Are you trying to be more conscious of your spending habits and search for money-saving tips in Canada? That’s understandable.
With inflation being at an all-time high and the prices of goods and services continuing to increase year over year, it can feel almost impossible to make your dollars stretch far enough.
If that’s how you’ve been feeling lately, then this article is for you!
We’ve compiled some of the best money-saving tips in Canada to help you combat rising prices and make your hard-earned dollars go further.
MAKE USE OF THE WORLD-CLASS LIBRARIES
Walk into any public library in Canada and you can sign up on the spot for a free membership (proof of address and ID required). Make use of the great facilities that include an extensive online library platform where you can access some of the latest audiobooks and eBooks on your desktop or mobile for free!
SAVE ON RENT
Have you ever heard about house sitting? There are many people who need someone to watch their house or look after their pets while they’re away. You could be that person. In exchange for helping to manage their house in their absence, you get free accommodation. It’s a great way to travel affordably or living rent-free.
To find out more check this article:
SAVE ON TRANSFERRING MONEY FROM ABROAD
When it comes to transferring money overseas, then look no further than Wise (formerly known as Transferwise). They offer extremely competitive rates when it comes to international transfers that outcompete banks and their ease of use has made them a new leader in the financial exchange markets.
Wise is definitely one of our favorite money-saving tips for Canada – it’s helped us to save loads on travels and online purchases! Once you have your account, you can also sign up for a Wise card which comes with a lot of other perks.
SAVE ON PETROL
Use the GasBuddy app to locate the best gas prices in your area. Prices on gas vary from station to station so be smart about where you choose to fill up. You will be amazed at how much you can save here! For more info visit our Fuel Saving Strategies post.
GET POINTS WHEN YOU FILL-UP WITH GAS
Most Canadian petrol station chains offer reward programs. You can join at any of their location outlets by requesting a loyalty card (free). Combine these cards with selected cash-back credit cards to save even more when fueling up.
SAVE ON FOOD
Visit grocery stores like Costco, Superstore and No Frills for the best prices on produce, bulk items, and dairy products. Be sure to take advantage of their weekly discounts. You can also join loyalty programs in order to get more rewards (e.g., free items).
You can also try some unconventional methods of saving money on food. For example by starting a veggie garden. If you don’t have a yard, you could have a few pot plants with herbs in your apartment.
And of course, cook as much as possible at home, avoid eating out and pack your lunch to work.
For takeouts, try Doordash and get a discount your first order.
SHOP AT THRIFT STORES
Discover hidden gems marked at a fraction of their original price when you explore the wide selection of thrift stores available throughout Canada. By donating, recycling and re-purposing you can contribute to responsible consumerism that helps to diminish the excessive waste thrown into landfills every year.
SHOP ON FACEBOOK MARKETPLACE OR KIJIJI FOR THE BEST DEALS
Kijiji and FB marketplace re the two most active online platforms to find good deals online. We’ve found some of our best deals here. The bargains sell quickly so be sure to keep monitoring these platforms and act quickly when you find what you’re looking for at a great price.
CHECK OUT GROUPON FOR LOCAL DISCOUNTS
Groupon has some amazing daily discounts on a variety of local goods, services and events. See what deals are available in your city. Discount range from 50 – 90%!
SHOP WITH CONFIDENCE
Many of the big Canadian retailers offer fantastic, hassle-free exchange or return policies. Often we feel pressured to make the perfect purchase but it can be difficult to know with certainty if the purchase is right whilst in the store. If you buy something and you’re not completely happy, return your purchase with the slip following the stores’ return policy T&A.
USE COUPONS TO SAVE ON SHOPPING
See what’s available on sites such as Coupons, RedPlum, fFlipp and Redflagdeals. For internet shopping download and install Honey – this browser extension will automatically find any available coupons and apply them to your shopping cart at checkout.
UTILIZE BANKING WITHOUT FEES
BE SMART ABOUT ABOUT SAVING FOR YOUR RETIREMENT
Utilize a TFSA (Tax-Free Savings Account) or RRSP (Registered Retirement Savings Plan) and limit the amount of tax you hand over on your savings or retirement plan. Most banks offer a TFSA as an additional account so enquire with your bank today.
CHECK OUT PREPAID SIM CARDS
Most Canadian networks only offer network packages on a contract basis. Lucky mobile or Virgin mobile offers pre-paid Simcards which offer more flexibility and don’t tangle you up in a commitment that involves expensive activation and monthly charges. Both options are available at selected stores.
VISIT THE DOLLAR STORE
The dollar stores offer an array of generic and branded consumer and household items at great prices. You’ll often find something useful at these stores for as little as a buck!
SIGN UP FOR LOYALTY PROGRAMS
Take advantage of the complimentary reward programs on offer. We use PC Optimum to earn points at Real Canadian Superstore, No Frills, Triangle at Canadian Tire, Marks, Atmosphere and Sports Check.
LEARN TO MANAGE YOUR FINANCES
Start by recording your expenses and income. A simple, free and user-friendly app for this is Money Manager. Once you have a good idea of your income/expenditure develop a realistic monthly budget that excludes any unnecessary expenses.
LET YOUR SAVINGS GROW
Utilize high-interest savings accounts for any of your savings – sign up with Tangerine or EQ bank. Tangerine is usually running a promotion that allows you to earn high interest on your savings for the first 5 months. Personally, we prefer EQ bank as a high-interest savings account option and Tangerine for zero-fee online checking account.
MAKE USE OF DISCOUNTED AIRBNB BOOKINGS
Airbnb is one of our favourite money saving tips for Canada. Take advantage of the discounted rates that newer listings often provide when they’re in the process of building up their listing credibility. Also, look into weekly discounts that are often available.
GET CASHBACK ON YOUR ONLINE PURCHASES
Rakuten pays you cashback from the commission of your purchases when you make a purchase through their site. Next time when shopping on Amazon or any other of your favourite online shops, make sure to check them out.
If you use this link then you will receive an extra 30 dollar bonus when you sign up.
That rounds up our top saving tips for Canada.