Research shows that 44% of Canadians under 64 years of age have less than $5,000 in their savings account. Many Canadians may not understand how to save money or think that building wealth is beyond their reach.
Saving money is an important aspect of everyday life. You may be saving money for retirement, buying a home or a new car, preparing for a baby, or a financial emergency.
So, how can you boost your financial health? Saving money doesn’t have to be a complicated process. Following these top 10 brilliant money-saving tips below is a good way to get started toward better financial intelligence.
1. Thrift Store Shop
Thrifting has become one of the top 10 brilliant money-saving tips for good reason. With a thrift store, you can find gently used secondhand clothing and housewares at a fraction of the cost if you were to buy them new.
Singer Macklemore made thrift stores and secondhand shops popular with his 2012 song “Thrift Shop.” Thrifting also helps save the environment by upcycling and reusing still-functional items that would otherwise be thrown out.
2. Cut Out Unnecessary Streaming Subscriptions
Streaming is a great way to stay up-to-date on all of your favorite shows. However, with so many different services to choose from, the monthly costs can get out of control.
One money-saving tactic you can use is examining all of your streaming service expenditures. If there are services you don’t use as often as others or if your favorite shows are on a lengthy hiatus, consider canceling or pausing these streaming subscriptions to save money in the interim.
3. Make Coffee at Home
In Canada, the average price for a cup of coffee is between $2.75 to $4.25. The price can vary based on the size and type of beverage ordered. It may not seem like a big deal, but over time, this expenditure can really add up.
If you order a $4.25 coffee 5 times per week, you’re racking up $21.25 in coffee alone each week or $85 per month. This works out to $1,020 per year. Making coffee at home can save you big in the long run.
4. Cook at Home
Dining out can be a fun treat now and then, but if you’re relying too heavily on eating out, you could also be eating into your savings. A study from the National Post found that Canadians spent 39% of their food budget dining out between January and March, effectively returning to pre-COVID spending levels.
And while dining out can offer menu variety and convenience, it’s important to learn how to save money. Cooking meals at home can save money by utilizing the groceries you already have on hand. It’s also a great way to bond with loved ones over a home-cooked meal.
5. Travel Smarter
Everyone can use a vacation once in a while to escape from the stresses of life. But traveling can sometimes cause more stress for you later on down the line when it comes to finances and money saving. Saving money on travel expenses can be easy and fun if you know what to do.
For example, choosing to travel during non-peak periods can save you big money in travel costs. You can also bring your own snacks to save on dining costs. You’ll enjoy your vacation a lot more if you know you’re saving money.
6. Comparison Shop
Comparison shopping is another one of the top 10 brilliant money-saving tips you can use. Oftentimes a particular item will be cheaper at one store than it is at another. By researching these price differences, you can save money, especially on larger or more expensive items.
Online shopping makes it easy to search different retailers for comparison shopping. You can also watch for sales and use coupons and promotion codes to save even more.
7. Learn to Curb Impulse Buys
Impulse purchases are items that are not considered to be necessities for living. Human psychology shows that when individuals are stressed out or depressed, they will buy items to get a small boost of the feel-good chemical dopamine in the brain.
But afterward, these purchases become unused or unnecessary junk. Impulse items also take their toll on your finances. So, while they may seem like a good idea at the time, it is best to wait to see if these items really are necessary or just a spur-of-the-moment want.
8. Negotiate Your Bills
If you’ve got bills piling up, you may think that there’s no way out. But in reality, you can try to negotiate many of your bills. This is one of the smartest and underutilized top 10 brilliant money-saving tips.
Everything from medical bills to satellite and cable TV bills can be negotiated if you’re willing to do some work. Negotiate bills for loyalty discounts and promotions. Even overdue bills can be negotiated down to a fraction of the original amount owed to pay off bill collectors.
9. Use Cash Instead of Credit Cards
Credit cards offer convenience, but they also lend themselves to excess spending. If you don’t have the money on hand to make purchases, you’ll simply put it on a credit card to deal with later on. But relying heavily on cards means you’re likely overspending and incurring high-interest rates.
Utilizing cash provides more accountability. If you don’t have the cash on hand, you will have to think more carefully about your spending habits. You can also use a pre-paid card with a pre-loaded balance to help limit your spending.
10. Create a Budget and Stick to It
Budgeting is not fun, but it is necessary to maintain good financial health. Budget planning involves tracking your spending and analyzing where you are spending the majority of your money. You will then need to come up with a plan for smarter money management in the future.
Budgeting also includes setting aside a certain portion of money each month to build up a healthy savings account.
Explore More Top 10 Brilliant Money-Saving Tips with Credito Canada Today
By implementing these top 10 brilliant money-saving tips into your life, you can improve your financial intelligence for the better. Credito Canada is here for you with informative blogs and financial resources to make money-saving easy.
We also offer easy-to-use money lending services for fast, no-credit-check cash loans of $500-$750 in Canada with flexible repayment. If you’re ready to take control of your financial health or are interested in building wealth, contact Credito today.
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