Saving money is easier said than done, but with small changes it isn’t as hard as you might think.
”There are things that everyone can do to improve their finances," shares Barry Choi, Toronto-based personal finance expert. "Take a step back, look at your money and expenses, see where there might be gaps, and make positive and proactive changes."
Keep more cash in your pocket by following these expert-approved tips:
Become a brilliant budgeter
You work hard for your money, but do you know where it all goes each month? If not, writing down how much money you have coming in and where you spend it each month can help you to determine where you can cut back and save.
Destroy your debt
Owing money is expensive. One of the easiest ways to hold on to more of your pay cheque each month is to start chipping away at your debt. Whether you choose to tackle your debt with the lowest balance or highest interest rate first, it's essential to set a game plan to get out of the hole.
Build your “uh-oh” fund
If an emergency happened, would you be financially prepared to handle it? The past two years have taught us all the value of having money set aside for a rainy day. If you don't have one set up, start building an emergency account with funds to cover at least three months' worth of expenses. It’s doesn’t matter how small you start.
Make your list, and check it twice
Are you guilty of impulse buying? Going shopping without a plan can wreak havoc on your bank account. Before heading out, make a list of everything you need and check for deals to ensure you’re getting the best possible price.
Level up your loyalty rewards
Do you collect loyalty rewards? One simple way to get more for less while shopping is to make the most of these programs. Load your offers, review the flyer, shop on dedicated points days and save up your points for special redemption events to maximize your savings. This can make a surprising difference, in 2021 alone, Canadians earned 990 billion PC Optimum points.