Learn ways to save money without upending your life. When it comes to vehicle financing, a down payment isn’t a requirement but it’s a great way to boost your chances of approval and ensure lower monthly payments.
However, when disposable income is hard to come by, a short-term savings goal for something like a down payment can feel like an uphill battle. That’s why we compiled a list of tips for you to save money without radically changing your lifestyle:
Is it time to say goodbye to cable? A growing number of cord-cutters are finding easy ways to save by leaning heavily on streaming services for their home entertainment needs. With Netflix, Amazon Prime Video, and other streaming sites, you get access to massive catalogues of movie and TV content that you can watch when and how you want. Even apps like DAZN are starting to emerge with live streaming of all your favourite sports.
Subscription fees for these services usually work out cheaper than your standard cable plan. It might be time to make some quick comparisons to see how much you could save without cable.
Learn to be a master meal prepper. Instead of buying your lunch, pack it. You might not want to think about it, but a $7 sandwich here and a $12 burrito there can seriously add up. It might be time to invest in a good apron and Tupperware.Let’s do some quick math:
If you pack your lunch instead of buying it, you could save around $12 dollars a day. If you work five days a week, you’ll save $60 every week! In a month, those savings add up to $240, and in a year, that’s $2880! That’s enough for a down payment right there; you can probably stop reading now.
Have a landline? Is there anything you can do with it that you can’t do on your smartphone? No? Cancel it!
Next, take a look at your smartphone bill and figure out which parts of it are causing costs to skyrocket. Are you making a lot of long-distance calls? If so, consider switching to a Canada-wide plan. Are you going over your monthly data limit? Purchase a plan that extends your data allowance, or download an app that monitors usage and sends notifications when you’re teetering on the brink of your limits.
Furthermore, you could call your provider and ask for discounts. Tell them that you’re looking for ways to cut costs and ask them if they can help. In such a competitive market, they don’t want to lose you as a customer. If they can help you, they will.
It’s easy to forget when bills are due every month. But forgetting to pay bills can lead to needless fees and can even negatively impact your credit score. If you’re guilty of losing track of bill payment due dates, start using a calendar to keep track of things.
Gmail offers an easy-to-use calendar that’s free through their email accounts. Keeping track of payments is a great way to avoid additional fees and keep a healthy credit score.
Set up your online banking to automatically transfer a portion of your paycheque into a savings account. Automatic savings mean you don’t even have to think about how much to contribute to your savings goals every month. You’ve already made the decision to pay yourself first.
We’re not just talking about cars here.
From clothes to furniture, the internet has made it easier than ever to acquire high-quality pre-owned goods. Even without things like Facebook Marketplace, Kajiji, and Craigslist, trendy consignment shops and thrift stores have completely altered society’s perception of shopping pre-owned. And when you buy secondhand, you don’t need to worry about sales tax either!
At the other end, these platforms, channels, and establishments have made it easy to advertise and sell valuable used goods with ease. So if you have an attic, basement, or closet filled with old, discarded treasures, you might want to rummage around to see if you have any nifty bric-a-brac that can earn you some extra cash.
Most retailers offer rewards programs and deals through their online outreach. From grocery shopping to your morning coffee, it’s easy to find ways to save when you sign up for rewards programs for frequently used products and services.
Speaking of tax savings, it’s worth the effort to become a bit of a tax expert if you’re not already. Some people cringe at the thought of learning about tax, but it really isn’t that difficult, and understanding your potential entitlements is a worthy investment of time and energy. You could be missing out on hundreds of dollars every year!
If you already own a car and your credit score has improved, you could lower your car payments if you refinance your car loan for a better rate. If you’d like to see if you qualify for a lower interest rate, extended loan term, or lower monthly payment, apply with Canada Drives today!
Once you have a down payment saved, Canada Drives can pre-approve you for finance and connect you with a vehicle you’ll love. If you need a car immediately and don’t have time to create a savings plan, don’t worry, you have options.
Apply for a car loan or refinancing at this application to learn what you could be eligible for.
Your online application takes only 3 minutes to complete and we only ask for information we actually need.
Or feel free to call us at 1-888-865-6402