10 Easy Ways to Save Money on a Tight Budget
Ways to Save Money on a Tight Budget
The average Canadian family has hundreds of dollars left in their bank account at the end of every month. You’re probably wondering where that money goes and how to find it again, right? Well, there are many ways to cut costs in your household. Some of them are easy to implement and require no investment while others may take more time and effort but can save you thousands of dollars over the long run. Take a look at these 10 money saving tips that will save you thousands!
1) Start with your sheets
Instead of buying fresh bed sheets every few months, opt for high-quality sheets that last longer. Over time, you can save thousands by investing in better quality linens. It’s also worth considering a nice blanket to pull over your existing sheets during winter; that way you can wash and dry just one set rather than two. An added bonus is that better quality sheets will help you sleep more soundly and comfortably all year round. Use both sides: Speaking of blankets, make sure to use both sides instead of just flipping them over—again, doing so will save you money long term.
2) Tune up your thermostat
Using a programmable thermostat can help you save money on your utility bills by automatically turning off when no one is at home. With it you can save an estimated 10% on cooling and 15% on heating. Plus, it means you don’t have to get up at 6am every morning to turn down your heat before leaving for work! No more fumbling with manual temperature controls either—the Nest will do it all.
3) Eat out less
The average Canadian family spends about CAD 2,600 per year on eating out. If you can afford to eat out occasionally, there’s nothing wrong with that—but if you do it often, that number can start to add up quickly. According to The Motley Fool, an extra CAD 2,600 per year would allow an investor with a 10% annual return to a mass nearly CAD 650,000 in 20 years and over $1 million in 30 years. If you’re trying to get your finances in order or are just looking for some new ways to save money on household expenses—eat out less! Cook once a week and take leftovers for lunch during the next few days.
4) Use a filter
Filters are a great way to save money. If you have a water softener, or use well water, install a filter on your shower head. This will help prevent expensive plumbing repairs later by eliminating mineral buildup in your pipes. If you’re planning to remodel your kitchen or bathroom, make sure that there is a good supply of energy-efficient faucets and shower heads for purchase. The same applies to cleaning products; find environmentally friendly options and switch to them as soon as possible. They’re more expensive up front but they’ll pay for themselves over time through their long-term cost savings.
5) Don’t pay full price for anything
Bargain hunting is a skill that can help anyone save hundreds or even thousands of dollars every year. People with a knack for finding deals never pay full price for anything from big-ticket items like cars and appliances to household supplies and necessities like toilet paper. To stretch your dollar further, take advantage of bargain-hunting techniques such as paying attention to ads, clipping coupons and researching sales ahead of time. Also make sure you know how to haggle if you’re buying something in person. Whether it’s a pair of shoes at the mall or an HDTV from Best Buy, there are ways to get what you want for less money.
6) Let someone else do the yard work
While hiring a lawn service might not be a cost-saving option for everyone, it can save some people money. If you have an extra hour or two in your week and live near someone who needs their lawn mower, setting up a deal with them can help you earn a little extra cash. And if you do mow their lawn and they pay you CAD 20, that’s CAD 40 you can use to buy fuel for your mower. If someone offers to compensate me in cash to walk their dog while they’re at work all day, I’d say yes! It’s easy money.
7) Do all your laundry at once
Washing machines use roughly 15 gallons of water per load, and each load can take anywhere from 35 to 70 minutes. Detergent costs about $1 for a 50-ounce bottle, which means that every time you do laundry, you’re paying between $0.20 and $0.70 for detergent alone. So doing just 10 loads at once—which, let’s be honest, many households can easily do—will run you more than $2 in detergent plus wear on your clothes from extra cycles. Even if you don’t want to go down to doing one load per week (doable!), switching to cold-water laundry (using warm or hot water makes it take longer) will save some serious cash.
8) Buy in bulk only when it makes sense
Buying in bulk only makes sense if you use what you buy—otherwise, you’re just filling up your home with clutter. If you’re looking to save on some everyday items, like toilet paper or cleaning supplies, try using coupons or signing up for a subscription service. Also make sure to look at unit prices: Though bigger packaging may be cheaper per unit, sometimes smaller sizes are actually a better deal. So don’t just grab something because it has more on it! Make sure that what you’re buying will last and that it will do its job well—otherwise you may find yourself spending more money later on replacements for broken or faulty goods.
9) Turn off unused electronics
Electronics are notorious power hogs. Even if they’re off, they can still be using electricity. So, turn off computers and other electronic devices when you’re not using them, and save yourself hundreds of dollars per year. In one example, you can save up to CAD 1,400 over one year by unplugging your electronic appliances instead of simply switching them to standby mode when not in use.
10) Get rid of things you don’t need
Cleaning out your closet might be an obvious place to start, but there are other areas of your home you might be able to get rid of stuff that you don’t use. For example, if you have books that aren’t part of a collection, or clothes that aren’t fit for certain occasions (like formal wear), consider getting rid of them. These could save you hundreds per year! Similarly, sell anything extra on sites like eBay or Craigslist to make a few bucks and create some extra space in your home.
Conclusion
When it comes to financial planning, it’s important to start small. If you can’t save CAD 5 a day, then try saving CAD 2 a day. If you can’t cut your expenses by 10%, then try cutting them by 5%. The point is that no matter how much or how little money you have, there are always ways to save more and spend less. Small changes in spending habits add up over time, so don’t be afraid to get started today!
The bottom line: the most important thing to save money is to effectively manage your ins and outs of expenditure. Stick to your plan and remain in set budget in disciplined manner. If you follow the above tips with full determination, you can definitely save money and live a healthy financial life.
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