1. Focus on the necessities
Take a look at your monthly spending – what are you paying for that’s unnecessary? Can you get rid of subscription services that you don’t use? Downgrade your cable package? Pause your gym membership? If your household has two cars, can you get rid of one? Also, consider using a savings jar to collect cash – the satisfaction of seeing it accumulate may help change your relationship towards money.
2. Automate the process
Treat your savings as a fixed expense like your phone bill or hydro. Your online bank account may let you set up automated monthly transfers between your chequing and savings accounts and you’ll be surprised how quickly savings can accumulate.
3. Pause your use of plastic
Using cash for a purchase instead of a debit or credit card will help reduce overspending, because it will make the expense seem more real and deter you from unnecessary purchases.
4. Don’t buy anything
Consider trying out the ‘Buy Nothing’ movement for a month. It will help you revaluate your role as a consumer and shine a light on your consumption habits. Many Canadians have learned how easy it is to join this movement through social media groups, where people give out free items, like pet food, clothing and housewares. It can be a fun way to meet new people and impact your savings.
5. Check your insurance policies
Review your insurance coverage to make sure it is best suited to your existing needs. You may be paying for coverage that you no longer require, or you may be eligible for certain discounts. There are plenty of ways to reduce your insurance premiums: for example, if you’re not commuting to work, you might pay less for your auto insurance. Or, if you’ve done a recent home renovation or installed a security system, tell your insurer – it could save you money.
6. Bundle services
Consider bundling your cable, internet, and mobile phone services with one provider if you haven’t already. Look at your service plans and drop down to a lower-cost plan if you can.
7. Share your stuff
Sharing stuff with friends, family, neighbours, or even strangers can help you save money. Consider joining a car-sharing service, use a tool library if there’s one near you, or join a community kitchen.
These tips are provided for information and prevention purposes only. They are general in nature, and Desjardins Insurance cannot be held liable for them. We recommend using caution and consulting an expert for comprehensive, tailored advice.
Some conditions, exclusions and limitations may apply. The conditions of the coverages described are set out in the insurance policy, which always prevails.