inquire about any loyalty or reward programs. You never know until you ask.

10. Compare Rates for Everything

In business, competition is everywhere. For any product or service you need, there’s certainly another provider offering the same thing.

Shop around and compare rates. Review phone plans, internet providers, and so on. Making judgement calls is essential, but it’s good to have a general sense of the market.

Final Thoughts

While life is indeed expensive, there are savings opportunities everywhere. With a few subtle lifestyle changes, you can save a ton of money every month. If you’re struggling with debt, consider talking to a credit counsellor.



The difference in credit cousnelling vs consumer proposal

Credit Counselling vs Consumer Proposal

By Joe Torraca on September 15, 2021

According to Statistics Canada, only 30.2% of Canadians are living debt-free. The remaining 69.8% owe about $79,000 per household in total debts. Debt can be overwhelming, particularly if the debt owed is so great that you can’t afford each monthly payment and you’re getting collection calls from creditors. Fortunately, bankruptcy is not the only option. Debt…

jar of coins for emergency funds and rainy day savings

The Importance Of Emergency Funds For Financial Security

By on September 14, 2021

The ultimate goal of emergency funds is to have a chunk of easily accessible money that acts as a stabilizer for your entire life. Having a safety net can turn unexpected expenses into slight hiccups. It’s no surprise that many Canadians are within $200 of being unable to cover their bills. What would you do…

A couple shopping and reducing their food budget

How to Reduce your Food Budget

By on September 8, 2021

Savvy shoppers are always looking for valid food budget tips. And who could blame them? According to Canada’s Food Price Report 2021, annual food expenditure could go up by as much as $695 compared to 2020. If you are in debt, consider some ways you can stretch your food budget to put extra money towards what…

man finding out his mortgage is not approved

What if my mortgage is not approved?

By on August 23, 2021

It’s devastating news to hear: the application for your mortgage is not approved. Whether it was for a new home purchase, a refinance, or a renewal, mortgage loan forgiveness can leave you scrambling for alternatives. Not getting approval for a mortgage happens frequently. According to the CMHC’s Residential Mortgage Industry Report, the approval rate for mortgages…

No Comments Leave a Comment  

Leave a Comment

Free Savings Estimate

How much do you owe?


Live Chat
Welcome to our Live Chat
Agents are not available at this time. Please leave a message. Thank you.
First Name
Last Name
Postal Code
Debt Amount
PHP Live! powered