Are you all about the money? Are you a Canadian that wants to figure out how to put more of your savings into your bank account but you do not know where to begin?
During the last year, the world has shown us that it can be unpredictable and that it is important to have a financial safety net for unexpected times.
Some of you may have taken advantage of staying home and actually saved money during the pandemic. Others may want to jump on the bandwagon.
Either way, you can always try to save money and increase your bank account. But, how do you do that?
It is easier than you think. Here are some of the best ways to save money.
Live In a Cheaper Area
This is the obvious one. A large chunk of your cost of living expenses can be reduced by moving to a cheaper area.
Understandably, that may not be possible for everybody, as plenty of people still work in brick and mortar buildings. But, for those of you that work remotely and do not have much holding you in your current area, this could be worth a look.
The most expensive areas to rent in the country are by far Vancouver and Toronto. In fact, the Top 12 cities with the highest rent are all either in British Columbia or Ontario!
Career, family, or just love of the area may be keeping you in those areas, but if you have the opportunity to move, it is worth a serious look at other provinces like Alberta and Newfoundland.
Those two provinces have cities like St. John’s and Grand Prairie that average about 1,000 C$ less rent than Toronto and around 1,200 C$ than Vancouver!
A cheaper area with a remote income can free up a lot of money for you to save or put to better use.
Limit Eating and Drinking Out
One of the most underrated expenses that can add up is eating out. You may want to go out on a date once in a while or catch up with your friends, especially after spending a year mostly in your own homes.
But, eating out can add up. There are the appealing cocktails, an appetizer or two for the table, the main course that can be sizeable like a steak, and even some nice dessert.
Add that all up, you might be looking at a triple-digit bill per person. If you do that once a year or once every few months, it might not be the end of the world.
However, once a week or multiple times a week, the costs add up.
Instead, eat at home and maybe invite your friends over for a home-cooked meal. Groceries already cost about what two decent dinners would in a month and there are great tips to save more money there.
The same applies to drinks too. Obviously, the best way to save there would be to cut alcohol out completely.
But, a good alternative would be to just not go out to the bars and clubs (when they are open) and get something at your local liquor store once in a while instead.
These two things can save you a couple of hundred dollars per month.
Cut Cable
With the popularity of streaming services increasing year after year, more and more questions begin to arise about the purpose of cable. A decent amount of people have already taken action and unplugged cable.
One of the easy ways to save money is to unplug from cable, especially if you have a premium package. Having one with all of the sports and movie channels included can run you a couple of hundred dollars.
If you stick to one or two streaming services, you can still have some series and movie entertainment for about a quarter of the price.
Per month, this seems like a small and minor expense to cut. But, over the course of a year, this is the type of money-saving tip that can save you well over 1,000 C$.
The future is already heading towards streaming and some argue that the only real grasps cable has left are live sports and breaking news. So, you might as well try to save a few bucks unless you are an avid sports fan.
Get Out of Debt
One of the most important things you can do to have a good financial future is to pay off your debts. Some of you may be lucky enough not to have any, but for those who do, the interest bills can REALLY add up.
The worst part of paying interest on debt is that you are essentially paying for something that you never owned in the first place. Plus, the longer you take to pay it off, the more interest gets added on in what could be a neverending cycle.
There are guides that can help you to specifically escape debt and come up with a plan to come out on the other side. But, one big tip for this would be to put this as your biggest priority to pay off every week, every month, or whenever you have extra cash.
The faster that you can pay off your debt, the less interest you pay. That means even more money back in your pocket and that is money that you can not only put back in your bank account but use to invest in other aspects of your life.
Avoid the New Hot Item
If you are looking at your savings account right now and you do not feel like there is enough money in it, take a look at what you have around you. Take a look at what you are holding and wearing.
Over time, everything you have and everything you wear has added up to a tremendous cost. What about the shirt you just had to have in the store? Do you wear that more than once?
The brand new sneakers, the earrings, the watches, the purses, the shirts, the skirts, the jeans, the suits, and more are all clothes that can add up to hundreds or even thousands of dollars if enough time passes. In the most extreme cases, it can even be in one outing.
Phone companies like Samsung and Apple are always encouraging you to buy a new cellphone every year or two. And you may look at a new camera, laptop, and game console every few years.
These are all expenses that can add up to thousands of dollars a year. The best course of action to prevent this is to make a strict budget of how much you are willing to spend on material items.
Ask yourself if you need the new phone or game console as soon as it comes out? Do you need every pair of sneakers, every watch, every purse, or every skirt? Make a budget and be willing to make sacrifices.
Find Free Hobbies
The easiest way to kill time and save money is to find activities that are free or near free. A great way of taking advantage of this is to explore nature.
Canada is the second biggest country in the world, so it has a lot of land to explore along with 48 national parks. With just the national parks alone, you can spend a lot of time road tripping and chasing the natural sights of Canada.
Of course, there are cheap entry fees there and its own expenses to drive there, but it still is generally a lot less money than say a trip to Toronto seeing a Maple Leafs game.
National parks are not the only budget-friendly hobby you can do. There are beaches along the east and west coasts to enjoy as well as some of the most beautiful lakes in the world. If you drive up far enough north, you may even be able to chase the Northern Lights in the winter.
Canada is a vast country with a lot of open land for outdoor enthusiasts. You usually do not need much, if any money to enjoy activities surrounding nature like hiking, camping, going to the beach, and more.
Save Money Today
Sometimes, life gets in the way. That has certainly happened a lot the past year and a half.
If you have found yourself needing a couple of bucks to get back on track, contact us about a loan request or a loan renewal that can help you save money in the long run.
For people who need loans within 24 hours, call the toll-free number at 1-888-834-0679, or email [email protected].
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