How to save money in Canada

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Sometimes, saving money is the hardest thing to do since we live in a world of instant gratification. Hence, it is more important now to be able to maintain our focus on saving money. How can you get started? The following is a guide on how to do so.

Create A Budget: This is the easiest and most effective way to save money. Budgeting clearly shows you how much money is coming in, going out, and where it is going. 

To prevent unnecessary expenses, budgeting also tells you what is most important based on how you have chosen to allocate your income into a workable budget. To help you keep track of your spending and savings, check out our top 3 money management software for 2019.

Eat Out Less: According to a recent survey, the average Canadian household spends about 30% of the annual food budget on eating out. However, you can save yourself a lot of money if you decide to reduce the number of times you eat out each month.

Apart from lunches, commit to preparing your own meals from home and you’ll be surprised how much you can save from taking this small step. What’s more, you’ll eat healthier too.

Piggy bank
Image: Sabine Peters on Unsplash

Buy a Pre-owned Vehicle: New cars lose thousands of dollars in value once you drive them off the lot. That being the case, it is reasonable to buy a high-quality used car that is scratch-free and in excellent driving condition. If done properly, a pre-owned vehicle can save you bundles of cash. Buying a car with good fuel economy saves big on gas expenses.

Do it yourself (DIY): You can save some significant amount of money by taking the time to learn just a few simple skills like replacing your car’s wiper blades, cutting your own hair or that of your partner or kids, learning to sew, mend or even repair your clothes. Why not watch videos on YouTube to see how you can do these things yourself?

Learn To Negotiate: When put to the test, your negotiation skills can save you tons of money and even a reduction on your monthly phone, internet, and cable bills. Everyone wants your business, so before taking a final decision on any major purchase, you can acquire several quotes from different suppliers. This is a guarantee that you’ll be able to save more money.

Buy in Bulk: Buying non-perishable items in bulk is certainly a great way to save money on groceries. Invest in a chest freezer so you can buy more food like meat and fish in bulk as they can remain in excellent condition when they are properly frozen.

Avoid Impulse Shopping: While impulse buying can sometimes feel good, it can wreak havoc on your savings. However, you can become a saving machine when you suppress that sudden feeling or tendency that urges you to buy right now.

This you can do by waiting a day or two to reconsider your decision to be sure before making big purchases. Try to avoid an unnecessary visit to online shopping websites and always have a list and a plan for what you wish to buy.

Buy Quality Items: As they say, you only get what you pay for. So, if you intend to use an item for a long time, opt for the one with higher quality that can last longer than a cheaper item that you can replace sooner than expected. While this will cost you a bit more, it will definitely save you tons of money over the course of your lifetime.

Truth be told, there are many other realistic ways you can save money with Knightsbridge Foreign Exchange. To achieve your goal, you’ll need to find which works best for you, and make sure you incorporate the strategies into your life slowly.

 

 
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