Is the ever-rising cost of living keeping you down? Do you feel like you’re spending way more than you should, leaving your account balance lower than you’d like?
The costs of rent, groceries, dining out, and even weekend fun all seem to be increasing faster than many of us can keep up. Unfortunately, prices are unlikely to dip anytime soon.
In my opinion, the best way to combat this is to find creative ways to save money. Below, I’ll share some of the best ways to save on everyday expenses, so you can keep up with life and get back on top of your financial health.
Money-saving tips you can implement today
Seventy-seven per cent of Canadians reported that they’re unable to save as much as they’d like, according to the results from an RBC poll in late 2023. If you talk to the average worker, they’ll probably share that their living expenses have risen disproportionately to their wages.
You can try asking your boss for a raise, but your request may or may not be granted. One thing that you do have control over, though, is how much you spend on everyday expenses.
1. Take public transportation more often
If you live in a larger metropolitan city, you should be taking full advantage of public transportation. Statistically, Canada has some of the safest and fastest systems in the world.
Buses and trains are an excellent way to save money that you’d otherwise be spending on fuel, and they’ll generally get you to where you’re going in a similar amount of time.
Another great advantage of taking public transport is that you don’t have to drive. If your normal daily commute is 30 minutes, this means you’ll have an extra 30 minutes of your life back that you can spend reading a book, learning something new, catching up on emails, or even building an online income stream.
2. Use couponing apps at grocery stores
Gone are the days of hunching over your table cutting coupons out of newspapers and magazines with a pair of scissors. Today, there are a number of easy-to-use coupon apps like Flipp and Reebee that allow you to browse through coupons in your region.
Some coupons are store-specific while others are offered by manufacturers and can be used at any store. To apply your coupon, you just need to scan your app at the checkout counter.
Your savings will be tallied up in the apps, and you can cash your balance out in the form of a check or gift card at the end of the month.
3. Buy groceries in bulk
Shopping at Bulk Barn, Costco, and other grocery wholesalers can be a great way to save money on everyday necessities and food. While you may not want to purchase perishable goods in bulk (other than meat, which you can freeze), you can save hundreds on your monthly grocery bill by purchasing your favorite non-perishable goods or household supplies in bulk.
Sure, you’ll pay a little bit more upfront. However, your food and supplies will last you a lot longer, keeping your overall household expenses down.
4. Dine out less, meal prep more
Dining out is one of the biggest wealth killers out there. If you purchase a moderately healthy, somewhat filling meal from a fast-food restaurant, you’re probably going to spend between $15 and $20 after all expenses are paid. If you do this every day, you’ll spend $100 or more every week, not including any extra money spent on breakfast, dinner, or snacks.
Try meal prepping large amounts of food on your day off, and packing your breakfast and lunch to go. This can save you hundreds of dollars per month.
If you’re not an experienced cook, YouTube is your friend. No matter what type of food you like, you’ll be able to find thousands of easy-to-follow, inexpensive recipes that will blow your average fast-food meal out of the water.
5. Cut back on your vices
Going out to the bar on your night off can cost you. Every drink you purchase is going to be marked up by at least double what you’d pay at the store. The same goes for that $7 cup of coffee you buy every morning instead of making a cup of coffee at home.
I’m not saying that you shouldn’t treat yourself every once in a while. However, try to be mindful of habitual spending patterns, as these can be the hardest to break and cost you thousands over the course of a year.
6. Make your home more energy efficient
The more efficient your home is, the more you’ll save on your monthly power bill. Some tips include:
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Switch your light bulbs to LEDs instead of incandescent bulbs -
Apply insulating film to your home during the winter to keep the heat in -
Turn your lights and power cables off when you leave the house -
Install a smart home thermostat to make your heating/cooling more efficient
7. Use a cash back debit or credit card
One of the best ways to save on everyday spending is to take advantage of a cash back debit or credit card. These cards allow you to earn a percentage of every dollar you spend back. Some categories may offer a higher cash back percentage than others.
This cashback can then be applied towards future purchases.
If you’re using a debit card, there’s no risk, as you’ll only be spending money that you’ve already deposited into your account. However, if you’re using a credit card, make sure that you’re not over-spending and do your best to pay your balance off completely every month.
What’s the best way to start saving more money?
In my opinion, the easiest ways to start saving more money are to use couponing apps when you do your grocery shopping and cut back on dining out. These two small changes can save you hundreds of dollars each month, putting more money back in your pocket that you can put toward growing your savings or paying off your bills.
Read more to see how this grocery app is helping to save money and the planet.
Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers at Blueprint Financial.