Sophie Wilson, Author at CPP Payment Dates

Few Budget-Friendly Tips for Savvy Canadians If your economic obstacles have led to a good deal of stress over your budget, you’re certainly not the only one. As is evidenced by a recent Angus Reid poll, which found that 22% of Canadians are expressing distress and discomfort with their finances, while another 31% say they are ‘struggling.’ 1. Meal planning: Meal planning includes planning a menu for the meals that will be eaten during the week. In planning, you can choose to prepare dishes that have been listed on a sale from a local grocery store. This way does not only help you keep up with your budget by making you use one ingredient in many meals but also minimizes the probability of purchasing other items that will later come to be of no use to you in the actual sense. 2. opt for store brands: By opting for store brands over their name-brand equivalents, you can cut your grocery bill by up to 30%. The foods at this store are mostly similar for the generic and name brands. A food may be good as per its taste and quality and not necessarily by who produced it, generic or brand. 3. Reduce Your Energy Expenses To help reduce your energy expenses, consider lowering your home's temperature by one degree during the winter months. If that feels too chilly, drop it down a bit or only while you’re sleeping or away. Also make sure your doors and windows are well sealed. This will keep warm air in for the winter and keep it out for the summer. Another good way is unplugging devices and turning off lights when not in use. It does in a great number of cases lead to lower utility bills. 4. Adjust Your Mobile Phone Plan To lower your phone expenses, contact your service provider and ask about renegotiating your current plan. They may have special offers or promotions available that could help you reduce your monthly costs. 5. Stay away from impulsive purchases Avoid situations where you are likely to make an impulsive buy if you want to avoid impulse purchasing. If you know that buying online is a catalyst for excess, this may entail avoiding certain stores. Using a budget and making a list before you shop can also assist you avoid making pointless purchases. 6. Make use of coupons If you still receive paper fliers in the mail, look through them to see if any of the places you frequently shop at have any good coupons. To ensure you don't forget them when you go shopping, keep these in your wallet or handbag. Before you buy anything online, consider signing up for digital flyers from websites like https://www.save.ca/ and https://flipp.com/ to take advantage of free shopping deals. 7. Buy in Larger Quantities Buying groceries in larger amounts can lead to cost savings, as many retailers provide discounts for bulk purchases. For example, a single jar of peanut butter might be priced at $6, but purchasing two jars could only cost $9, which saves you $3. However, it’s important to buy only what you will consume to avoid wasting food. Focus on items with a long shelf life, such as canned goods or pasta, instead of perishables like fruits and vegetables. 8. Shop During Sales When buying big-ticket items like sofas or televisions, try to make your purchase during major sales events like Black Friday or Prime Day. Additionally, keep an eye on your favorite stores online to catch information about upcoming sales and discounts. 9. Avoid paying for unnecessary services Examine your subscriptions to determine if you are still paying for any that you haven't used in the previous two or three months. It is possible to sign up for a service, forget about it, and keep paying for it. Examine your subscriptions for food delivery services, streaming services, gyms, and online courses to see if you can cut back on any of them. You can use our budgeting tool Insights when you sign up for Bree to get notified about any significant and ongoing costs. 10. Cut back on eating out Suggest having a picnic in the park with your buddies on Sunday brunch instead of going out to eat. Alternatively, host a potluck gathering at your home for your loved ones. 11. Try Thrift Shopping Check out local thrift stores like Goodwill and Value Village, or use online platforms such as Facebook Marketplace, Poshmark, and ThredUp for secondhand items like clothes, furniture, and toys. 12. Save on Transportation Costs Owning a car can be expensive with fuel, insurance, and maintenance. Assess if you really need a vehicle; public transport or ride-sharing might suffice. If a car is essential, consider carpooling with friends or colleagues, and opt for walking or biking for nearby trips. 13. Make a hobby investment Why not attempt earning money from what you enjoy doing? If you're an artistic writer, singer, or photographer, you can turn your passion into a business. Consider the hobbies you have and come up with ideas for side gigs. Take up freelance writing, music instruction, or wedding photography, for example. 14. Get a debt refinancing Refinancing your debt can help you save money on interest and reduce monthly payments if your credit score is high. Finding a loan with better terms including a lower interest rate than you are now paying is the aim of refinancing. Checkout this also: 5 Effective Ways to Restore Your Credit in Canada 15.Increase Your Tax Deductions Tax deductions assist in lowering your tax liability by lowering your taxable income. There are several credits and deductions offered for small enterprises, education, and disabilities. In addition to potential tax benefits, parents and caregivers may be eligible for deductions for childcare costs and registered retirement savings plan (RRSP) contributions. 16.Find Free Amusement Seek for free choices to reduce the cost of amusement. Take advantage of free library cards for books, go to local events like concerts and festivals, and look for free entrance days at zoos and museums. Take pleasure in free and fun hobbies like running with a friend, hiking, or podcast listening. 17.Opt for Used Clothes Visit thrift stores or ask friends and family for items to borrow rather than purchasing new clothing. To cut costs on big occasions like weddings or graduations, think about renting clothing from Beyond https://beyondtherunway.ca/ or https://reheart.ca/ . 18. Get DIY-ready Spend less money by completing tasks yourself. Make your own nail polish, locate free yoga courses online, or brew coffee at home rather than going to a coffee shop. Take on painting chores at home instead than hiring a professional, and learn how to sew to fix ripped clothes. Taking up DIY projects might save you money on a number of bills. 19. Select Cash Only Payments Use cash instead of credit cards for purchases if you're in debt. By reducing impulse purchases and preventing interest on new charges, you may make sure that you only spend the money that you have. 20. Set Up Auto-Savings Assign a portion of your paycheck to be placed into your savings account on a regular basis by setting up automatic transfers. This can be deposited into an investing or savings account. Consider allocating a portion of your income to a high-yield savings account, where you can receive a higher interest rate on your balance, for even bigger advantages. You may easily increase your financial stability by automating your saves.

20 Budget-Friendly Tips for Savvy Canadians

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