Working hard in the background...
Working hard in the background...
Published Sep 28, 2026 12:03 AM • 19 min read
These days, saving money seems nearly impossible. Prices are higher, rent costs more, and even groceries have fallen victim to inflation. As a result, many Canadians feel pressure from rising costs. The good news is that you don’t need to make big changes. Small steps can help you save a lot over time.
If you save a little each month, you can build an emergency fund, pay off debt, and reach your goals. The Financial Consumer Agency of Canada (FCAC) says that budgeting and saving can help Canadians handle unexpected costs and improve their financial well-being.
To make things easier, we’ve organized 62 ways to save money in Canada into categories, from everyday budgeting and groceries to bills, travel, and credit cards. Pick a few that fit your life and start saving today.
A budget is a plan for your money. You can draft a budget by writing down what you earn and what you tend to spend on rent, food, bills, and fun. A budget helps you track where your money goes.
Many people are surprised when they see how much they spend each month. A budget helps you make smarter choices and avoid overspending that could lead to debt.
Use the free FCAC Budget Planner to build your budget today.
Make saving easy. Set up an automatic transfer from your chequing account to your savings account on payday. With this method, you don’t have to remember to save; money moves on its own.
Even $25 every week adds up to $1,300 in just a year.
Life can surprise you. A car may break down, a pet may get sick, or you may face a large, unexpected bill at a moment’s notice. An emergency fund keeps you prepared, so you don’t have to rely on a credit card when money is tight.
Try to save a little each month until you have three to six months of living costs. To learn more, read our article: Emergency Fund in Canada: What It Is and Why It Matters.
Tax season can be stressful, but some of that stress is relieved when you find out you’re getting a refund. Your first instinct might be to treat yourself, but that money may serve you best in a savings account, TFSA, or toward high-interest debt.
Saving is important. Earning more can help too. Put some extra cash in your back pocket with a side hustle like:
Extra income can help you save faster. It can also help you pay off debt sooner.
At the end of each month, review your spending on food, transportation, entertainment, and bills. Compare it to your budget, then make a plan for next month. This simple habit helps you stay on track, as small steps can lead to big results.
It’s no secret that even food costs a lot. While stocking the fridge is essential, there are a few smart habits that can help reduce your grocery bills.
Meal prepping has become increasingly trendy on social media, and it’s 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 you need, wasting money (and food) in the process.
A grocery list does more than help you remember everything; it keeps you focused on what you need. After planning your meals, write down the ingredients and only shop for those items. Shopping without a list can lead to impulse buys or an excess of food.
Another tip is to avoid shopping when hungry; hungry shoppers often buy more food than they can eat.
Most grocers list their top deals in their weekly flyers. Use these flyers as a guide when planning your meals for the week. Not only will this save you money, it will also bring more variety into your kitchen.
On top of flyer deals, you can collect coupons to save on certain products. Coupons may shape what you buy, but this can be helpful if you often run out of ideas for what to cook. Keep your coupons organized by expiry date and category so none go to waste.
Some grocery stores will price match. If you show proof (usually a flyer) that a competitor sells the same product for less, the store will match that lower price to keep your business. Policies vary, so check with your store first.
Oftentimes, you’re paying for the name of a popular product instead of what’s inside the package. In many cases, a store-brand or generic alternative is just as good as the big brands, for a fraction of the price.
You might not need toilet paper or paper towels right now, but it pays to grab extra while they’re on sale. Otherwise, you may end up needing them on a day when they’re full price, and you’ll have no choice but to pay it.
Buying in bulk is one of the smartest grocery habits, and you can take it a step further with frozen items. Frozen fruits and vegetables last longer, reduce food waste, and often cost less than fresh produce, so don’t be afraid to load up your freezer.
Costco is one of the best places to buy in bulk. If you have a qualifying Rogers, Fido, or Shaw service, the Rogers Red World Elite Mastercard offers valuable rewards on your Costco runs. If you don’t meet its income requirements, the Rogers Red Mastercard is a solid alternative.
The perimeter of the grocery store is where you’ll find the basics, like produce, meat, and dairy. The inner aisles are packed with processed, prepackaged options that may be tempting but are often worse for both your health and your wallet.
Save money by growing some of your favourite produce at home. Staples like lettuce, tomatoes, and cucumbers, and herbs like parsley, dill, or basil, can all be grown from low-cost seeds.
Going on grocery runs less often can noticeably lower your grocery bills. Use what’s in your fridge and pantry before restocking. When you wait until everything has been used up, you avoid food waste and put more time between trips.
Restaurant outings and takeout can take a toll on your savings. Cooking at home is usually cheaper and a lot healthier. Try cooking larger meals and save the extra food for lunch the next day. When planned properly, one big meal can easily be portioned into two or three servings.
Save restaurant dinners for special occasions like birthdays or anniversaries. As a bonus, it makes dining out feel special again.
Buying lunch near the office is convenient, but the cost adds up fast. Packing your lunch is key to cutting weekly costs. You can even avoid the morning rush by prepping it the night before.
The most cost-effective coffee is the one you brew yourself. It might not come with all the syrups and foam, but a bag of coffee that lasts for weeks can cost about the same as two or three specialty drinks from a café.
Use the 24-hour rule. If you want something, wait one day. Then ask yourself:
Many people decide not to buy the item after waiting.
Don’t rush to buy everything all at once. Wait for major sales events such as Black Friday, Cyber Monday, and Boxing Day. You can often save a lot by planning your purchases around these events. To prepare, mark your calendar and make a list of the items you need.
Seasonal clothes and items are often discounted during their off-season. For example, stock up on shorts in the winter and parkas in the summer. Demand is low, and retailers are often clearing out inventory.
Many used items work just as well as new ones. Look for furniture, bicycles, tools, sports gear, and clothing at thrift stores and online marketplaces. Many items are still in excellent condition. Just watch out for overpriced resales; there’s no need to pay top dollar for second-hand goods.
Make some money from items you no longer use or clothing that no longer fits. Sell them on online marketplaces or hold a garage sale, then put the money toward your savings.
Rebate programs let you earn cash back each time you buy from a partner brand. We’re so passionate about this money-saving method that we created our own rebate tool, the FinlyBoost extension.
To use it, download it, log into your Finly account, and browse our partner brands. A small pop-up will prompt you to activate the extension, and after you check out, the cash back is added to your Finly account. Each merchant has its own rebate rate and timeline.
Sometimes the simplest way to cap your spending is to trade plastic for paper. If you only have $100 to spend, only bring $100 in cash. Seeing your cash disappear makes spending feel more real than tapping a card, which can help you budget, look for deals, and think twice about purchases.
If you’re taking out cash, use an ATM that belongs to your bank or its network. Withdrawing from another bank’s ATM often comes with extra fees.
Whether you’re a student or a senior, there may be special discounts for you. For example, stores like Shoppers Drug Mart and Rexall run seniors’ days with discounts on regular-priced products. Students can save at many retailers by showing a student card or using a discount card like the Student Price Card (SPC).
Rewards programs earn you money or points on purchases, so you can save on future expenses. You can earn cashback or points through store loyalty programs or with eligible credit cards on everyday purchases like groceries, gas, and household items. The savings may seem small at first, but over time, they add up.
To compare cards, see our guides to the Best Cashback Credit Cards in Canada and the Best Rewards Credit Cards in Canada.
Different credit cards are designed for different spending patterns. Whether that’s a low-interest credit card, a gas credit card, a dining credit card, or an airport lounge access credit card, pick one that matches how you actually spend. Use our Credit Card Finder tool to find your match.
The most effective way to avoid credit card interest is to pay your balance in full by the due date each month. You can find your due date and billing cycle on your monthly statement or in your banking app. To learn more, read What is a Credit Card Billing Cycle.
High-interest debt, especially credit card debt, can make it harder to save because interest charges add up quickly. Here are a few ways to stay on top of your debt:
For more practical tips, read 10 Tips for Managing Credit Card Debt Responsibly in Canada.
Debt consolidation combines your debts into one payment, ideally at a lower interest rate. Options include a consolidation loan, a debt management plan, or moving credit card balances to a balance transfer credit card. Only consolidate if it lowers your overall cost.
A credit counsellor can help you choose the right approach. Consolidated Credit Canada offers a free consultation. To learn more, see our article on How to Get Out of Credit Card Debt.
If you tend to overspend on a regular credit card, a secured credit card can help. You put down a deposit, and your credit limit is usually equal to that deposit, which keeps your spending in check. Browse our Best Secured Credit Cards to compare options.
Many Canadians pay banking fees every month. Look for no-fee, low-fee, or student accounts. Saving even $10 each month can make a difference over time.
A Tax-Free Savings Account (TFSA) is one of the best savings tools in Canada. Money inside a TFSA grows tax-free, and you can withdraw it without paying tax on the growth. You can contribute up to your available contribution room, and any amount you withdraw is added back to your room the following year.
Learn more from the Canada Revenue Agency.
If you’re an employee who works from home and your employer gives you a signed Form T2200, you may be able to deduct part of certain home office expenses, such as:
Employees generally can’t deduct furniture or equipment like desks, chairs, and computers. Check the CRA’s rules or speak with a tax professional before you file.
Insurance prices change over time, so it pays to compare quotes for car, home, and tenant insurance before you renew. A company that was the cheapest three years ago may not be the cheapest today, and a few phone calls could save you hundreds of dollars each year.
Also, check if your credit card already includes insurance benefits, such as rental car, travel medical, trip cancellation, or purchase protection. Read the coverage details carefully, since card coverage often has limits (for example, rental car coverage usually covers damage, not liability). If you’re already covered, you can avoid paying for the same insurance twice.
Whether you’re applying for a loan or a mortgage, always compare offers to get the best rate. Credit bureaus generally treat several inquiries for the same type of loan, like a mortgage or car loan, made within a short period as a single inquiry, so you can rate-shop without multiple hits to your credit score. This usually doesn’t apply to credit card applications.
Sometimes, we sign up for services and then forget all about them. Review your monthly bills and track down subscriptions or memberships you no longer use, including streaming services, apps, delivery services, and gym memberships.
A few small subscriptions can add up to hundreds of dollars each year. Cancelling unused ones frees up money for your savings goals.
Rather than paying for Netflix, Prime Video, Crave, and Disney+ all at once, pick the service with the shows you want to watch right now. Watch everything you want, cancel, and move on to the next service. Free trials can also help you decide which ones are worth keeping.
Many companies offer discounts. Call your phone, internet, and TV providers and ask if they have a better plan. Many people save money simply by asking.
Keep an eye on how much mobile data you actually use. If you’re paying for 50 GB but use far less, switch to a smaller, cheaper plan. If you work from home and are usually on Wi-Fi, you may need even less.
Small changes can lower your utility bill. Try:
Each change may seem small, but together they can reduce pesky power costs.
If your province or utility uses time-of-use electricity pricing, like Ontario, when you run the laundry or dishwasher matters. Electricity costs more during peak hours, so save energy-heavy chores for off-peak times, which are typically evenings, overnight, and weekends. Check your utility for exact rates and hours.
Dryers use a lot of energy. Hanging your clothes to dry on an indoor drying rack or an outdoor clothesline in the summer is an easy way to cut costs.
Heating water is one of the biggest energy costs in most homes. Washing clothes in cold water makes a difference, and many detergents today work well in cold cycles. Taking shorter showers also cuts your hot water use.
Transportation can take up a big part of your budget, and your car is often one of the biggest costs. Driving less also reduces wear and tear on your vehicle.
Public transit, like the subway, bus, or streetcar, is one of the cheapest ways to get around, and sometimes the fastest in big cities. A monthly transit pass usually costs far less than gas, parking, and car maintenance.
If crowded transit isn’t your thing, carpool with a friend or colleague and split the cost of gas and parking.
The most budget-friendly way to get around is to walk or bike. Walking costs nothing but time, and biking’s biggest expense is the bike itself. Just make sure you have a safe route.
If you need a car, consider one that’s already been driven. As long as it’s in good condition, a used car costs less up front, avoids much of the early depreciation, and is often cheaper to insure. If it’s only a few years old, it may even still be covered by part of the manufacturer’s warranty.
Travel can be expensive, but there are plenty of ways to save on your next trip.
If your travel dates are fixed, booking in advance and comparing prices across airlines and booking sites gives you the best chance at a deal. If you’re willing to gamble, last-minute sales can sometimes pay off too.
Flights and hotels are usually cheaper when demand is low. If your schedule is open, travelling during slower seasons or taking less popular flight times can save you a lot.
Many travel credit cards come with rewards, insurance coverage, and perks like airport lounge access, plus special deals or point redemptions when booking through their travel platforms.
For example, the American Express Cobalt Card earns points on everyday purchases like dining, groceries, streaming, gas, and transit, and you can transfer its Membership Rewards points to Air Canada Aeroplan at a 1:1 ratio. For more options, see our list of the Best Travel Credit Cards in Canada.
If you don’t have time to hunt for deals, points search tools compare flights across airlines and show you the best options for your credit card’s loyalty program. Two to consider are Point.me and Pointhound. To learn more, check out How to Optimally Redeem Your Credit Card Points.
Whether you live in a big city or a small town, you’d be surprised how many events are free, from live music and festivals to art displays. Check community boards and local Facebook groups, or make your own fun with a trip to the park or tobogganing in the winter.
Your local library offers more than books. Many libraries also lend movies, video games, and sometimes even museum or park passes, and some offer free programs for kids.
It’s easy to be tempted by the newest phone, tablet, or gaming system. But new models are often very similar to the ones we already own. Keeping your devices until they actually need replacing is one of the simplest modern ways to save.
If your phone really needs replacing, consider a newer model instead of the newest one, or buy a pre-owned or refurbished phone. As long as it works well, you still get an upgrade for much less.
Single-use products like paper towels are easy to go through quickly. Keep plenty of hand and dish towels in the kitchen, and try reusable paper towels for bigger messes. Many can be rinsed or washed and used again.
Homemade gifts, like candles, lip balms, or sugar scrubs, are a great way to save when birthdays and holidays come around, and many recipes make enough for several gifts. You can also re-paint or re-stain old furniture or upcycle second-hand pieces instead of buying new. Online tutorials make it easy to get started.
Many people make the same money mistakes.
Without a budget, it is hard to know where your money goes.
High-interest debt can slow down your progress.
Buying things without thinking can hurt your savings goals.
Unexpected bills can become stressful when you have no savings.
If you never check your spending, it is hard to improve your habits.
Saving money doesn’t have to be difficult. The best approach is to start with small, realistic changes that fit your lifestyle. Choose two or three tips from this list and put them into practice this month. As those habits become routine, take on a few more. Over time, your savings can grow steadily, helping you reduce financial stress and feel more confident about your future. Small steps today can lead to big savings tomorrow.
Many experts suggest saving 10% to 20% of your income. Save whatever you can. Even small amounts help.
It depends on your financial situation, but for most people, the best approach is to do both.
Build a small emergency fund to cover unexpected expenses, and make at least the minimum payment on all your debts. If you have high-interest debt, like credit card debt, pay it off as quickly as you can because the interest can grow faster than your savings.
Yes. When used for things you already need, cashback and points credit cards reward your spending, saving you money on future expenses.
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Faith Ogunkanmi
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Faith is a seasoned finance professional with over six years of experience specializing in credit analysis, financial risk assessment, and business/personal lending. My background includes extensive w...
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Sara Skodak
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Since graduating from the University of Western Ontario, Sara has built a diverse writing portfolio, covering topics in the travel, business, and wellness sectors. As a self-started freelance content ...
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Kevin Shahnazari
Co-founder
Kevin started FinlyWealth and juggles a bit of everything—digging into data, running our marketing, and keeping the finances on track. Before this, he spent years as a data scientist at tech companies...
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