Resetting your financial goals on a regular basis is a strategic and creative way to save money fast without having to change your lifestyle drastically. Not to mention, small changes each day will end up saving you a lot of money in the long run.
It doesn’t matter where you are on your financial journey. Whether you’re a student or you’re on a tight budget because of a small salary, there’s never a bad time to focus on saving money.
Here’s our list of the top 10 ways Canadians can save money each month – fast!
- Skip the Tim Hortons drive-thru
- Negotiate your credit card rates
- Get a winter tune-up
- Save your loonies and toonies for “splurge” days
- Shovel instead of snow blowing
- Find a carpool buddy
- Set-up “monthly repayment” options
- Shop seasonally
- Adjust the thermostat regularly
- Use free resources as entertainment
Skip the Tim Hortons drive-thru
Nothing says Canada like a classic double-double from everyone’s favourite coffee house. But statistically speaking, if you’re opting for the drive-thru five days a week, you’re spending at least $500 on coffees each year! Brewing your own joe in the morning could easily drop this sum to $100. Invest in a travel mug, brew coffee at home and sip it on your way to work.
Negotiate your credit card rates
Is your interest rate 18% or higher? If yes, many credit card companies will be willing to drop this rate for you especially if you’re willing to take your money elsewhere. Most Canadian credit card companies will also be willing to negotiate no annual fee — another awesome way to save a few pennies each year! Look for cards that offer lower rates for the first six months.
Get a winter tune-up
It may seem counterintuitive to suggest spending money to save money, but ensuring your vehicle is running at peak efficiency during the coldest months of the year will save you gas money. To get the best fuel mileage, ask your mechanic to check your wheel alignment, change your oil and look at your battery at least once a winter.
Save your loonies and toonies for “splurge” days
It’s easy to throw your coins in a tip jar, but in the long run, they add up! Take the “coin jar” approach to saving. Each time you have spare change, throw it in a glass jar. Once the jar’s full, roll it up and convert it into paper bills. According to The Globe and Mail, you can save up to $1,000 in less than a year with this approach.
Shovel instead of snow blowing
This is a tough one, considering nobody wants to spend additional time in below freezing temperatures if they don’t have to. But picking up the shovel can save you hundreds of dollars on gas each winter. If you do decide to invest in a snowblower, see if you can snow blow neighbours’ driveways for a small charge to offset the cost.
Find a carpool buddy
According to Statistics Canada, the average driver commutes 25 kilometres to work each day, adding up to an average of $1,800 on gas annually. Carpooling can split this cost in half!
Set-up “monthly repayment” options
We always suggesting setting up automatic repayment options when it’s available to you. Whether it be on credit cards, phone bills or subscription services — it will ensure you’re paying bills on time and increase your credit score. Not to mention, it takes another worry off your plate.
You don’t have to be a farmer to recognize what type of foods are in season where you live. Berries in the summer, apples in the fall and canned legumes in the winter are usually cheaper during their growing seasons. Plus, it feels festive to shop with the weather!
In the winter, shop for deals on canned goods. In the summer, visit farmers markets and find discount produce that can be made into salsas, jams and other preserves.
Adjust the thermostat regularly
Do you set your thermostat to a specific temperature and leave it there all season long? If so, Energy Star says you could be wasting upwards of $200 annually. Instead, change your thermostat setting anytime you leave your home for eight hours or more. There’s no need to heat or cool your home when you’re not in it, right?
Use free resources as entertainment
Having fun doesn’t necessarily mean spending money. There are many free resources available to Canadians that will make you feel fancy while not breaking the budget doing so. Here’s a few of our favourites:
- Take out a few good reads at the library
- Join a running club
- Visit a museum on one of its free admission evenings
Is your vehicle costing you more money than it should? Get in touch with the team at Birchwood Credit Solutions today to find out more about our fast and easy car loan application process. Our goal is to get you approved for car financing in Manitoba and into your dream car as quickly as possible. Car shopping doesn’t have to be an uncomfortable experience.
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