10 Simple Money Saving Tips for Canadians

Regardless of where you are on your financial journey, it’s never too late to readjust your spending habits and implement a money-saving plan. Whether you’re trying to pay down debt, save for retirement or planning a family vacation, there are a ton of ways to cut back on your everyday expenses, and it doesn’t mean having to deprive yourself.

Here are 10 simple money saving tips that, if practiced daily, could save you a lot of money down the road:

1. Don’t shop with plastic: A recently study shows that people who shop with credit cards pay more than double the amount of money compared to people who pay with cash. Being able to physically see and feel the money that you’re spending is a good way prevent any over spending.

2. Negotiate your credit card rates: If you’re using a credit card that has high interest rates or you keep getting charged with additional fees, call your issuer and negotiate. Banks and card issuers are likely to drop any added fees as well as discuss your rate options. If it could save you money, it’s worth being on hold for a few minutes.

3. Carpool: Sharing a ride with a friend or family member saves both parties a ton of cash and it’s great for the environment.

4. Learn more about your company’s benefits: Are you sure you’re aware of every benefit that your company has for you? We suggest booking a meeting with the HR department to discuss everything down to the nitty gritty – there might be some money-saving opportunities available that you had no idea about.

5. Inflate your air tires: Most people drive with car tires that are five to 10 PSI below the normal level, which adds up in a loss of gas mileage over time. We recommended reading your car’s owner’s manual to see what the air pressure in your tires should be, and try to have them at that level always.

6. Automatic repayment is key: Whenever automatic repayment is available to you, we always suggest using it. Not only does it ensure that you’re making your monthly on-time payments, but it’s guaranteed that you won’t be charged any additional fees or hit with high interest rates.

7. Don’t speed: Speeding sucks in a lot of ways. It drains your gas tank, drains your wallet and puts you and others at risk for an accident on the road. With accidents come a lot of money on vehicle repairs, potential health emergencies and even tickets from road police.

8. Change your vehicle’s air filter:The filter in your car, which stops contaminants from getting sucked into the engine, can save you hundreds of dollars on gas mileage if changed as frequently as your car owner’s manual suggests. Stopping any debris from getting into your engine will also promote the longevity of your overall vehicle, which could save you thousands of dollars on repairs in the future.

9. Trade-in your vehicle: This is a great option for people who feel like they’re spending way too much money every month paying off their vehicle expenses. By trading in your current vehicle for one with lower rates, you’re cutting down on your automotive spending and saving money along the way. If you’re interested in learning more about this option, Canada Drives is partnered with hundreds of car dealerships across Canada who are ready to help. Apply with us for free today if you’re ready to save money.

10. Don’t give up: If you have a day of stress-spending or feel like you’ve made poor budgeting decisions, don’t beat yourself up about it and don’t throw in the towel! Change in habit starts with small steps; making mistakes, accepting and learning from them.

It’s hard to save money if you don’t have a plan, and it’s even more difficult if you don’t know where to start. The first step to better managing your daily costs starts with making action, and considering you’ve read our tips, you’re on the right track to financial freedom.