Smart Spending Tips

Use these tips to start saving

  • Develop and execute a spending plan
  • Stop using all credit cards, use cash instead
  • Make a budget comparing your income versus expenses, so you can better visualize and understand your spending patterns
  • Close credit card accounts by returning charge cards to issuers along with a letter terminating charging privileges
  • Do not go further into debt, such as a payday loan, or a “consolidation loan”
  • Pay yourself first. Transfer a portion of your income (start with 5%) from each paycheque into a savings account. Try to forget about the account in order to prevent unnecessary withdrawals. Only access this account on an emergency basis.
  • Keep a notebook to track all of your cash purchases on a daily basis. This will help you track spending and raise awareness of your spending habits.
  • Sell items that are depreciating in value
  • Take all extra income and put it towards paying off your debts
  • Keep a written account of all income and expenses, especially cash.
  • Review all insurance coverage for duplication, raise deductibles to reduce premiums
  • Start saving by putting aside a dollar-a-day and emptying your pockets daily of all your change
  • Always use comparison shopping to find a cheaper deal
  • Go shopping when there are sales. You may be able to save more than 50 per cent.
  • Make two shopping trips. On your first trip, compare prices, value, etc. Avoid carrying credit cards, too much cash, or a chequebook on these shopping trips. On your second trip, make your purchase after determining what item has the best value.
  • Use coupons whenever possible, send in rebates, always look for deals.
  • Go vintage shopping, re-use items, go to consignment shops to find new goodies.
  • Rebuild and fix items that are broken rather than buying new.
  • Start doing things for yourself and do not pay for services that you can do on your own.
  • Meet on a weekly basis with family to discuss how you can improve spending practices.
  • Get the whole family involved in reducing debt.