Money & Career
50 Tips For Saving Money Every Day
Photo by Emil Kalibradov, Unsplash
Money & Career
50 Tips For Saving Money Every Day
Finding it difficult to save money lately? Try these 50 tips to help get you one step closer to your budgeting goals.
Your monthly bank statement shows you where your money is going, but sometimes it’s still unbelievable. Expenses are piling up faster than ever these days and it can be difficult to put money aside for family activities, vacations, and savings goals.
Here are five categories of everyday spending where you can save money.
How to save money at the grocery store
- Check your weekly flyers and only shop at the stores with the best sales
- Menu plan around sale items
- Buy everyday products (like toilet paper and paper towels) in larger quantities
- Avoid prepared foods
- Store your produce properly so you aren’t wasting food (and $)
How to Save money in everyday life
- Pay your credit card balance in full every month
- Don’t withdraw money with a credit card
- Don’t make purchases that you cannot pay for in cash within 30 days
- Don’t go out with your credit cards and make your purchases in cash until your card balance is reduced to zero.
- Don’t accept credit cards offered to you
- Know your tax-deductible expenses (tuition fees or for physical and artistic activities, textbooks, public transport, etc.)
- Allocate your tax refund into an account dedicated to next year's school supplies or mortgage payments
- Shop for your children’s school supplies early to save big
- Make lunch at home
- Respect tax and payment deadlines
- Prepare your tax report yourself using tax software
- Split your income with your spouse to save tax
- Use a line of credit or a loan if you are unable to repay your unpaid taxes because the interest rate will be lower than that required by the tax authorities
- For your retirement, the earlier you start investing, the less you will need to contribute on a monthly basis
- Always pay your credit card balance
How to save money on your car
- Determine whether you should buy or rent a car or join a car-share program
- Make a list of needs before buying (number of passengers, mileage, new or used) a car
- Call your insurer to get a quote before purchasing or renting a car
- Learn how to save fuel by changing certain behaviours on the road
- Any time you need work done on your car, determine in advance with the mechanic what will be done and get a quote
How to spend less on vacation
- Travel light (if you’re flying, only take cabin baggage—you’ll save on checked baggage)
- After your next trip, write down what you didn't use for next time
- Avoid small money withdrawals abroad and systematically refuse automatic conversions into Canadian dollars
- Plan your vacation budget in advance
- Set a daily limit for spending
- Prepare a few meals for the journey to and from, and try to eat one meal at home every day
- Travel during shoulder seasons, avoiding school holidays—the prices will be better
- Book your flights as early as possible
How to save on your house
- Take the time to check whether it is better to rent or buy a property
- Define your needs before looking for a new property to invest in
- Wait two or three years to accumulate a higher down payment and lower interest and insurance when purchasing a property
- Bet on a smaller property that’s close to public transportation, sell the second car and pay off your house faster
- Pay off your credit cards in full before diving into buying real estate
- Get your loan pre-approved
- Don't buy a house at the very top of your budget—unplanned expenses always come up
- Have the property inspected
- Don't try to redo everything all at once if you need to make changes to your new property
- Shop for home insurance
- Before a contractor begins renovation work, require a detailed written contract
- When your contractor requires a deposit, make sure the amount is reasonable
- Establish a payment schedule in your contract based on the progress of the work and not on fixed dates
- Even if a new roof brings little return on resale, shingles in poor condition will put off buyers
- Repainting cornices, balconies, fences and even the facade pays off big compared to the effort and budget invested when you want to sell your house
- Never rely on short-term returns
- On the stock market, be wary of emotions: don't buy with enthusiasm and don't sell in panic
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