I am always looking for new ways to save some extra cash so I have more money for travel or investments. Here are 10 tactics that I have yet to share with you guys:1. Tax Free Savings Account
Here in Canada we are able to open a TFSA at any bank. The program was initiated in 2009 and the limit to the amount you can keep in there has gone up to $10,000. This is a great way to save up money for investments or for potential accidents that aren’t worth using your insurance for. To learn more about these accounts, check out this link.
2. Shop at the Dollar Store
Every time that I go to the dollar store I am blown away by the amount of stuff there is there. To be fair, there is a lot of junk there but there are also a lot of diamonds in the rough. Think about things that you do not need to be great quality such Halloween decorations. It could really be worth the trip. Just be careful not to leave with a bunch of junk that you don’t need.
3. Pack a lunch
It is so easy to not worry about your lunch until it is almost time to eat. If you do that, I dare you to do the math on how much you are spending a month. PB&J sandwiches, & homemade muffins would be a fraction of the cost.
4. Limit your credit card spending
For myself, the easiest way to keep my credit card spending to a minimize your limit. For myself, the limit that made the most sense was $3,000.00. That way if I had any repairs on my vehicles or were to book a trip, I have room to spend without blowing my budget out of the water.
5. Make gifts instead of buying things
During holidays people often feel obligated to give their coworkers small gifts. Instead of getting each person something like a $10 gift card, why not make a plate of squares and cookies to share during your next team meeting? Toss in some seasonal sprinkles and they’re sure to look festive!
6. Ask yourself 3 times if you really need that impulse buy
I am so bad about impulse buys. Sometimes it will be an items that I have heard about that is on sale and I want it just because I have heard it works great. I want it but I don’t really need it. I have lived my whole life thus far without it and got by just fine. Normally just asking myself once if I need it doesn’t have much impact. That “but do I really?” is normally what saves me the money.
7. Make left over on purpose
It is so much easier to not go out to eat when you are feeling lazy when you have food already made at home. Make some extra chicken or ground beef when you are cooking and save yourself effort a few days later. Just be sure not to let that food sit around for too long or it will go bad.
If anyone from works lives near you, it can really be worth your while to split the cost of fuel and carpool. Not only will you save some money but you will have someone to keep you company on your journey.
9. Downsize or get rid of cable plans
Unfortunately we can not yet pay per channel and often end up with a list of channels that we have never seen. There are so many cheaper alternatives now, like watching shows online, getting a subscription to Netflix, Hulu or other likewise accounts.
10. Use money saving apps
I have mentioned this before. there are a lot of apps out there that you can get rebates on your groceries. There are also sites like ebates that will send you quarterly cheques for your online shopping. If you’re going to spend the money at least get some money back from it.