Tips to help you save

Designating thousands of dollars each year to your savings is not always easy and seems even impossible for some. Fortunately, there are ways to spend less and save more without resorting to drastic measures. Here are just a few simple ways to get started:

  • Make your coffee, tea or morning beverage at home. That $4 latte every day before work or school adds up. Save over $1,000 per year just by making that simple switch!
  • Plan meals, shop with a grocery list and cook together. We’ve all been there – we have a busy day, forget to prep for supper and by the end of the day, we’re hungry and takeout is just a phone call away. While this scenario sneaks up on the best of us from time to time, a little extra time planning for meals could help you save you a lot of dough over the course of the year. For example, takeout for two at $30 a meal once a week equates to over $1,500 a year.
  • Consider cutting back on the number of drinks you order while dining out. Opting for water instead of ordering a $3 pop or coffee, $5 beer, $8 wine or $10 mixed drink can save you a meaningful amount. If you typically buy two mixed drinks while dining out once a week, that equates to more than $1,000 per year. Take a little time tallying how much you’re spending on evenings out and how much you would save by cutting back – your wallet might thank you.
  • More and more people each year are opting out of their cable TV subscription. Rather than forking out an average of $72 a month on cable or satellite TV – a cost of about $864 a year – consider a streaming service like Netflix, Crave TV, Hulu or Amazon Prime instead. It could mean up to $768 in savings throughout the year!
  • Ditch the $50 gym membership, you know the one you said you’d use but only managed to go a handful of times. Instead, save $600 a year and take your workout outside. Lace up those running shoes for a jog in the park, find an outdoor gym in your area or trade in conventional dumbbells for items around the house like car seats, bags of flour, cans of chickpeas, winter tires – or wherever your creativity takes you!
  • Scrutinize your spending. Take a closer look at how you spend your money by reviewing your account and credit card summaries from the past few months. Chances are you’re likely spending more than you think on things that aren’t necessarily a priority. 

Now that you’ve identified ways to minimize your spending, what are you going to do with all those savings? Learn how to make a savings plan and reach your financial goals faster.