Skip to content

Five Things Smart Savers Do

Inflation is making Canadians tighten their belts, but with bills only increasing, how can smart people put away more cash every month for the things that matter?
2-1 Smart Savings 5 Things Smart Savers Do
Towfiqu barbhuiya via Unsplash

Here are five simple tips that can put more money in your pocket every month.

1. Make a Budget

This is the biggest one but the most effective way to start saving more is by making (and sticking to) a budget. After all, you will have a hard time squirrelling away cash if you don’t have a real sense of how much is coming and going. There are lots of online tools to help you make a budget, from automated apps to Google Sheets. Regardless, start by outlining your income and expenditures. When you know where the dollars go, you can hang onto them better.

2. Consolidate Your Debt

Credit card debt is killer, so why pay the high interest and service fees when you can move that money to other forms of debt, like a line of credit? If you have a lot of debt or simply hate paying high interest, then it may be prudent to seek help and move that debt to more manageable places. That may be through a debt company or by simply talking to your bank. The results can be immediate and help you build better credit for bigger purchases in the future.

3. Limit (or Stop) Online and In-App Shopping

Online shopping has made getting things you want fast, simple and easy. That’s the problem. The impulse buy section of every store today isn’t the chocolate bars near the register. It’s our living room and our couch when we’re bored. Be intentional with your online shopping. This can substantially increase your monthly disposable income and help you have less junk in your house. If certain apps, like food delivery apps, are becoming a major cause for concern, then delete them for a while until you have things under control.

4. Meal Plan

With rising prices in grocery stores, our food bills are becoming a major place where we’re spending more. It’s also the part of our budget where we can cut waste and get creative. Meal planning will help you resist the temptation of just ordering something and help you prep your week more effectively. It will also let you head into the grocery store with intention and cut food waste.

5. Switch Your Phone Plan, Internet and Cable Packages

Canadians pay some of the highest rates in the world for their cell phone bills, internet and cable packages. There’s good news, however: switching companies will save you money. Either in the threat of leaving or getting introductory rates elsewhere, you can save a lot of money every month.

You can also become part of the cable cutters club and ditch TV for streaming services. Even one streaming service will have more TV than you can watch in a lifetime, so you can stop scheduling your time around when a show is on and instead watch it on-demand.

No matter your goals for saving, there are big and little things you can do to save money. Following these tips is just the first step in controlling your finances, building your credit and saving for whatever’s next.

CPC-logoThis story was made possible by our Community Partners Program. Thank you Infinite Chartered Professional Accountants & Wealth Planning for helping to expand local news coverage in Alberta. Learn more.