Saving money when you don’t feel like you have a lot to spare can be tricky. Luckily, there are lots of easy ways for you to make small changes and reduce your spending so that you’ll see big rewards down the road. Here are 5 tips to help you learn how to save money today.
1. Get rid of cable.
How much do you actually watch? If you’re spending most of your TV time on Netflix, maybe it’s time to consider giving up cable for good. Chances are you won’t miss it as much as you may think. According to a CRTC report from 2016, the average cost of cable for Canadians is $66 a month. That works out to be a savings of close to $800 in just one year.
2. Check your phone plan & renegotiate.
It’s easy to get comfortable with your mobile phone plan for a long time, and then forget what you’re paying for and how much it gets you. It’s a good idea to take a closer look at your plan, see what your service provider is currently offering customers, and renegotiate for something cheaper, or possibly even switch to a new provider.
3. Drive smarter.
On average, households spend 15% of their budget on personal transportation. One way to save money in this area is to participate in the Smart Drive Challenge—a completely free online program that teaches you how to save fuel, so you can save money and reduce your emissions. When you sign up, you get real tips on making your car more efficient and how to save up to 25% on your fuel costs. Plus, they give you the chance to win cash prizes. The neat thing is, transportation can have a significant impact on both our finances and climate change. So, you won’t be just saving money when you sign up and participate in the challenge, you’ll also help reduce greenhouse gas emissions and reduce your environmental impact (while still getting from point A to point B).
4. Plan your meals.
It may not sound like it directly results in saving money, but meal-planning actually can help you save. You’ll also likely eat healthier and create less food waste. When you head to the grocery store with a shopping list with only the things you’ll need for meals, you’ll avoid extra costly impulse buys (that may just be wasted anyway). And you won’t spend extra on food that spoils before you have a chance to use it. It’s a simple, small change that can be very powerful.
5. Dine out one less time each month.
It’s not realistic to say you should never do things you enjoy when you’re trying to save money. But cutting back can definitely help. If you keep track of how much you spend on dining out or takeout, you might be shocked at how much you’re spending. Try keeping track of your spending in this area—and cut back just one meal per month to see how much the money can add up.
Those are just five ways—let us know in the comments how else you save money. We’d love to hear from you!
Thanks to Scout Environmental for partnering with us on this informative post! The opinions in this article are our own