Spending on day-to-day items and living expenses can really add up, but making some small tweaks to your spending habits can make a big impact on your long-term savings.
We all want to save money, but let’s be honest, keeping your finances top of mind when making your everyday purchases can get exhausting.
Moola’s money-saving tips can help you automate, schedule, streamline and simplify the savings process, so you can stick to your daily budget for the long haul. We also make it easy for you to double-down on your savings and stock up on everyday essential deals, like gas, groceries, and food delivery.
It’s easy to forget about and lose track of your subscriptions. There’s a pretty good chance that you may subscribe to some streaming accounts, apps, product packages and services that you don’t use much anymore.
Dive into your bank account and credit card statements, as well as the subscription settings on your device, to take stock of your subscriptions and figure out how much you’re spending on them. Hit unsubscribe on apps that you no longer use. You can also set up calendar reminders for auto-renewal and trial expiration dates, so that you won’t get dinged if you forget to cancel after the trial period ends.
Uproot Your Lifestyle
The pandemic has changed our lives in many ways and that includes embracing remote work. If you’re able to continue to work remotely well into the future, consider relocating to a cheaper neighbourhood, city or a completely different part of Canada.
You’d be surprised at how much more affordable it is to maintain an awesome lifestyle outside of the country’s major urban centres. Relocating to a more economical location can help you save big on everything from housing and groceries to everyday items and activities.
Round Up and Automate Savings
Automatically redirecting your spare change can benefit your long-term savings. There are a growing number of apps on the market that will automatically round up your purchases to the nearest dollar and invest the difference for you. Some banks and apps also offer services that will automatically take a certain percentage off your paycheque and pop it into your savings. All you need to do is set it up and forget about it.
Meal Planning For the Win
Planning and preparing your meals at home can keep your stomach filled with nutritious eats and your wallet filled with cash. A great way to cut down on food costs is to map out what you’re eating for the week and the exact ingredients you’ll need.
Meal planning apps can help you organize and prioritize your shopping list, so you won’t overspend. There are also a few other apps on the market where you’re able to input the random ingredients that you already have on-hand, and it will pump out instructions and recipes for complete meals. Say good-bye to food (and money) waste.
Avoid making impulse purchases at the grocery store by shopping on a full stomach. Placing your order online for pick-up or delivery can also help you stick to purchasing only the essential items on your list. Consider subscribing to a meal kit delivery service, like HelloFresh or Chef’s Plate, which makes meal planning a snap and supplies only the ingredients that you need.
Try to Do-It-Yourself
There are tons of ways to save money by going the DIY route – from changing your brake lights to fixing your bike chain or refinishing that old piece of furniture you found at a garage sale.
I totally get it, not everyone was born handy. Luckily, you can find the instructions or learn how to do pretty much anything yourself by watching tutorials on YouTube, Google or Instructables.
You don’t need to amass a huge toolbox to complete your projects. Save money when your project calls for special equipment or tools by renting them, borrowing them from a friend or becoming a member of a local tool library.
Unfollow (and finally ditch the FOMO)
These days, it’s easy to look up from your phone only to realize that you’ve just spent hours mindlessly scrolling through various social media feeds. Social media algorithms are designed to show you targeted ads and content that fuel your desire to spend money. If you’re looking to build your savings, then it’s time to take stock of your screen time.
Consider unfollowing fashion, travel, luxury brands and influencers (especially those with paid partnerships) that make you want things you don’t need. Ditch the FOMO for good – the less you’re exposed to items and lifestyles that are outside of your budget, the less likely you are to act on impulse spending.
Buy Nothing Groups
Buy Nothing Groups are hyper-local Facebook groups where members post free items to give away to their neighbours. It’s all part of the new “gift economy”.
I’m always amazed with the diversity of items posted on my neighbourhood Buy Nothing Group. I can find pretty much everything – furniture, kitchenware, books, toys, craft supplies, and more. These groups also allow you to post items that you are “In Search Of“(aka ISO). It’s surprising how often someone has that extra thing-a-ma-bob you need.
If you’re up to it, you could even try out a spending freeze. That’s when you try to not buy any nonessential items for a week (or even a month or a year). Try it out as a social experiment to see how long you can last and what you learn.
Bundle and Save
Price bundling is when you combine several products or services into a single comprehensive package for an all-inclusive reduced price. Bundling can not only help save you money, it can also simplify your recurring bill payments.
Bundling is especially popular with insurance, phone and cable providers. Oftentimes, customers will receive discounts when they purchase multiple products, like combining home and car insurance and/or internet and cable. Bundling your online items at the time of purchase can also cut down on your shipping costs.
Ditch Your Car
Maintaining a car can be a huge expense, and vehicles often depreciate in value over time. If you’re looking to save money, it may be time to break up with your car.
Join a car-sharing network or you can jump into an Uber or taxi to save on parking. Just try not to overdo it or you may blow your savings! Better yet, why not cycle, walk or take transit to your destination? Your wallet, your body and the environment will thank you.
Preload Your Moola eGift Card
Sticking to a budget can be tough, but preloading Moola eGift cards with a determined amount of money each month makes it simple.
Moola eGift cards can be used to purchase pretty much anything, including groceries, cosmetics, clothing and food delivery. Not only will you save money on amazing brands when you use Moola, you’ll also be sure to keep your budget in check.
Don’t have Moola yet? Download the app here.