Saving Money

Save Energy, Save Money

Where does your money go?

Chequing

Save over a $100 yearly in fees by choosing a chequing account with a minimum balance requirement that you can, and do, meet. Banks frequently will drop or lower chequing fees if paycheques are directly deposited by your employer. In addition, direct deposit offers the extra advantage of convenience, security, and immediate access to your money.

Savings and Investments

Before opening a savings or investment account with a bank or other financial institution, find out if the account is insured by the government. A number of assets offered, including mutual stock funds and annuities, are not insured. Guaranteed Investment Certificates (GIC’s), treasury bills or notes often earn the highest return on savings with little or no risk. However, you do lose access to the money for a period of time.

Credit Cards

You can save as much as several hundred dollars each year by lowering credit card interest charges by paying your entire bill in full each month. If you can not pay off a large balance, consider our Debt Management Program or call 1-800-656-3920.

Consolidated may be able to consolidate your debts, lower monthly payment commitments, and negotiate lower interest charges.

Generally, clients see 25-90% monthly savings on interest charges from our creditor negotiations. You can lessen credit card fees by avoiding over-the-credit limit fees, and by throwing out all but one or two credit cards that have no annual fee.

Hydro

Save hundreds of dollars a year on hydro by making certain new appliances, especially air conditioners and furnaces, are energy-efficient. Information on the energy efficiency of major appliances is found on the Energy Guide Labels required by law.

Check if your provincial government has programs to reduce the costs of appliance purchases.

Heat & Air Conditioning

A home energy audit can identify ways to save money on home heating and air conditioning. The Ontario government (www.energy.gov.on.ca) has a program called the Home Energy Audit Program. It provides a rebate of 50% of the cost of an energy audit to your home. To find out more specific program details, visit their website. To calculate your energy costs, visit the Natural Resources Canada website and click on the EnerGuide Heating Cost Calculator.

Telephone Service
Check with your phone company to see whether a flat rate or measured service plan will save you the most money. You can save money by buying your phones instead of leasing them. Check your local phone bill to see if you have optional services you don't really need or use. Each option you drop could save you $40 or more each year.

Long Distance Telephone Service

Evenings or weekend long distance calls can cost significantly less than weekday calls. If you make more than a few long distance calls each month, consider signing up for a calling plan. Call several long distance companies to see which one has the least expensive plan for the type of calls you make. Whenever possible, dial your long distance calls directly. Using the operator to complete a call can cost you an extra $1 to $3.