About 39% of Canadians under the age of 65 admit that they are struggling to meet all of their financial commitments. So if you are finding yourself in financial difficulty, you are not alone. Changes in employment, increasing monthly expenditure, and medical bills can all have a huge impact on your finances.
Thankfully, there are plenty of easy ways to save money fast. Some small changes to your daily routine can make all the difference to your long-term savings.
Looking to boost your savings and get out of the financial difficulty? Then you’re in the right place! Read on to find out our fifteen best money-saving tips.
1. Create a Budget
It is estimated 29% of Canadians say that they have never used a financial budget to keep on top of their money. So if you haven’t tried this money-saving tip, you’re in good company.
That said, it’s never too late to start. When putting together a budget you need to consider:
- Your income
- Your fixed outgoings (such as rent, mortgage payments, or utility bills)
- Your variable outgoings (such as the cost of groceries)
- Your long-term saving goals
Once you know how much you have to spend and how much you want to save, you can figure out your budget. This needs to be something that you can afford if it is going to be sustainable.
2. Use a Cash Envelope to Stick to Your Budget
If you are struggling to stick to your budget, using a weekly cash envelope can help.
This involves taking out a set amount of cash each week and not using your card. That way you can see exactly how much you are spending and how much you have left.
Visualizing this can make sticking to your budget much easier.
3. Cut Down on Expenses
Obviously, some expenses are unavoidable. Of course, you have to pay your rent and utility bills. However, it is possible to be more flexible with other expenses.
For example, cutting out buying a coffee from your local coffee shop could save you a lot. The majority of Canadians still buy their coffee instead of making it at home and this costs an average of $1,683 each year. So cutting out this sort of expense could save you a lot of money.
You might also want to consider switching to cheaper gas, internet, and cell phone suppliers. Choosing where you shop and switching to own-brand groceries can also help you to save on your home spending.
4. Return Items You Aren’t Using
If you have recently made purchases that you don’t need, you might want to consider returning these.
This often doesn’t seem like the most important thing when you are trying to save money. That said, taking the time to make these returns is a great way to make back some money fast.
You might also want to consider returning items that you could buy more cheaply elsewhere.
5. Sell Unused Items
Having a clear out isn’t just a great way to declutter your home, it could also make you some money.
There are loads of great places to help you sell things online, such as Facebook Marketplace and Gumtree. For more specific items, like clothing, apps like Vinted and Depop can be great.
Getting good photos and providing plenty of information will help you sell your items as quickly as possible.
6. Set Up an Automatic Payment Plan
One of the best ways to save money is to look for alternatives for your spending. While your utility bills are a given, making automatic payments can save you some money.
This might seem like a minor saving. For example, you might save $2 a month by automating your bill. However, if you do this for a long period of time across your bills, you’ll quickly notice a difference.
7. Research Hidden Bank Fees
Understanding exactly what you’re spending and where can really help when it comes to how to save money. This is why it’s a good idea to look closely at what you’re being charged by your bank.
If you notice any hidden admin fees on your bank account, it is worth contacting them as soon as possible. Most banks will waive these fees when challenged so it’s worth taking the time to do this.
8. Consider Switching Banks
Checking for hidden fees is only one of our tips for saving money that involves your banking situation. Switching banks could actually make you some cash fast!
This is because a lot of banks offer cash incentives to new customers. They might also offer you free subscriptions and other perks that will save you money elsewhere. Have a shop around to find the best deal for you.
9. Adjust Your Saving Contributions
Saving over the long term is one of the best things you can do to ensure financial stability. This is why a lot of people create retirement, emergency, and college funds.
However, if things are becoming a little tight, you might want to consider adjusting how much you pay into each of these pots. This is something to decide when drawing up your budget.
You should try to be honest with yourself about whether or not this is necessary. Ideally, try to find other places to save before adjusting your long-term goals.
10. Embrace Coupons
Looking for discount opportunities and coupons is a great way to save money on your household shopping.
Traditionally, coupons came in newspapers or magazines. However, now it is easy to find cheap deals and discounts online and on apps. It is definitely worth looking into this if you are struggling financially.
11. Cut Out Unnecessary Subscriptions
Almost 67% of Canadians have a subscription to at least one streaming service, such as Amazon Prime, Netflix, or Disney+. On top of this, you might have a subscription to an audio streaming service or for your favorite magazine.
While you don’t have to turn your life upside down, it might be worth assessing which of these you use the most. Canceling or pausing a subscription is a quick way to save money and you can always sign up again in the future.
12. Consider Getting a Roommate
Rent or mortgage payments are a huge outgoing for most people in Canada. Unfortunately, for the majority of people, these are unavoidable living costs.
However, you can reduce your living costs by getting a roommate or lodger. This can reduce your rent significantly or provide some extra income to help.
If you are renting, it is important that you do this in line with your rental agreement. Violating this could leave both of you in hot water.
13. Try Out a No-Spend Challenge
You might already be familiar with No-Spend challenges. If not, these involve you making a list of essential items that you need to survive. Then it is very simple — if an item isn’t on your list you cannot buy it.
This doesn’t sound like a lot of fun (it isn’t) but it can really help you get on top of your spending habits. It can also help you rethink which items you really need on a daily basis, which can reduce spending in the future.
14. Be Kind to Yourself
It is important to note that you need to be kind to yourself when you are trying to save.
This will help you to create healthy spending habits that are sustainable. It can also reduce the stress of your financial situation. Bear this in mind when you are putting together your budget.
For example, socializing can often feel like an unnecessary expense. However, it won’t benefit your emotional well-being to cut this out altogether. Instead, look for ways of doing the things you enjoy more cheaply rather than banning them completely.
This can really help you stick to a budget in the long run. It also means that you won’t go wild when you do have more to spend!
15. Focus on Long-Term Goals
Saving money is a lot easier if you can focus on exactly what you’re saving for. This can help you to calculate and keep on track with your budget.
Your long-term goals will vary depending on your financial situation. If you’re struggling with debt then this should be paying off your loans. Start with your smallest and get these ticked off first.
Once you’re out of debt, you can focus on saving up an emergency fund or creating other future saving pots.
Keep These Easy Ways to Save Money Fast in Mind
As you can see, when it comes to getting on top of your finances, there are plenty of easy ways to save money fast. Keeping these in mind will make all the difference to your financial future.
If you need immediate financial assistance, get in touch today to find out your loan options. We’re here to help.