Could you use a little extra money in your pocket? If you’re like 22% of Canadians, you’re nodding your head yes. According to one report, that’s how many people are currently out of money due to rising inflation rates, leaving them without the ability to pay for any more household necessities. While there’s no magic formula that will suddenly result in a windfall of cash, the good news is there are many money saving hacks that can help you save smarter.
Today, we’re sharing seven of the easiest, quickest ways to ease your financial burden and breathe a little easier, starting today.
1. Save Automatically
Do you find it burdensome to manually move a portion of your paycheck into your savings account each week? If you’re not consistent with this step, it can make it harder to save.
Thankfully, there are online savings accounts that take the guesswork and the legwork out of this process. When you automate your savings, you don’t have to think twice about making sure the money is in the right spot. Every time you get paid, a portion will automatically go into the designated account.
When you don’t see those funds, you aren’t as likely to miss them. As an added bonus, many online programs allow participants to earn even more savings interest than they’d find at a traditional bank. This helps you plan for your current and future expenses more easily.
2. Order Groceries Online
No, online prices for groceries aren’t usually a lot cheaper. However, here’s why it’s smart to start adding your favorites to a virtual cart: You’re much less likely to impulse buy!
Think about it. When you go to the store just to buy bread, milk, and eggs, how often have you walked away with $100 worth of food you didn’t plan to get? From cereals and cookies to meats and produce, it can be tempting to grab everything that looks good — especially if you’re hungry.
When you order your groceries online, you can be more intentional and budget-conscious. Plus, the platform will keep a running tab of how much everything costs, so you’re not surprised when you check out. Remember to apply digital coupons for even more savings!
3. Use a Budgeting App
Chances are, you know the importance of creating a household budget. The only issue? Tracking your income and expenses can seem about as exciting as watching paint dry.
While you can always do things the old-fashioned way, you might be surprised to learn that there are many mobile apps that will do most of the work for you! When you leverage these tools, it becomes easier to see where you’re spending and where you need to cut.
4. Make a Meal Plan
This is another penny-pinching hack related to mealtime. Have you ever stared blankly at your pantry or refrigerator and felt like there was nothing to really eat, even though you have plenty of food?
When that happens, most of us resort to eating out, which can definitely add up over time. In fact, according to one study, lunch at a typical Canadian restaurant can be up to $25 per person, while dinner is around $50 per person.
To avoid this last-minute splurge, try to make a weekly meal plan instead! You don’t have to get super fancy with it, but you should think about how you can use the ingredients you have on hand to make balanced meals for the next few days. Stick to meals that you know your family will eat, so you don’t have to make any last-minute trips to the grocery store on the way home.
5. Use the Cash Envelope Method
Does it feel like your spending is getting out of control? If so, consider divvying up your monthly earnings into a few separate envelopes. Take most of your money out as cash, and physically separate it into different categories, such as:
- Rent/Mortgage
- Pet fund
- Emergency
- Groceries
- Gas
- Bills
- Entertainment
These are only a few examples of the envelopes you can create. Refer to your budget to see approximately how much money you need to leave in each envelope per month. If you find that you have money left over in a certain category, put it in your savings account.
6. Pay Off Your Debt
When you’re trying to get more conscious about your saving habits, you might push your current debt to the back burner. While that might seem like the intuitive thing to do, it’s best to pay your debt down sooner rather than later.
Before you put all of your leftover cash back into savings, check to see if you have any outstanding bills you need to pay, such as a credit card bill or a student loan bill. The quicker you can pay down those balances, the less of a burden you’ll have sitting on your shoulders.
7. Remove Stored Cards Online
How many times have you gone to buy something from an e-commerce store, only to find that your credit card or debit card information was already on file after a past purchase?
At first, this might seem incredibly convenient. You can pay with just one click! However, think a little more about how damaging it can be when it’s that easy to buy something.
From large online retailers like Amazon to smaller, mom-and-pop websites, it’s important to know which platforms are actively storing your sensitive financial information. Go through your most-used sites, log into your account, and remove that saved data.
This way, you’ll be required to manually enter your card information each time you go to make a purchase, which might make you think twice before you click “Pay”.
Try These Money Saving Hacks Today
No, shopping for groceries online and making a budget won’t automatically turn you into a millionaire. However, it can help free up a little room in your finances so things don’t feel as pinched.
These money saving hacks are easy to practice and can make a big difference in the way you approach your income and expenses. To see results, remember to stick to them as closely and consistently as possible.
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