25 Simple Money Saving Tricks (#14 is My Favourite)
Updated: Feb 10, 2021
Building a better financial future begins with saving money. If you don’t already have a budget, make sure you download our free monthly budget planner. Once you start planning your monthly budget, start using these simple money-saving tricks to find more money in your pocket each month.
1. Make your coffee at home
Let me start with one of the best ways to save money. I L-O-V-E my coffee. Making coffee at home tops my list of simple money-saving tricks because I know how much it saves me each year. By ditching that $5 Starbucks Latte and preparing it at home for less than $1, I save over $1,000 per year!!
2. Renegotiate the rates on existing loans
Lower your interest rate and lower your payment. You can refinance large loans like mortgages into lower interest rates, which can save you tens of thousands of dollars! A lower interest rate also lowers your payment giving you more cash to save each month.
3. Pack a lunch
Eating lunch out can get expensive and often leads to less health-conscious choices. Watch
your budget and waistline by packing your lunch instead of hitting the drive-through.
4. Automate your savings
My number one tip for first time home buyers is to automate their savings. Set automated transfers to your savings account that coincide with your paycheque. You can also use automated roundup features of mobile investment apps like Moka to help you start saving more.
5. Stop paying bank account fees
I used to hate paying account fees at my old bank (think blue and yellow with a safari animal logo). So I found that ditching account fees is one of the best ways to save money. Switch to a no-fee high-interest savings account with online institutions like Equitable Bank and save over $100 per year!
6. Install an automated thermostat
Here is a simple money-saving trick inspired by my dad. If you pay the utilities in your home, use an automated thermostat to regulate the temperature. You can program these units to reduce your energy bills by lowering the heating and cooling of your HVAC while you’re not at home.
7. Ditch cable for IPTV
Still paying for 1,000 channels you never watch? What about the ½ dozen streaming services you subscribe to but cannot choose what series to binge-watch? Switching to an IPTV service that gives you access to over 2,000 channels is one of the best ways to save money.
8. Stop upgrading your phone
Doesn’t it seem like there is a new phone release every six months? I’ve owned my iPhone 7 for over 4 years now and I'm not planning on changing it until it’s completely obsolete.
If you upgrade your phone every time there is a new device, you may be paying for features that aren’t much different from what you already have. What’s worse is that you usually don’t need the upgraded features since the ones you are using already meet your needs.
9. Make a grocery list
Have you ever heard the saying, “never grocery shop on an empty stomach”? If you don’t go to the grocery store with a list prepared, you’ll likely find yourself buying things you don’t need. Do your wallet and pants a favour and put a shopping list together before hitting the grocery store.
10. Cut coupons or use a coupon app
One of my favourite old-school money-saving tricks is to cut coupons (or there’s an app for that). Most grocery stores have a flyer available with dozens of coupons for items you buy. Give this flyer a browse or look for online coupons to find savings on things you would have bought anyway.
11. Turn your used milk bags into sandwich bags
Tip #3 was packing a lunch. If you’re still packing your sandwiches and snacks in Ziploc bags, it’s time to start reusing your milk bags as a free sandwich bag. Try cutting your used milk bag in half and wash it out for a couple of handy sandwich bags. Next, roll the open end and apply a bit of scotch tape. My Nanna started doing this before it was cool - thanks for the tip Nan!
12. Go to the movies on a Tuesday
Since moviegoers are more likely to visit theatres over the weekend, movie theatres like to incentivize audiences to come during slower days. You can often find great discounts by catching your favourite movie on a Tuesday versus a Friday night.
13. Start a carpool
Do you get on well with your co-workers? First, share some of these simple money-saving tricks with them. Next, get them started by suggesting a weekly carpool. Reduce the cost of maintenance, gasoline and pollution by gathering some friends to ride to work with together.
14. Renegotiate your phone bill
Canadians have some of the highest telecommunication prices in the world. Most of these companies are happy to let you renegotiate your bill…. If you have several hours to spend on hold talking to several customer service reps.
Want an easier way to save money? Moka 360 will let you upload your monthly bills, and their experts will renegotiate on your behalf! I recently sent them my phone bill, and now I'm saving an extra $10 per month since they renegotiated it for me! Check them out and start saving today with the Moka 360 Guarantee!
15. Ride a bicycle to work
Live close enough to work to ride a bicycle? One of the best ways to save money, reduce pollution and stay fit is to start riding your bike to work.
16. Shop second hand
Are you familiar with the term circular fashion? Get ahead of the latest fashion trend and save money by shopping for clothes at the local thrift shop.
Here is a friendly neighbourhood tip: Most thrift shops are small local businesses, which means the money stays in your community rather than going to a large multinational corporation. COVID-19 has shown us the importance of supporting local businesses. Community-based thrift shops are just one way to do your part.
17. Never buy a new car
New cars depreciate after you buy them by a lot! The truth is you can buy a used car for much less and still be sure that you buy a quality automobile. Top car experts recommend that one of the best ways to save money is to buy a car between 18 - 24 months old and off-lease - vehicles that were already leased and returned - since consumers care better for leases to avoid fees when returning the vehicle.
18. Ask salespeople for a discount
Most salespeople receive a part of their income as commission. So when it comes to buying from commissioned salespeople, one of the benefits is that they may be looking to increase sales to hit their annual targets. Don’t be afraid to ask for a discount on your next big buy. The worst they can say is no, and you might end up saving an extra couple hundred dollars simply for asking.
19. Check your receipts at checkout
Every time I’m at the checkout, I’m watching for the price listed on the scanners and my receipts. Sometimes I catch a price that is higher than listed on the shelf. These errors are often staff oversights or because the internal checkout software isn’t updated with the new prices. So make sure to pay attention to the prices at the checkout so that you aren't overcharged.
20. Turn off the lights/electronics
Ever leave a room without turning off the lights? If you’re paying the utility bill, you’re dumping cash from your wallet for wasted energy. Start turning off the lights and all electronics when you don’t need them, and not only will you save money, but help do your part to combat global warming.
21. Ask for the wifi password
If you’ve ever had to pay for data charges, you might want to start asking for the wifi password more often. Whether you’re over at a friend's home or a local cafe, using the wifi will cut down on the amount of data you use each month, which can reduce your phone bill.
22. Look for free items on FaceBook Marketplace & Kijiji
Did you know that you can find a lot of things that you need for free? Facebook Marketplace and Kijiji are excellent sources of free stuff. Remember, one person’s junk is another person’s treasure!
23. Spend time shopping for cheaper alternatives
Whether you’re planning out the grocery list or planning for a large purchase, spend some time shopping around. That time can put money back in your pocket by helping you find cheaper comparable items to what you are planning to buy anyway.
Shopping for your children can result in a lot of expenses piling up. If you have more t
han one child, or nieces and nephews, there is likely a lot of clothing and toys that you can use again. Handing these items down to your younger children and saving money that you would end up spending later in their life.
25. Virtual meetings
COVID-19 has changed the way Canadians work and live. If you were operating a business before COVID-19, chances are you may have already become familiar with virtual meetings. Now it’s guaranteed that you are. Rather than spending fuel and time commuting to meetings or family gatherings, check out the online alternative with Zoom or Google Meets instead.