Savings serve as the building block to your cash flow, paying down debt, and planning for future goals. It is often the first step in building and maintaining a money surplus. Here are five classic and modern ways Canadians may save money.
- Honey
Honey is a sweet online app that automatically functions as a browser extension to automatically find the internet's best coupons. Instead of searching for a deal, buy what you want, and if there is a discount available, Honey will find it for you. Then put the money you save into a savings account or use it to pay down debt.
- Too Good to Go and Flashfood
The cost of groceries keeps on rising. Save money and help the planet by reducing food waste using these apps: Too Good to Go and Flashfood may help. Too Good to Go connects consumers to restaurants and stores that have food surplus they are selling at a discount. Flashfood is connected to the Loblaws brand and shows you which stores in your area have discounted food and products. With Flashfood, buyers select what they want, and it is set aside in a separate cooler or shelf for pickup.
- TFSA
A TFSA is an investment account and a great alternative to an RRSP. Funds in this account will never be taxed. The annual contribution room is generous is decent. However, one drawback is that your contributions don't lower your annual income tax bill. TFSAs are a popular saving method for long-term goals like a house, college education, or vehicle purchase.
- Cash Back Services
You must spend money on necessities, so wouldn't it be nice to get a bit extra back with each purchase? Apps like KOHO and Rakuten can help you do this. Spending with these apps will reward you with cashback, points, coupons, discounts, and offers. If apps are your thing, try looking into money lending apps. Try using these applications for necessities only and cash for discretionary spending to make this work and save money.
- Traditional Savings Account
Get started with the most popular saving money advice that you can get. Which is opening a savings account. Since a savings account may not be linked to your debit card, It's easier to save in this account. Especially over a checking account. Either way, keep an eye on the monthly bank fees to ensure they are not depleting your balance.
Conclusion
Cash flow can be challenging as inflation rises and unexpected expenses occur. Savings help with cash flow and debt payments. Thankfully, there are many creative ways to save, including traditional accounts, browser extensions, and apps. Small savings today can add up to significant results later. So it's a great skill to develop. In the meantime, if cash flow is an issue and you find yourself paying with a credit card for essentials, consider a flexible, low-cost payday loan from My Canada Payday. They provide online payday loans for Canadians.
