Saving money can be difficult, especially if you’re an impulsive buyer or the majority of your paycheques always go towards paying your monthly payments. But rest assured that no matter what your salary is, there are always ways of saving money. After all, where there’s a will, there’s a way! Below, you’ll find the best methods for saving hundreds of dollars every month.
1. Have a plan
The best and smartest way to save money is to have a plan. Having a plan means creating a budget so that you can track your money more efficiently. In doing so, you can figure out ways in which you can reduce your monthly expenses or even find ways to increase your income.
Budgets also allow you to plan your spending so that you can and gain more control over your money. Once you find ways in which you can decrease your spending or even increase your income, you can plan how much money you’d like to set aside each month.
To fully follow through on your goals, set up a savings account and add a percentage of your paycheques to it.
Don’t forget to revise your budget when you have any changes in expenses or income.
2. Look at your subscriptions
Even though the monthly prices of the services your subscribing to don’t seem like much, you’d be surprised by the amount you pay for all of your subscriptions combined.
It’s always a good idea to check your monthly statements and calculate the total amount your pay in subscription fees. Once that’s done, see if it’s worth it to keep these subscriptions going, or if it would be better to simply cancel them.
When it comes to the essential subscriptions such as cell phone, internet, and utilities, see if you can contact your providers and negotiate a cheaper plan.
3. Plan your meals
According to Statistics Canada, the average household in Quebec will spend over $200 per month in restaurant fees alone. This includes going out, ordering takeout, and having your food delivered. It comes as no surprise that restaurant meals cost much more than making your own food at home.
When it comes to making food at home, the best way to go about it is to plan your meals so that you can make sure that you don’t purchase foods you’ll end up throwing out by the end of the week. Doing so will ensure that you are only buying the necessities and aren’t spending more on things you won’t end up using anyway.
4. Transportation
Though it’s easy to get in your car to get to get to work or meet up with friends and family, the cost of doing so may surprise you.
On average, Canadian households spend a total of $938 on private transportation alone. This includes your monthly car fees as well as the gas needed for your trips. By contrast, a regular monthly bus pass in Montreal costs only $90.50 per month! This isn’t to say that you should make the switch to public transportation, but perhaps consider getting a different car or only using public transport on certain days of the week in order to reduce your costs.
5. Pay off your debts
The most important step to being able to save money each month is to make sure that you’ve paid off all your debts. If you haven’t done so yet, make this your first priority. After all, putting the extra money you have leftover each month towards your debts will help you pay them off faster, and will therefore ensure that you pay less in interest fees over time.
There are many solutions when it comes to paying off your debts, so if you feel troubled by your monthly payments, create your Allevia account and solutions for which you qualify will be explained to you.
The earlier you go through the process of eliminating your debts, the sooner you can set hundreds of dollars every month towards leading the life you want.
