Reducing spending is important for saving money and helping income go further. But it’s not always as simple as making coffee at home instead of going to a coffee shop or using public transit to go to work instead of paying for parking.
Here are some tools for reducing expenses you may not know you had:
Look for ways to lower your bank account fees
You can take advantage of electronic alerts to avoid overdraft charges. Your bank must send you electronic alerts when the balance of your chequing or savings account falls below $100, or an amount you’ve set.
As of December 1, 2025, all Canadians can benefit from modernized no cost and low-cost accounts costing no more than $4 per month with certain federally regulated banks. Certain groups even qualify for no-cost accounts, including youth, newcomers and seniors receiving the Guaranteed Income Supplement. Cutting bank fees each month can make a difference in the long run and help you save on things that matter to you.
Use a budget management tool
Creating a budget can help you keep track and manage spending. Before you set to work on a budget, you should figure out what your needs and wants are—they aren't the same for everyone. Once that’s done, you’re ready to start your budget.
To create a good budget, you need an effective tool that’s easy to use, such as the Financial Consumer Agency of Canada (FCAC)’s online budget planner. It includes tips, advice and alerts to help you improve your financial situation.
If your actual spending changes with time, readjust your numbers to make sure you are staying within your budget.
Find budgeting resources and more money tips at canada.ca/money.