Resetting your financial goals on a regular basis is a strategic and creative way to save money fast without having to change your lifestyle drastically. Not to mention, small changes each day will end up saving you a lot of money in the long run.
It doesn’t matter where you are on your financial journey. Whether you’re a student or you’re on a tight budget because of a small salary, there’s never a bad time to focus on saving money.
Here’s a list of 3 ways Canadians can save money each month – fast!
Skip the drive-thru
Statistically speaking, if you’re opting for the drive-thru five days a week, you’re spending at least $500 on coffees each year! Brewing your own coffee in the morning could easily drop this sum to $100.
Negotiate your credit card rates
Is your interest rate 18% or higher? If yes, many credit card companies will be willing to drop this rate for you especially if you’re willing to take your money elsewhere. Most Canadian credit card companies will also be willing to negotiate no annual fee — another awesome way to save a few pennies each year! Look for cards that offer lower rates for the first six months.
Save your loonies and toonies for “splurge” days
It’s easy to throw your coins in a tip jar, but in the long run, they add up! Take the “coin jar” approach to saving. Each time you have spare change, throw it in a glass jar. Once the jar’s full, roll it up and convert it into paper bills. According to The Globe and Mail, you can save up to $1,000 in less than a year with this approach.
If you’re looking for a credit counsellor in Toronto, get a quick assessment with us today or call us at 416.900.2324. We will help you develop a plan, reduce your interest costs and get out of debt over time.