save money in canada

50 Ways to Save Money in Canada

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Sara Skodak

Author
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Abid Salahi

Editor

9 min read


These days, inflation affects us all. So much so that saving extra cash seems impossible.


Regardless, we're here to tell you that there are ways to budget, spend, and optimize your money so your pockets don’t run empty.


To make things easier, we’ve organized 50 ways to save money in Canada into various categories – these categories provide tips on how to save money on everything from shopping sprees to travelling to financial planning.


Take a look and start tucking away some more savings today.


Ways to Save Money on a Shopping Spree


Whether it’s the holidays, back-to-school, or simply time to refresh your wardrobe, we’ve all been guilty of a shopping spree here and there.


Don’t worry, we’re not here to tell you to cut out retail therapy altogether, but we do have some tips on how you can shop smarter.


Rely on Rebates


There are plenty of rebate programs that allow you to earn cash rebates (or cashback) each time you make a purchase through an affiliated brand. In fact, we’re so passionate about this money-saving method that we created our own rebate tool to optimize your online shopping with the FinlyBoost extension.


To use this extension, download it through Google Chrome or Firefox, log into your Finly account, and start browsing tons of partnered brands for your favourite products. As you sift through your potential purchases, a small pop-up will appear, prompting you to activate the extension. After you check out, the cash back you earned on your purchase will be added to your Finly account within a few days. Each merchant will have their own rebate rate and timeline, which will be rewarded back to you from your Finly account before being transferred to your bank account.


All in all, rebate tools allow you to earn money as you spend it – saving you some extra cash that you can use towards future expenses.


Pay with Cash


Sometimes, the simplest way to cap your spending is to trade plastic for paper.


Tossing your credit cards out of your wallet and stuffing its pockets with cash instead allows you to predetermine how much you’re going to spend on your shopping spree.


In simple terms, if you only have $100 to spend, only bring $100 in cash.


Not only will this strategy stop you from overspending, it will also encourage you to budget your expenses, look for deals, and be more critical about what brands you buy.


There’s also something to be said about physically feeling your pockets get lighter after each transaction. With a credit or debit card, money becomes more abstract – something you don’t see disappearing unless you’re constantly checking your bank account. 


Be Smart About Which ATM You Use


So you’ve decided to go ahead and take out cash on your way to the mall.


Now what?

To make the most of your ATM withdrawal, you’ll want to make sure the ATM you’re using is affiliated with your bank. If you’re taking out money from any other bank, you’ll be subject to transaction fees in many (not all) cases.


Sell Clothing and Items You no Longer Need


Make room for new purchases by getting rid of items you no longer use, or clothing that no longer fits. To do so, take advantage of online platforms and marketplaces, or set up a garage sale.


This way, you’ll earn some money that you can put towards your future shopping fund.


Get Thrifty


While it pays to be a second-hand seller, you can also save by being a second-hand shopper.


Not only are items at thrift stores less expensive, they can also be far more unique whilst still appearing upscale.


Just watch out for overpriced resales, if you’re going to be purchasing second-hand inventory, there’s no need to pay any over-the-top prices.


Buy Seasonal Clothing and Items During Their Off-Season


Oftentimes, you can find seasonal clothes and items discounted during their off-season.


For example, stock up on shorts in the wintertime, and parkas in the summertime.


Since the demand for these items will be low when they’re least essential, so will their prices. Retailers may also be trying to empty their inventory, resulting in clear-out deals.


Take Advantage of Catered Discounts


Whether you’re a student or a senior citizen, there might be special discounts catered to you and applicable at certain retailers.


For example, seniors get special deals on senior’s day at merchants like Shoppers Drug Mart and Rexall. If you meet the age requirement offered by the store, you can score discounts on regularly priced products on store-specified dates.


Alternatively, students may take advantage of student discounts at tons of different retailers – some only requiring you to show your student card at checkout and others accepting discount cards like the Student Price Card (SPC).


Ways to Save Money Grabbing Groceries


Similarly to shopping sprees, there are ways to save when buying groceries.


Find Deals Inside Flyers


Most of the time, grocers list their top deals inside their flyers.


With this in mind, shoppers can use these flyers as a guide for planning out what meals to prepare for the week. 


Not only will this method save you money, it will also introduce more variety into your kitchen instead of purchasing and cooking the same products every week – regardless of whether or not they’re on sale.


Collect Coupons


On top of spotting deals featured inside grocery flyers, shoppers can also collect coupons to save a specified percentage off of certain products.


Similar to flyers, coupons will dictate what you buy, but this can actually be helpful if you’re constantly running out of ideas of what to cook.


Sometimes, you can even layer coupons, using several at once to cover the cost of an item.


To keep things organized, stash your coupons inside of a binder. Optimize your coupons by sorting them by expiry date and comprehensive categories.


Price Match


Some grocery stores will prioritize your savings by price matching. 


Price matching involves the customer providing proof (perhaps through a flyer) that a competitor is offering the same product for a lower price. In response to this, the grocer matches the competing price to keep your business.


Stock up on Essentials During Sales


While you might not need toilet paper or paper towels at the moment, you should always grab a bunch while they’re on sale.


Otherwise, you may find yourself in desperate need of these essentials on days when their prices are three times higher than what they were on sale. Given that you need these products regardless, you’ll still find yourself paying top price simply because you have no other choice.


Avoid the frustration of overspending by planning ahead.


Shop the Perimeter


Shopping the perimeter of the grocery store is both cost effective and healthy.


The perimeter is packed with the necessities – everything from produce to meat and dairy.


The inner aisles are congested with processed, prepackaged options that may be tempting, but ultimately less optimal for both your health and your wallet.


Plan Your Weekly Meals


You’ve probably seen it at some point on social media, meal prepping has become increasingly trendy.


Despite its digital popularity, planning your weekly meals is actually a great way to save money.


When you plan out everything you want to eat for the week, you leave little room to buy more than necessary, wasting money (and food) in the process. 


Stick to Your List


The benefits of a grocery list go beyond helping you remember everything you need, they also keep you focused on what you need.


After carefully planning out your meals for the week (as per our previous tip), craft a list of all the essential ingredients and products, then only shop for those featured items.


Grocery shopping without a list can lead to impulse buys or an excess of food.


Speaking of impulses, you’ll also want to avoid drafting your list or grocery shopping altogether when you’re hungry – this can lead to scribbling down and picking up more items than necessary.


Swap Brand Names for Generic Alternatives


We wish it wasn’t true, but oftentimes, you’re paying for the name of a popular product instead of what's actually inside of its packaging.


There are many cases where an off-brand, house-brand, or generic alternative is just as tasty as the big brands – all for a fraction of the price.


To save yourself some money, shop with your budget in mind instead of manipulative, overpriced marketing tactics.


Buy Frozen and Buy in Bulk


Of course, one of the smartest things to do when grocery shopping is to stock up on sale items and buy in bulk, but you can take that a step further by purchasing long-lasting frozen items as well.


Purchasing frozen items helps those who are worried about food waste and the price tags of certain items like fresh produce. Frozen products last longer and in the realm of fruits and veggies, they also tend to cost less – so don’t be afraid to load up your freezer!


One of the best places to buy in bulk is Costco as most of their products are packaged as bulk items, sold at a decent price. The best credit cards to accompany you on your Costco runs are the Rogers Red World Elite Mastercard and the Rogers Red Mastercard. Along with plenty of benefits, the Rogers Red World Elite Mastercard offers valuable rewards that will optimize your Costco purchases, especially if you have a qualifying Rogers, Fido, or Shaw account. However, if you don't meet the Rogers Red World Elite Mastercard's income requirements, but you still have a qualifying Rogers, Fido, or Shaw service, apply for the Rogers Red Mastercard instead for similarly impressive Costco cashback rates.


Grow What You Can


Speaking of produce, save money by growing some of your favourite produce at home – anything from herbs to vegetables. Just swap the actual products for their low-cost seeds and enjoy an endless supply of clean eating!


This hack can easily replace staples like lettuce, tomatoes, and cucumbers. You can even spice things up by growing garnishes like parsley, dill or basil.


So, why not give it a go? Watch your produce grow and keep your grocery bill at an all time low.


Empty the Fridge First


We get it, grocery shopping can evolve into a bit of a routine, but going on your grocery run less often can substantially decrease your grocery bills.


The best way to approach this strategy is of course to plan your meals in advance and shop accordingly (visiting the grocery store maybe once a week or less), but you can also use the inventory of your fridge as an indicator of when to replenish your food supply – prioritizing necessity over excess.


In short, when your fridge is empty, that means it’s time to visit the grocery store.


When you wait until everything has been used up, not only do you optimize your grocery purchases and avoid food-waste, but you also put as much time as possible between your grocery trips.


Ways to Save Money When Travelling


If you’re the type of spender that likes to travel, then you’re in luck!


There are also plenty of ways you can save some money on your next trip.


Book Travel That Pertains to Your Credit Card


Many travel-oriented credit cards come equipped with travel rewards, coverage, and benefits. These benefits include special deals or point redemptions when booking through specified travel platforms like Expedia or American Express Online Travel, or perks like airport lounge access in select locations.


To find a travel credit card that suits your booking habits, filter through our best travel credit cards on our Best Credit Card Finder page.


Need a recommendation? The most well-rounded travel-points-generator card is the American Express Cobalt Card. This card earns you plenty of points on everyday purchases like dining, groceries, streaming, gas, and transit. Once you collect your points on these popular spend categories, you can redeem them towards travel for the best redemption value. To make travelling that much more tempting, you can also transfer the Cobalt card's American Express Membership Rewards points to Air Canada Aeroplan points at a 1:1 ratio.


Be Flexible About When You Travel


When booking trips, oftentimes, flexibility is key.


If you’re willing to travel at any time, you’re more likely to find flights that are optimal in price but less optimal when it comes to the take off and air-time. 


Usually, flights are cheaper if the demand is low – this is why the cheapest flights might not be the most ideal. So, if you’re not super particular and have a relatively open schedule, this trick might work for you.


Buy Plane Tickets Either Early or Last Minute


If you’re not a flexible flyer, you’ll need to be strategic.


To optimally book a flight for a specified time, the best thing to do is to book either super early or last minute – these two extremes will give you the best chance at capturing deals.


Therefore, in this scenario, your options are as follows:


  • A) Be a planner and book in advance
  • B) Gamble and see if you can snag a sale at the last second

Use a Cross-Search Tool to Book Flights


If you’re not so savvy at searching for deals (or you simply don’t have the time to do so), there are plenty of cross-search tools that can find you the best flights on the market at the lowest price or point-value.


These platforms compare flights across a variety of airlines, then they match you with the most optimized options that cater to your travel credit card’s loyalty program.


Two cross-search tools to consider are Point.me and Pointhound. To learn more about these programs and other ways to optimally redeem your credit card rewards toward travel, check out our How to Optimally Redeem Your Credit Card Points blog. 


Ways to Save Money Through Financial Planning


At a base-level, there are also tons of ways to save money through financial planning.


Above All Else, Budget


Budgeting is overall the most important piece of advice we can offer when it comes to saving money.


No matter what you do or what your expenses may be, always make a financial plan and always implement a budget.


To create a successful budget, map out your income and all of your necessary expenses. Sometimes, it’s easiest to record everything you make and everything you spend in a month. Once you’ve done so, whatever you’re left with should be considered your savings. Only dip into those savings when you need to.


By sticking to a strict budget, you can take care of yourself whilst avoiding any overspending that could lead to debt.


When in Doubt, Consolidate Your Debt


Don’t worry, even if you’ve gone outside of the budget and accumulated some debt in the meantime, there are still ways that you can save some cash.


When you consolidate your debt, you combine all of your debts together so that you can pay them off more easily. Some consolidation methods include taking out consolidation loans, participating in a debt management plan, or – in the case of credit cards – transferring your credit card balances to a low-interest credit card.


To help you navigate the best ways to consolidate your debt and save money in the process, reach out to a credit counsellor – Consolidated Credit Canada can offer you the expertise you’re looking for, including a free consultation!


To learn more about consolidating your debt, credit counsellors, and managing credit card debt in general, take a look at our article on How to Get Out of Credit Card Debt


Pay Off Your Credit Cards in Full


Building off of our last point, the most effective way to avoid debt is to pay off your credit cards in full each month by your balance due date. This will stop you from carrying a balance and incurring interest.


You should be able to find your balance due date and the length of your billing cycle on your credit card’s monthly statement, which is also available online or through most banking apps.


To gain more insight into your billing cycle and more information on paying your balance, read through our blog called: What is a Credit Card Billing Cycle


Use Secured Credit Cards


If you can’t seem to trust yourself with the liberty and flexibility of a regular credit card, opt for a secured credit card instead.


Secured credit cards ask the cardholder to put down a deposit on their card. When you make payments on a secured credit card, you can only spend up to the deposit amount provided – this is considered your credit limit.


To browse some of the best secured credit cards on the Canadian market, check out our Best Secured Credit Cards blog.


 Use Credit Cards That Cater to Your Financial Habits


As a whole, you should always select a credit card that caters to your financial habits. Whether that be a secured credit card (as we mentioned above), a low-interest credit card, a gas-oriented credit card, a dining-optimizing credit card, or an airport lounge access credit card.


Different types of credit cards are designed to optimize specific spending patterns. For more filters that will inevitably help you find your perfect match, check out our Best Credit Card Finder tool


Tap Into a TFSA


A Tax-Free Savings Account is a Canadian government-sponsored savings and investment account. This account allows you to earn income on your savings without collecting tax, allowing your investments to multiply whilst remaining tax-free. You can even withdraw money from this account without any tax on the withdrawal! 


Perfect for both short-term and long-term investments that won’t cost you anything extra, you can contribute to your tax-free savings account up to a certain annual limit.


Save Tax Refunds


Tax season can be stressful, but sometimes some of that stress is alleviated when we find out that we’re receiving some sort of tax refund.


Understandably, when receiving this tax refund, your first instinct might be to treat yourself with the extra money. However, this refund may serve you best if you store inside a savings account.


Claim Any Work-From-Home Expenses


Since the pandemic, many of us are still working from home.


If you work from home for an approved amount of time and your employer (when applicable) provides a signed T2200 form, then you may be able to claim a partial refund on some of the following:


  • Internet bills (for the internet you use for work)
  • Office supplies (printer ink, paper, pens)
  • Furniture (desk, desk chair, filing cabinet)
  • Office technology (computer, printer)
  • Home office space 

Shop Around for the Best Rates


Whether you’re applying for a loan, insurance, or mortgage, you should always shop around to ensure you’re receiving the best rate possible.


While some applications may require a credit check, luckily there’s a period of time known as a “grace period” that allows you to rate-shop for your loans and collect inquiries without impacting your credit score multiple times. During this time, your hard inquiries will be counted as one.


Ways to Save Money With Dining 


Let’s face it, dining out is fun


Sometimes, you don’t have the energy to cook or you simply want to try something new.


Besides opting for a dining credit card (something we mentioned in the previous section), there are other ways to save money on dining out.


Dine Out Less


This might not be what you wanted to hear, but the simplest way to minimize your dining expenses is to dine out less altogether.


One advantage to this cut-back is that it will make dining out special again. 


Save restaurant dinners for important occasions like birthdays, anniversaries, or reunions.


You never know, limiting your restaurant time might make the food taste even better!


Make Coffee at Home


The most cost-effective coffee is the one that’s brewed by you.


Sure, it might not come with all the vanilla syrup, sweet-foam, and caramel drizzles, but a whole canister can cost about the same as one cup from an upscale barista.


Pack a Lunch for Work


Trust me, we’ve been there. Rushing to the office every morning makes putting together a lunch seem like such an inconvenient task – especially when there are several eateries in the building serving steamy, ready-made meals.


Still, planning ahead and packing your lunch is key when it comes to cutting down on weekly costs. You can even avoid the morning chaos by prepping your lunch the night before.


Ways to Save Money With Transportation


Guess what? One of the biggest money-drainers is actually sitting in your driveway. That’s right, we’re talking about your car.


But hey, we get it, you’ve got places to be and people to see.


In that case, here are some ways to save through transportation.


Take Public Transportation


If possible, one of the cheapest (and sometimes fastest if you live in a big city) ways to travel is to take some sort of public transportation – whether that be the subway, a bus, or a street car.


Oftentimes, the cost of these communal transportation systems is the equivalent of what you could find between couch cushions or at the bottom of your purse – a great alternative to gas.


Consider Carpooling


If crowded transportation isn’t really your thing, you can commute with familiar company by carpooling with a friend or colleague.


When you carpool, you can divide any transportation costs between passengers.


Buy a Used Car


If you must own an automobile, opt for one that’s already collected some mileage.


As long as it’s in good condition, you can get a solid price (and avoid some depreciation costs) for a second-hand ride instead of splurging for something brand-new. 


With a used car, you can also save on things like insurance, registration fees, sales tax, and if it’s only a few years old, the car may even still be partially covered by the manufacturer’s warranty.


Bike or Walk When You Can


While this may be a last resort for some, the most budget-conscious way to get around is to walk or bike.


Walking won’t cost you a dime, but it will take up the most time.


Alternatively, biking’s biggest expense is the bike itself, but you’ll also want to make sure you have a safe bike-route to cycle through.


Ways to Save Money Through Entertainment


These days, entertainment doesn’t always come cheap, but that doesn’t mean there aren’t tons of thrifty activities to get into.


Find Fun Activities for Free


Whether you live in a big city or a small community, you’d be surprised how many events take place for free. Everything from free live music to festivals to art displays and more.


To find these freebies, you’ll want to check any community activity boards or places like Facebook with groups that report all of the local happenings.


You can even make up your own free fun with activities like a visit to the park, tobogganing in the winter, or making up a citywide scavenger hunt.


Visit the Library


We’re so used to scrolling through libraries on our subscription services that we’ve forgotten about the real thing.


Your local library offers more than just books, you can also take out movies, video games, and sometimes park passes to fill your weekend with budget-friendly fun.


If you plan on sticking around, some libraries even offer children’s activities or computers for web-surfing and games.


Keep Your Devices as Long as They’re Still Working


It’s easy to be enticed by the newest model of every gaming system, tablet, or mobile phone.


While it may be tough, one the best modern-day ways to save money is to keep your devices and enjoy them for as long as they work.


Lots of times, we’ll buy new devices that are so similar to the ones we already have, when the originals are still in perfectly good shape.


Buy a Second-Hand Phone


Extending off of that previous point, perhaps one of the most common upgrades people make are mobile phone upgrades.


If you’re having issues with your current mobile phone – maybe the screen glitches from time to time or your storage fills up too fast – you can consider purchasing a newer model but not the newest model.


Better yet, buy a new-to-you upgraded model that’s been pre-owned. As long as the new phone functions properly, you’ll still be treating yourself to an upgrade.


Limit Yourself to One Streaming Service at a Time


It’s normal to want tons of viewing options at your fingertips – we’re so used to having a variety of viewing opportunities on-demand.


That said, rather than signing up for every streaming service (Netflix, Amazon Prime, Crave, Disney+, etc), decide which show you’re interested in watching and see which service offers it. Commit to that service for a month (or as long as you’d like) and watch everything you’d like to see. After you’ve viewed all the shows you wanted, consider cancelling your subscription, and moving on to a new streaming service to repeat the process.


Sometimes, these streaming services offer the first month (or a specified amount of time) for free. Make the most of these free trials to see which subscription makes the most sense for you in the long run.


Ways to Save Money on Bills


Oftentimes, we don’t even realize how many bills we’re paying on a monthly basis.


Stay spend-savvy and in the know by following these bill-saving tips.


Sift Through Subscriptions


Similar to what we just discussed in the previous section, make sure you go through all your monthly subscriptions and decide which services you’re actually using and which ones are simply draining your bank account.


This strategy goes beyond TV subscriptions, check any app subscriptions, delivery service subscriptions, or gym memberships and assess whether or not you still need them on your monthly billing tab.


Alter Your Data Plan


Always keep an eye on how much cellular data you’re actually using. If you’re paying for 50 gigabytes, but find you don’t use anywhere near that much on a billing-cycle-basis, you could switch to a lower data plan that ultimately costs less.


In fact, if you work from home, chances are you’re often using your home’s Wi-Fi services – limiting your data use altogether.


Time Your Chores Accordingly


Did you know that what time you do your laundry or run your dishwasher matters?


That’s right, there are actually peak times where using significant water or electricity will cost you more on your hydro and water bill. With this in mind, it’s best to do any washing or energy-exhausting tasks during off-peak hours.


Off-peak hours can vary by location and season, check your hydro and water provider for accurate details. Typically, it’s best to do the previously mentioned chores later in the evening or on the weekends.


Hang Your Clothes to Dry


Another way you can save on energy costs is to make small changes like hanging your clothes to dry instead of running the dryer multiple times.


Invest in a drying rack for indoor convenience or a clothesline for the summertime.


Keep Things Cool


When you do your laundry or hop in the shower, it can actually make a difference if you use cold water instead of hot water.


These days, there are plenty of laundry detergents that work well in cold cycles.


As for the shower, it might be a bit tricky at first, but there are also plenty of health benefits that come with cold water contact. If you just can’t seem to get into it, taking a shorter shower is also helpful.


Ways to Save Money on Household Items


Last but not least, there are a couple of ways to save cash on household items that tend to add up.


Let’s take a quick look at those now before wrapping things up:


Opt for Reusables 


A common example of when to switch to reusables instead of single-use household products is paper towels. The price of paper towels often doesn’t justify the value – it’s easy to rip your way through an entire roll in no time.


To remedy the issue, make sure you also have lots of hand or dish towels in your kitchen – this reduces the amount of times you’ll reach for a paper towel after washing your hands or drying the counter.


For those dirtier messes and spills, you can also invest in reusable paper towels. These alternatives are often thicker, more absorbent, and extremely eco-friendly. Depending on the brand, you can reuse these towels by ringing them out in the sink (sometimes with some dish soap) or even loading them into the dishwasher. Once washed, simply hang them to dry (many brands come with hooks or clips) and use them again when needed.


Hone Your Crafting Skills


Homemade gifts and household DIYs (do it yourself projects) are a great way to save a buck when birthdays and holidays come around, or when any furniture or decor needs some sprucing up.


You’d be surprised how easy it can be to make your own candles, lip balms, or sugar scrubs – all great gifts for those on a budget. The best part? Many homemade recipes account for a bulk batch – so you’ll get tons of value out of your materials, resulting in multiple gifts.


You’d also be shocked at how easy it can be to re-paint or re-stain a nightstand or buff out any scuffs on furniture you already have, before going out and buying something new. You can also get into collecting the second hand furniture and decor you find left out for pick-up at the ends of people’s driveways. After throwing these items into the trunk, you can take them home and up-cycle them into something useful to you. 


For any project, there are plenty of online tutorials that will help you get started and inspire you with ideas.


Conclusion


As you can see, in terms of savings, things aren’t as hopeless as they seem.


There are tons of ways make changes right now in order to save money for the future.


This list has covered nearly every aspect of your life expenses, offering tips on how to save money on your grocery runs, your monthly bills, your trips, and your overall finances.


Pick one category, or try to tackle as many as possible, and see how much you can keep stashed away in your back pocket.


If there's one summarizing sentence for you to take away from this blog post, let it be this: always budget, get creative, and cut-back where you can.


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