35 Tips to Save Money and Optimize Your Budget
Has your financial situation changed? Has your income declined? Do you want to save for a project that is important to you? Now is the perfect time to review your budget, even if it means adopting new habits to save money. Here are 35 tips to reduce your expenses, without suffering too much, and have extra dollars in your pocket.
Save on a daily basis
1. Avoid impulse buying by taking the time to think. Wait 24 hours or even a week before buying. This will help you put your needs into perspective. For example, you can allow 24 hours or even a week to pass before making your purchase to put your needs into perspective and consume responsibly.
2. Reduce your electricity bill by applying the good habits of Hydro-Québec. For example, did you know that washing your clothes in hot water can cost up to 18 times more than washing them in cold water?
3. Buy private labels, they are cheaper than the big brands and often of just as good quality.
4. For your home improvement projects, rent tools that you won't use often. It's more economical and you won't clutter up your space unnecessarily.
5. Your morning coffee is now taken at home? You save without even realizing it. Set aside the amount spent weekly at the café to complete a project.
Save at the grocery store
6. Shop for groceries after a meal or grab a snack right before. Going on an empty stomach would encourage spending more. And prepare a list to avoid impulse buying.
7. Plan a budget and a shopping list by checking online flyers to spot deals. You can even use apps like Flipp or Reebee.
8. Look at the top and bottom shelves of the shelves in the grocery store. The cheapest products are often placed there.
9. To find the most economical size, compare prices by quantity by looking at the labels on the shelves.
10. Prepare your own fruits and vegetables. Already assembled snacks can cost double the price of unprepared foods.
11. Cut down on your meat consumption to save on your grocery bill. Why not start with one or two meatless meals a week?
Save on transport
12. Get around by bike. This is a convenient way to save on gasoline costs while playing sports. Let your insurer know that you use your car less often and you could save money.
13. You can not do without a vehicle for your trips? Bet on a used car and you will avoid depreciation. If not, have you thought about a hybrid vehicle? You will save on gasoline.
14. Before buying a car, use the CAA calculator to find a cheaper vehicle.
15. To reduce your gas bill, take a step back. Driving at 100 km/h on the highway, instead of 120 km/h, reduces fuel consumption by 20%, according to the CAA.
Save on the Internet, TV and cellphones
16. Analyze your usage patterns to see if you are paying for the superfluous. Do you spend more time at home? Chances are, you're spending less on cellular data. You could change your mobile plan to better suit your new daily life.
17. Consider renegotiating your package. Competition is so fierce in telecommunications that sometimes it is enough to ask for a discount on your plans to be granted. Shop the plans according to your actual usage patterns, think about discounted providers, or get a second-hand device.
18. Consolidate your Internet, telephone and television services. This will allow you to save money.
Save on expenses for children
19. Limit the number of gifts to birthdays and holidays. Give homemade gifts or second hand items. It's good for the wallet and for the planet.
20. Buy your children's clothes from thrift stores. Several second-hand shops are accessible online. You will find durable parts here at a fraction of the cost.
21. Buying used hockey or ski equipment will save you big money. Some specialty stores even offer credit for your undersized sporting goods.
22. By contributing to a Registered Education Savings Plan (RESP), you could get up to $ 10,800 in government grants for your child's future education.
23. Several CEGEPs and universities organize used book sales at the start of the semester. It is possible to get between 25% and 50% off the base price. Finds can also be found on social media or in school discussion forums. It is a good way to save on student expenses.
Save on travel
24. Rather than flying across the Atlantic and spending on lodging, you could encourage local tourism and go on an adventure in your own province.
25. You might find free accommodation for your next vacation. Visit sites like Trocmaison.com or Home for Exchange to follow the latest developments.
26. If you are visiting another province or country, see if you should change your phone plan to avoid receiving a hefty bill when you return.
27. Shopping for your vacation? Being flexible with your travel dates could save you money. Analyze different dates for your accommodation. Leaving a few days before or after the anticipated date could prove to be less expensive.
Save on outings
28. Several cities offer free cultural activities, such as conferences, shows and museum visits… online. A great way to have fun at a fraction of the cost.
29. Host picnics at the park rather than ordering food online. It's much nicer and it's a great way to enjoy the summer. In addition, you will avoid food waste.
Save on financial services and taxes
30. Are you starting to have good savings habits? An accelerated mortgage payment could save you tens of thousands of dollars. For example, by making an additional payment of $ 2,000 per year on a mortgage of $ 300,000, at a fixed rate of 5% amortized over 25 years, you will pay a total of $ 41,252 less in interest and you pay off your mortgage sooner than expected.
31. Try to pay off the full balance of your credit cards each month. Otherwise, watch out for interest : a purchase of $ 2,000 at 20% is $ 4,240 if you only make the minimum monthly payment due.
32. Give preference to your bank's automatic teller machines by planning your withdrawals to avoid fees for each transaction.
33. Whether you really need to spend on insurance policies, the answer is yes. Auto, home and civil liability protections are often necessary to avoid many worries. On the other hand, nothing prevents you from shopping for your auto and home insurance with each renewal. Premiums vary a lot from one insurer to another. In some cases, you could reduce your premium by consolidating all your insurance with the same insurer.
34. Consider participating in the pension plan for which your employer pays an additional amount. You will contribute more and this is usually very beneficial.
35. If you are in a relationship and one of you is retired, you may be able to split your pension income to pay less tax. This tax operation consists of transferring (on paper) part of the retirement income of the spouse with the highest income to the other spouse. If the more affluent person moves to a lower tax bracket, your couple will pay less tax.
