I often see similar examples with overlapping streaming services for music and shows, fitness memberships, various learning programs and more. You’ll save money and probably be less tired. If you’ve subscribed to three or four of the same kinds of apps, have a tutor and are also taking them to a library program, that’s a sign you’re overdoing it, and should reduce. For example, if you use a learning app for your child to help with phonics, and it’s working great, quickly scan to see if this is the lowest-cost, greatest-value option for your money. The key for smaller costs you plan to keep because they add value to your life is to see if you can get the cost reduced and to make sure there isn’t any overlap with other similar expenses and activities. If you’re really using it, keep it, but make it a better deal The trick to implementing this is meal planning and shopping-list making. Near-complete elimination of food waste is said to add $140 per month back to the budgets of Canadian families right now. If you’re having heart pains thinking of giving up your daily latte or weekly shawarma, save up and buy a better espresso maker and the spices you need to make the foods you love. For example, making nearly all meals and coffees at home could add between $100 to $300 per month back into your wallet. Keep a weekly affordable food “treat” in your budget and scale back on everything else. Instead, try a few smaller money-saving moves such as planning your routes better, switching to one car, or cycling to work.įor food, it’s probably not worth eliminating all takeout and coffee. In some extreme cases, moving to a more affordable space could be the right long-term solution, but this one should be reviewed carefully with your financial planner.įor transportation, it’s probably not worth it to swap your regular car for an electric vehicle the payback economics on an EV are years long. Bundle your phone, internet and cable services. DIY’ing things you may have outsourced before now is a great way to save, and consider renting out space you’re not using. You could also negotiate better insurance rates and delay nice-to-have home improvements until a better time. Instead, you could focus on essential fixes only. This is your cue to dig in deep with the spending that’s happening in each area, and begin to ask “is this adding value to my life?”įor housing, it’s probably not worth it to delay much-needed maintenance that’s a surefire way to make matters worse. Those are the biggest expenses for households in Canada. Big-budget categories almost always have the biggest opportunities for savings
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