62 Ways to Save Money in Canada

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.

Budgeting and Saving Basics

1. Make a Budget

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.

2. Save Money Automatically

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.

3. Build an Emergency Fund

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.

4. Save Your Tax Refund

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.

5. Earn Extra Money

Saving is important. Earning more can help too. Put some extra cash in your back pocket with a side hustle like:

• Freelance work
• Tutoring
• Pet sitting
• Selling items online
• Part-time work

Extra income can help you save faster. It can also help you pay off debt sooner.

6. Check Your Spending Every Month

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.

Ways to Save Money on Groceries

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.

7. Plan Your Weekly Meals

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.

8. Stick to Your List

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.

9. Check Weekly Flyers for Deals

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.

10. Collect Coupons

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.

11. Price Match

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.

12. Buy Store Brands

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.

13. Stock Up on Essentials During Sales

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.

14. Buy Frozen and Buy in Bulk

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.

15. Shop the Perimeter

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.

16. Grow What You Can

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.

17. Empty the Fridge First

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.

Ways to Save Money on Dining

18. Cook at Home More Often

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.

19. Pack a Lunch for Work

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.

20. Make Coffee at Home

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.

Ways to Save Money When Shopping

21. Wait Before You Buy

Use the 24-hour rule. If you want something, wait one day. Then ask yourself:

• Do I need it?
• Will I use it?
• Is it worth the cost?

Many people decide not to buy the item after waiting.

22. Shop During Sales

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.

23. Buy Seasonal Items During Their Off-Season

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.

24. Buy Used Items

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.

25. Sell Items You No Longer Need

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.

26. Use Rebates and Cashback Tools

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.

27. Pay with Cash

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.

28. Use Your Own Bank’s ATMs

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.

29. Take Advantage of Student and Senior Discounts

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).

Ways to Save Money with Credit Cards and Debt

30. Earn Rewards

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.

31. Choose a Credit Card That Fits Your Habits

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.

32. Pay Off Your Credit Cards in Full

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.

33. Pay Off High-Interest Debt

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:

• Pay your bills on time.
• Pay more than the minimum amount whenever you can.
• Avoid taking on new debt unless it is necessary.

For more practical tips, read 10 Tips for Managing Credit Card Debt Responsibly in Canada.

34. Consolidate Your Debt

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.

35. Use a Secured Credit Card

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.

Ways to Save Money on Banking, Taxes, and Insurance

36. Use a Low-Fee Bank Account

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.

37. Use Your TFSA

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.

38. Claim Eligible Work-From-Home Expenses

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:

• A portion of rent and utilities for your workspace
• A reasonable portion of your monthly internet fees
• Office supplies you use up, like printer ink, paper, and pens

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.

39. Compare Insurance Prices

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.

40. Shop Around for Loan and Mortgage Rates

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.

Ways to Save Money on Bills

41. Cancel Unnecessary Subscriptions

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.

42. Stick to One Streaming Service at a Time

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.

43. Ask for Discounts

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.

44. Right-Size Your Data Plan

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.

45. Lower Your Power Bill

Small changes can lower your utility bill. Try:

• LED light bulbs
• Turning off lights
• Unplugging chargers and electronics
• Using less hot water

Each change may seem small, but together they can reduce pesky power costs.

46. Run Chores During Off-Peak Hours

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.

47. Hang Your Clothes to Dry

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.

48. Use Cold Water

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.

Ways to Save Money on Transportation

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.

49. Take Public Transit

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.

50. Carpool

If crowded transit isn’t your thing, carpool with a friend or colleague and split the cost of gas and parking.

51. Bike or Walk When You Can

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.

52. Buy a Used Car

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.

Ways to Save Money When Travelling

Travel can be expensive, but there are plenty of ways to save on your next trip.

53. Book Early and Compare Prices

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.

54. Be Flexible About When You Travel

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.

55. Use Your Credit Card’s Travel Rewards

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.

56. Use a Search Tool for Points Flights

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.

Ways to Save Money on Entertainment and Tech

57. Find Free Activities

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.

58. Visit the Library

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.

59. Keep Your Devices as Long as They Work

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.

60. Buy a Refurbished or Second-Hand Phone

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.

Ways to Save Money on Household Items

61. Switch to Reusables

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.

62. Make Gifts and Do Your Own Repairs

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.

Common Mistakes to Avoid

Many people make the same money mistakes.

No Budget

Without a budget, it is hard to know where your money goes.

Too Much Debt

High-interest debt can slow down your progress.

Impulse Shopping

Buying things without thinking can hurt your savings goals.

No Emergency Fund

Unexpected bills can become stressful when you have no savings.

Not Reviewing Spending

If you never check your spending, it is hard to improve your habits.

Final Thoughts

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.