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This was the very first video I watched when starting my research and was blown away with the information. What Brian was saying was very true. Many people are impulse purchasers and sometimes waste their money on things that are not needed, the buyer gives very little thought to the purchase. It's like a shiny penny situation. They see something and are completely distracted by it and need it right away. Brian also said that in your life time you can become a self-made millionaire if you start putting a percentage of your pay away. Even if you are a minimum wage worker. That is crazy! Instead of buying another pair of jeans or whatever it may be that you don't truly need, put that $50 away into a mutual funds account. This way you are starting your journey to becoming a self-made millionaire, but also not impulsively buying items that are not needed. The path to saving money has to start somewhere and this could be it.

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Become a Money Saving Expert | Brian Tracy

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Welcome to my padlet where you will be learning more information on the topic of savings. Here I will be covering various saving plans and what works or maybe doesn't work. Everyone learns and saves differently and hopefully my wall can give you some insight on new ways to save. Saving money can be done in several different ways and I hope to touch on many ways as best as possible.

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I found this video to be informative. The first thing the "Betterment Boss" recommends is to avoid social medias. At first, I was confused, but he then goes in to explain how it affects us. We see advertisements for items we like all the time and it sometimes forces us to look at them and end up making a purchase. Another tip I liked was to spend money in cash. I understand right now with the circumstances we are in, many people are avoiding it. But he makes a valid point by saying that when we can physically see the money decreasing, we don't like that, whereas if it was through debit or credit, we can keep taping our card until it declines. I think that is a good way to look at it and something that a lot of people may not even think about. There are many little tricks that can help us save, we just have to be smart about it!

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7 Psychological Tricks To Save Money FAST | How To Save Money Faster

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This is a very simple, straight forward photo I am using. However, the reason I picked this photo was because I don't think everyone realizes how easy it is to start a savings account. It is five simple steps. The "hardest" part would be to compare banks and find one that fits all of your needs and even that is easy! Following these steps could put you on a great learning and saving journey for the future.

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In my opinion I strongly believe that a bank is the absolute best way to save money and gain interest on it. With that being said, if it a piggy bank you cannot open from the bottom and you are disciplined and want to save for certain things like a trip or a new piece of furniture, I think a piggy bank is a good way to go. Purchases like that are for goals that you have in the near future and I do not see anything wrong with saving this way for items like that.

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I chose this first website because it was very detailed and informative. It explains some advantages of savings and even disadvantages, so readers are able to compare. It also mentioned that some saving accounts require a minimum starting balance to avoid monthly fees and earn the highest published rate. I felt this was very informative because I didn't know that and it may be something others don't know. Some people may just want to open an account and think they will start putting into it whenever they can, but I think minimum can help dedicate someone to saving.

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What Is a Savings Account and How Does It Work?

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A savings account is a bank or credit union account designed to keep your money safe while providing interest. Learn how savings accounts work.

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I really liked this website. It touches a little bit on everything. Ways to save money, how to do it, pay yourself first, TFSA, high interest savings accounts and so many more. I was really interested in the pay yourself first topic. Personally, I have never heard of this term prior to this class and now that I have been able to read and learn more about it, it is so incredibly beneficial. I know bills are an important part of life and will always be a part of it, but I do think it is crucial to always designate a set amount to yourself. This website says it can be 10% of a paycheque, $25, $100, whatever you may choose, but honestly, even if it is $10, that is a start.

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How to Save: Strategies for Saving Money Each Month

The Traditional Methods

There are many tried and true ways of how to save money each month .

Every day put all of your loose change into a jar. Every once in a while deposit the money in your savings account. In time the money will grow into a little nest egg.

Try to set aside a certain amount of money each month or each paycheque for your savings. People have been doing this for years, but it takes discipline.

A Newer Method: Pay Yourself First

How It Works
One of the best saving strategies is to pay yourself first. What this means is that you designate a certain amount of your paycheque as your pay (how novel) and you pay that money to yourself before you pay your bills or anyone else. This amount can be $25, $100 or maybe 10% of your paycheque. It can be any amount that you decide. The important part is that you pay yourself first rather than last. Most people pay all of the bills first and then save anything that might be left over. For most people, that method of saving doesn't really work because nothing is left over to save.

If you pay yourself first, then money will get saved because paying yourself is now your first priority. The nice thing about this method is if your budget is a little tight, it forces you to make adjustments elsewhere and your savings continue to grow.

Paying yourself first also makes sense. Why are you going to work everyday anyway? To earn money for someone else? No way. You go to work to earn money for you and your family. That's why you should pay yourself first-to make sure that your first priority is taken care of: you. It is not likely that anyone else is going to take care of you because they assume that you are taking care of yourself.

Pay Yourself Automatically
When you pay yourself first, you should set up an automatic way of doing this so that you don't even have to think about it-it just happens. You can get your employer to deduct a certain amount and put it in your RRSP or you can set up automatic transfers with your bank (either online or at your local branch).

Most people who use this method find that they very quickly get use to living on a little less and soon they don't miss the amount that they are paying themselves in their savings account. When you almost forget about automatic savings and let them grow, amazing things happen-automatically. Automatically saving $25 a week turns into $1,300 a year. Now if someone did this over a lifetime, they would get some fantastic results-automatically. If someone automatically saved $100 every paycheque (bi-weekly) from when they were 25 until they were 65, they would end up with almost $415,000 if they only received a 6% rate of interest. Of course someone could afford to save more once they got their house paid off. So their final amount could be much higher. Hopefully you can see how easy it can be to accomplish big things with just a simple automatic setup where you pay yourself first.

How to Become a Millionaire-Automatically
Another amazing thing about using automatic deductions or transfers to pay yourself first is that you can use it to become a millionaire-automatically. This may sound crazy, but it actually works. If someone automatically had $200 transferred from each of their bi-weekly paycheques into their investment account from when they were 25 until they were 65, they would end up with over $1,000,000 if they averaged a 7% rate of return on their investments. So a normal person can become a millionaire automatically without winning the lottery. This plan would require a little more sacrifice than most people are willing to make in their twenties, but it is entirely possible. Now you know how to become a millionaire.....if only you were 25 again.

The Smartest Method to Save Money: Have a Spending Plan

The very best method to saving money is to create a Spending Plan or a Budget ( learn how to make a budget). With a budget you figure out what your income is and what your expenses are. Once you know these two things, you can look for ways to reduce your expenses or increase your income to allocate an amount of money that you can afford to save. This is how the world's largest corporations do it and this is how most of the world's successful business people do it. This method takes a little bit of work at the beginning and a check-up every year or two, but it works.

The secret to this method (if you want to call it that) is to identify what you are spending money on so that you can begin to plan your spending. Once you begin to plan your spending, you will gain control over it and you will be able to plan to spend money on your savings. In other words, you will plan to put money into your savings account. Many people don't like to plan their spending because it involves a little bit of work (once a year). No one is saying that success will come easily, but this little bit of work will pay off big time in many areas of your finances. We dare you to try it - what have you got to lose?

Ways to Save Money - How to Do It

Use One Savings Account

For some people, keeping things really simple works best. Ideally you should have . . .

1. An emergency savings account

2. At least one savings account for major purchases

3. A retirement savings account

If this is too much for you, get started by simply putting your money into one savings account, and then grow your savings from there.

You can put money aside on a regular basis for a down payment for a house, a car, or for your retirement. To get started, all of this money can go into one account, and it can double as your emergency fund as long as you don't have "emergencies" on a regular basis.

Use Many Savings Accounts

If you find a bank or credit union that offers a free savings account, you can open up several savings accounts. Then every time you get paid, you can put money into each of these accounts for every specific thing that you are saving for. This way you can keep your money safe from accidently being spent, and it will be there when you need it.

These accounts don't have to be actual bank or credit union savings accounts, they can be high interest accounts, Tax Free Savings Accounts (TFSAs), RRSPs, term deposits, mutual funds, or other investments. Just make sure that you don't lock up money in a long-term investment that you might need in the short term ( learn more about the differences between saving and investing for the short-term versus long-term).

Related: Where to find money to save every month. Here are 10 places to get it from

Places to Save Your Money - Where You Can Save Your Money in Canada

Under Your Mattress

We hope that you don't do this. Every thief knows that this is the first place to look. Ditto with a roommate. Then there was that guy who dug a hole in his back yard and put $10,000 in cash into a glass jar and buried it. Later when he dug it up, he discovered that the water in the soil surrounding the jar had frozen in the winter and cracked the jar. Water then filled the jar and turned the money into a soupy mess. Because most of the bills were unrecognizable, he was not able to cash most of them in. All he was left with was one broken jar of expensive soup.

In Your Safety Deposit Box

Lots of people do this-just ask your bank's tellers-they can smell it (old money stinks). Stashing cash in your safety deposit box is definitely safer than using a mattress or burying the money in the back yard, but not much smarter. Money in a safety deposit box does no one any good. It doesn't earn you any interest. The government insures the money you deposit into an account at a bank up to $100,000 (and there are some ways to get higher coverage than this), and if you can't trust the bank with your money, then how can you trust the bank with the stuff in your safety deposit box?

In Your Bank Account

A chequing account or a regular savings account is no place to save your money. Most of them pay hardly any interest. This is because the bank lends your money to other people when you aren't using it. Money in a regular bank account might get used often, or you might need to withdraw it quickly, so the bank can't lend that money out for very long because you might need it. The bank makes money when they can lend your money out for extended periods of time, and at higher interest rates, so then you earn more interest when they are able to do that. Look to earn more interest with High Interest Savings Accounts and Term Deposits or GICs.

High Interest Savings Accounts

These types of savings accounts are usually more restrictive than regular savings accounts, but they pay a lot more interest. Make sure that your bank or credit union is paying you a competitive rate (you can't negotiate but you can move) and then save away. These types of accounts are usually safe, convenient and their interest rates usually move up as bank interest rates move up.

Term Deposits or Guaranteed Income Certificates (GICs)

If you know that you are not going to need your savings for a year or more, consider putting your savings into a Term Deposits or GIC (they are pretty much the same thing). These are a great way to try to get more interest on your money than a High Interest Savings Account can offer. However, this is not always the case, but it pays to check. Most banks and credit unions will allow you to put your money into a Term Deposit or GIC with a thousand dollars or more.

Tax Free Savings Account (TFSA)

For most Canadians, these are the best way to save. A Tax Free Savings Account is your own little tax haven. A TFSA is an official setup that shelters your investment from taxes. A TFSA account allows you to put up to $5,500 per year into your tax shelter and not pay any tax on the interest that you earn or on the growth of your investment. Then when you take your money out of the TFSA, you don't pay any tax either. So now you don't have to sneak off to the Bahamas or the Cayman Islands to invest your money and protect yourself from taxes. The government has kindly brought the tax haven to you. Whether you are saving up for a car, a down payment for a house or your retirement, a TFSA is a smart way to save and invest.

Register Retirement Savings Plan (RRSP)

Before the Canadian government introduced the Tax Free Savings Account (TFSA), an RRSP used to be one of the best ways for many people to save. An RRSP is still a good way to save money, but it is now primarily meant to be a way to save for your retirement. You and your tax advisor (if you have one) will have to decide if an RRSP is right for you.

An RRSP is basically just a setup that shelters your investment from tax until you withdraw your money from the RRSP tax shelter. With an RRSP setup, you can choose to invest in a vast array or normal investments: savings accounts, term deposits, mutual funds, stocks, bonds, and other investments.

The Benefits of an RRSP

All contributions (within limits that most people never reach) can be used to reduce the amount of income tax that you pay. If you are paying a lot of income tax, contributing to an RRSP may be a good way of reducing what you are paying.

As your investment grows in your RRSP, you don't have to pay any tax until you take the money out of your RRSP. If you are saving for retirement and you know that your income will be lower than it is now, than contributing to an RRSP may be a good idea because when you take the money out when you are retired, your income will be lower, so the amount of tax that you pay on the money then will be less than what you would pay now.

RRSP savings can be withdrawn for a down payment on your first home. The catch is that you have to pay the money back into your RRSP within 15 years. If you don't do this, then the RRSP redemption becomes taxable and the government sends you a tax bill. Up to $20,000 can be withdrawn. The program that allows you to withdraw this money is called the Home Buyer's Plan (HBP).

Money can also be withdrawn from your RRSP for your education. Under the Lifelong Learning Plan (LLP) you can withdraw up to $20,000 for your education. This program gives you 10 years to pay the money back, but fortunately, you aren't required to begin paying it back until 5 years after you graduate.

If you ever have to declare bankruptcy, the money in your RRSPs is protected. The only portion that's not protected is anything you contribute in the 12 months before filing for bankruptcy.

The Disadvantages of an RRSP

All withdrawals from your RRSP plan are taxed as income.

10% to 30% of the money you withdraw from your RRSP is held back for taxes. The percentage that is held back depends on how much you are withdrawing. You can possibly get this money back when you do your taxes if you don't end up owing the government any money.

You must begin to withdraw money from your RRSP when you turn 69. The government has created a schedule that determines how much you must withdraw each year. Most people have been encouraged to use an RRSP to save for retirement. However, many retirees whose incomes have not declined in their retirement years have found that it was not in their best interest to invest in an RRSP. Once these people turn 69 and are forced to withdraw money from their RRSPs and pay tax on the money that they withdraw, they find that they are paying just as much tax - and in some cases more - as they would have to pay if they had invested outside of an RRSP.

Other Investments

There are numerous other investments that you can use to save your money: money market funds, bonds, stocks, mutual funds and the list goes on. If you plan to spend the money that you are saving within five years, it is best to find something safe to invest in. For most people a high interest savings account or a term deposit within a Tax Free Savings Account works just fine. These options are safe and sure-you know that your money is going to be there when you need it-the same can't be said if you choose to invest in something that has a lot more risk . . . like the stock market.
Learn more about investing and the risks involved.
Where to Find Money to Save Each Month

Here are 10 places to get you started

Some things are easier said than done-like saving money. So you want to save money, but where do you find money to save if you don't have anything extra right now? Here are some great places to look:

Get It from Work

1. Raises at work
When you get a raise, put the extra money you are now earning in the bank. You lived on less before. Do you really need these few extra dollars, or does your savings account need them more?

2. Bonuses from work
If you get paid a bonus, bank this money as well. You don't need your bonus for living expenses because it is extra money that you can't count on-that's why it is a "bonus" to your normal wages. Bonuses are perfect for saving. If you need your bonus for living expenses, you probably have other financial challenges that need attention first.Click here to find out how to deal with debts.

3. Overtime pay from work
In some jobs you can volunteer for extra overtime. Consider working a little overtime each week and then treat your overtime pay as something sacred and save it in a special account.

4. Extra large commission
If you get paid commission for your job, consider saving a portion of any extra large commission cheques. It is so easy to blow money and then not know where it went. Use some of your extra large commission cheques to create something you will remember-a nice retirement, a comfortable home, or something else that you would like to save for. Use your savings to create a reward for yourself that will last.

Get It from the Government

1. Tax refund
If you get a tax refund, use the money to increase your savings. To find out how to pay less tax so that you can get a tax refund or qualify for a larger refund, speak with your tax advisor or someone you trust. Two ways that many people reduce the amount of tax that they have to pay is by contributing to an RRSP and/or by donating more money to charity. If you set up an automated system where your RRSP or charitable giving is automatically debited from your bank account or deducted from your paycheque, these options can be easy and affordable.

2. Tax Assessment
If property values have fallen significantly in your community, make sure that your tax assessment value is fair. If it's not fair, apply for a re-assessment. In communities where property values have fallen substantially, this can save you a lot of money in property taxes.

3. Claim all expenses
If you are self employed, do you do your own taxes or do you have a professional accountant with a professional designation like CA, CGA or CMA do your taxes for you? If your taxes aren't being done by one of these professionals, you could be missing out on some big tax savings. If you think that these kinds of accountants are expensive, that may be true, but it is often more expensive to pay the government thousands of dollars in unnecessary taxes than to pay a good accountant a few hundred dollars to find these savings for you. If you are really thrifty, you can try out the accountant once to see if you are missing any deductions, and then you can go back to your old way of doing taxes and use the tax saving tips that you learned from the accountant.

Find It in Your Expenses

1. Look for an expense to cut and save that money
Some people suggest that you increase your savings by cutting back on lattes or quitting smoking, these are good suggestions butthere are also other big ways to save money. One way that a lot of people can save money-but something they often overlook-is to take a serious look at what they spend on their hobbies. Some people spend huge amounts on personal trainers, protein supplements, golf, skiing, and other sports. They don't even consider how much they spend because they believe that they are spending it on something healthy or on something they love. If you have a pressing concern-like getting out of debt-cutting back what you spend on a hobby, even just for a while, may be a great option to consider.

If you're looking for money to save, your expenses could be a gold mine. Here's one great place to look: the average vehicle owner spends $9,000 per year to own and operate their vehicle. Is there any possibility you could downsize to a smaller, more fuel efficient vehicle, buy a quality used vehicle rather than a brand new one, move closer to work, car pool, or take transit? Here's another way to think about this: the average Canadian car loan payment is $570 per month. If someone invests this from age 25 to 65 in mutual funds or an index fund and receives an average rate of return of 11% (what the S&P 500 has done over the past 70 years), they will have over $4.2 million at age 65. Is always having a new car worth $4 million to you? Consider buying a quality used car and invest the rest. Your old car payment could literally end up funding your retirement (by the way, it's never too late to start saving. If the person in this scenario saved this car payment from age 40 to 70, they'd still have a million dollars).

Another easy way to find money to save is to look at credit card statements for the last few months and see what you could have gone without and would be able to survive going without next time. You save even more money if you leave the credit cards at home and only pay with cash. Studies show that we tend to spend 15% more when we pay for things with credit. For the average Canadian household who puts everything on credit, they could save over $3,000 a year if they bought everything with cash instead. Sure they'd have to give up their points or cash back, but assuming they used the best cash back cards in Canada, they'd only be giving up $400. They'd still be looking at a big win.

2. Review your debt payments
Take a look at the interest rates on any debt payments you may have. Regardless of how low your interest rate is on your line of credit, credit cards, mortgage or a loan, if you look around and see what other companies are offering for the same product you may find that you can do better. If you're paying 5% interest on your line of credit, you may be able to show your bank that others are paying 3.5% and get them to do the same for you. If you're paying 20% interest on a credit card, see if your credit card company has a lower interest rate card. You may be able to get them to move you to a 12% card, or you may be able to find an even better rate somewhere else. If you have a mortgage, have a chat with a mortgage broker and make sure you're getting the best rate possible. Here'smore information on how to get the lowest interest rates.

If you are carrying balances on credit cards or store cards, review your balances and your monthly payments. If you have a balance of around $1,000 on one card, you may be making $30 monthly payments. Find a way to pay off this balance with a bonus from work, a tax refund, or by increasing your payments. Once you've paid off this debt, you'll have $30 more to work with each month. Use this approach on your next smallest debt, eliminate it, and you'll free up even more money each month.

If you're struggling to make the minimum payments on your debts, your best move may be tosit down with a non-profit Credit Counsellor, have them review your financial situation, and see what your best options are to get your finances back on track. If you're really have a tough time making ends meet, you may qualify for interest relief.

3. Track your spending and create a spending plan
Tracking your spending is the very best way to identify areas that you can save money. Written out in black and white, most people are surprised how much they spend and areas where they can cut back become very clear. All you need to do is track your spending for one month to get a good idea of where your money is going. Many people think, "Oh, I don't need to do that. I already know where I spend my money." The truth is surprising to most people; they really don't realize how much they spend. You can't say that you know how much you spend unless you have tracked your spending.

Once you've identified where you are spending your money, and you see areas where you would like to reduce your spending, you need to set an amount that you think is reasonable to spend and stick to it. To stick to your spending limits, you need to create a spending plan, and then follow your spending plan by only spending the amounts that you set out to spend in your plan. This is a very simple thing to do and it is a very effective method to control you spending. It is often called budgeting.To learn how to create your own spending plan, click here.

Tips for How to Keep Your Money Safe from Yourself

Some people recognize that their biggest obstacle to saving money each month is themselves. If you think that this is part of the reason why you can't seem to save any money, here are some strategies and tips to try out to keep your money safe from yourself.

Have your bank remove access to your savings account from your bank card and your online banking. If you have to go into the bank to get the money out, you will be far less likely to spend it. Going into the bank to make a withdrawal will give you more time to think about a purchase before you go ahead with it.

If you live with a partner, and your partner is clearly a better saver than you are, consider giving your partner control of your savings. This will make it harder for you to spend your money.

Invest your money in an investment or with a company that you have to contact and request a withdrawal from. It will usually take a number of days to get your money out of an investment company like this. That will give you extra time to think about your decision to spend this money. If by the time you get the money out, you decide that you shouldn't spend the money, send it back. When you withdraw money from investments like this, your investment advisor or investment representative might ask you why you are withdrawing the money, this might create another barrier to keep your money safe from your impulses. Some common investments that require you to ask someone to take your money out include term deposits, mutual funds, and all types of RRSPs.

Related Articles

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How to Save Money - Tips for How to Save Money Each Month | Canada | My Money Coach

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There are many tried and true ways of how to save money each month . Every day put all of your loose change into a jar. Every once in a while deposit the money in your savings account. In time the money will grow into a little nest egg.

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When I picked the topic of savings, I felt as if I had a pretty good understanding on ways to save money and increase the numbers I see in my account. After seeing this website I just realized how many more small ways there are to save you money. This article lists 31 types of saving methods. Some similar, but regardless, it is the small things that some people never think of that can help. One that everyone I think knows, but may not use would be number 23 on the list being discount coupons. Everyone knows coupons help save money and provide good deals, but I also think some people just don't care enough to go out of their way to find and use them. I think if people who never used them began and compared their spending to before, a difference would be noticed. An easy way to find discounts and sale prices is through the "Flipp" app which is also talked about at number 8. This article has small tips that I find very useful and some even underrated.

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There are so many tools, products, and apps out there that it's hard to know which ones to use. There's so much choice that it's easy to pass by some great money saving apps and tools without a second look.

It's even harder to find stuff that works well for Canadians - nearly everything is targeted at Americans because of their larger population.

Even though I'm a tech-savvy guy, I still don't use as many money tools as I probably should to truly maximize my money.

Some of it is due to privacy concerns - I don't want to link up directly to my bank, credit card, or investing accounts. But most of it is due to the initial barrier that comes with learning something new, especially when what I already do works well enough.

It really helps when someone recommends useful tools first before giving them a try yourself, don't you think?

So here's a collection of apps, financial tools, and products I either use myself or think are worth using based on the reviews and features they offer.

You can find even more money saving deals and tools that I use everyday on our deals and tools page.

Best money saving & personal finance apps

If you want to leave your wallet at home, then there's no better way to pay than linking up your credit card to your phone so you can pay with a tap at the checkout.

I don't personally use these apps because I don't want to give a 3rd party access to my credit card information. Chances are good that Google and Apple secure the information as well as the credit card company does, so I'm just being extra cautious here.

If you have a low-limit credit card and love convenience, then these two apps could be worth a shot. Some Canadian banks offer their own app to let you pay with your phone, which might be preferable for those with security concerns.

Maximizing rewards is one of my favourite hobbies. But, when you have dozens of rewards accounts like I do, it's very hard to keep tabs on all of them.

Award Wallet solves that problem by giving you access to all your point balances, card numbers, expiry dates, and statuses in one place. It even works for tracking cash back site balances.

There are plenty of budgeting apps out there, which I'll get to, but sometimes you just want to track your bills and make sure they're paid on time.

I typically just log in to all my accounts twice a month and use autopay so I don't miss any due dates. But if you'd rather pay individually, you can use the Bills Reminder app to schedule all your bills by their due dates and remind you when you need to pay one.

Sure, you could use a standard calendar app to do the same thing, but why clutter up your calendar when you can do it quicker and easier with an app like this?

4) Budgeting & spending tracking apps

There's almost an endless supply of budgeting and money tracking apps out there, but there are a few that are more popular than the rest:

Mint is a fully automated budgeting solution that hooks up to all your financial accounts and automatically categorizes all your spending for easy tracking. The problem is you need to give it (read-only) access to all your other accounts and I've heard the manual tracking options they have aren't the best.

You Need A Budget used to be a pay once, use forever product but they've switched to a monthly subscription fee. It also used to be mostly manual with no bank syncing, but now they offer that too. If you'd rather take a more manual approach to help keep your spending under control, that's still well supported.

Spending Tracker allows you to easily track, categorize, and monitor your spending and income manually with every transaction so you're always on top of your money. Great to combine with credit cards so you get the rewards and stay on top of your spending at the same time.

Wallet is a goal-focused budgeting app that lets you set your goals and then allocate your income and track your spending so you get there faster.

5) Grocery coupon apps

Coupon apps tend to be focused around groceries because that's likely what we shop for the most.

There are several apps out there that let you take a picture of your receipt after you're done shopping, giving you some cash back if you've purchased one of the featured items listed in the app.

You can completely stack this with other sales and physical coupons, so it's a great way to push your grocery savings even higher. Here's the top 3 for Canada:

Knowing the current exchange rate to and from any currency is essential if you're a world traveller, business owner, or investor who does transactions in multiple currencies regularly.

Not only does this allow you to better plan your trips and purchases, but it also lets you quickly figure out how close to the real exchange rate banks and other currency conversion options are offering you.

Pretty much every money related calculator you could ever want all in one place. There's 85 different calculators to choose from available in the following categories:

The biggest challenge with this app is figuring out which calculators actually apply to you. They put 18 of the most popular calculators right on the home screen when you open the app which makes it a little easier to navigate.

8) Sale Flyer Apps

Flipp is the best app I've found for quickly comparing sale prices in your region where Canada is well supported. It's a great way to find a deal and make a shopping list of sale items quickly. It's also a great way to make a list of items to price match if you don't want to run around to all the different stores.

Here are a few more flyer apps you can try:

Most of the time it seems gas prices are pretty fixed between stations, especially in provinces that have caps on gas prices. Less fixed are the price of premium fuel if you have a car that needs it or are trying to avoid ethanol in your gasoline.

Related: 11 Creative Ways To Save On Gas

Gas buddy is a crowd-sourced list of gas prices so you can check whenever you're driving and see if it makes sense to fill up while you're there.

Daily deal sites were a mad gold rush when they first launched but today they aren't quite what they used to be. Groupon has outlasted all the other daily deal sites and still offers good local deals from time to time.

Stay away from the merchandise offers though, because those are mostly just cheap junk from China that you could find for less on Ebay or other direct from China stores. Be sure not to hang onto your Groupons for too long though. New businesses that use Groupon often fold and your Groupons can also expire.

Most travel comparison sites won't actually save you a lot of money because they mostly use the same booking engine with the same base prices on the backend.

Hotel Tonight is different because it negotiates deals directly with hotel chains for last minute unsold rooms. Be careful in smaller markets and at some hotels though. Prices can be the same or even higher if Hotel Tonight wasn't able to secure a special deal or if that deal got pushed through to all the other booking sites.

12) Insurance apps

Many health insurance companies offer an app that can help you check your claims history, what coverage you have, and how much coverage is remaining this year.

Some apps even let you take pictures of your receipts and claims forms so you can upload them right through the app. My experience with the Medavie Blue Cross app was that it was a bit buggy so I went back to the Quick Pay office for that. But, if your insurer doesn't have a quick pay office, then it sure beats mailing in all your claims.

There's a mortgage calculator in the Financial Calculators App mentioned above, but Karl's calculator is a cut above. It gives incredibly precise charts, tables, and breakdowns of exactly how your mortgage payments will work.

It's easy to compare a few different scenarios, hypothesize an interest rate increase, or compare different amortizations and payment plans. If you want to save money on your mortgage, this app will help.

Do you share expenses with other family members, friends, or roommates? If so, Splitwise helps you keep track of who owes what and when. It gives regular reminders when a payment is due and keeps everyone up to date. No more awkward conversions and wondering if people know they're late paying you back.

If you tend to go out with friends and split the cheque, Splitwise has another app called Plates that makes that easier too.

I used to plan my trips and vacations in incredible detail before I left. I knew exactly what I'd be doing at every time of every day.

Sure, this was an effective way of planning that made sure we got to see the best sites and squeeze as much as possible into our trips...but it was also stressful, a lot of effort, and resulted in a lot of extra stuff to keep track of while travelling.

These days I plan my outings in minutes while I'm already at my destination using the TripAdvisor app. It helps me find the best restaurants, great hotels, and fun things to do while on the go in minutes. No advance planning required.

Products to help manage your money

16) Automated bill payments

They've been around forever, but some people still choose to pay their bills manually. The only bills I still pay manually are my credit card bills -hat way I'm forced to review my transactions twice a month, double check everything, and make sure no fraudulent transactions were made.

Give your service providers a call and get them to charge your credit card automatically so you reap the rewards every month without lifting a finger. You can also schedule payments with your bank account using online banking or arrange for a direct debit from your account.

17) Email money transfers

Interac email transfers used to be pricey at $1.50 each, but recently most Canadian banks have opted to drop the charge.

That's great news because they're one of the most convenient ways to send money fast. If you're still using cheques, especially when receiving payments, try to convince people to email you the money instead.

Here are the cheapest options for doing EMTs

BMO: unlimited free Interac e-Transfers with most paid banking plans.

RBC: unlimited free Interac e-Transfers with ALL paid banking plans.

EQBank: 5 free Interac e-Transfers per month + no monthly fees and great interest rates.

TD: unlimited free Interac e-Transfers with most paid banking plans.

CIBC: free Interac e-Transfers with most paid banking plans.

Scotiabank: 2 free Interac e-Transfers with ALL paid banking plans.

Tangerine: unlimited free Interac e-Transfers + no monthly fees.

18) Mobile banking & cheque deposit

Mobile banking is a super convenient way to keep tabs on your accounts while on the go, but the killer feature for me is mobile cheque deposit.

One of the few reasons I ever visited an ATM or stepped foot in a bank is to deposit cheques. Ever since mobile cheque deposit came out, the time savings have been enormous. If you haven't given it a try yet, it's worth it.

Most people who are going to try PayPal probably already have, but it's a great online payment service for easily transferring funds to anyone else with a PayPal account worldwide.

A lot of its usefulness is now gone with the free Interac e-Transfers that are now available at many Canadian banks, but it's still a great way to be able to quickly accept money online, including credit card payments. If you run any sort of online business or side hustle, you should try it out.

If you run a business, Quickbooks Online is some of the best money you can spend to make your life easier. It's very reasonably priced between $13 and $40 per month depending on the features you need.

It makes bookkeeping, income tax preparation, payroll management, invoicing, sales tax management, financial reporting, and many more things a complete breeze. Very highly recommended.

Money saving tools and websites

If you're considering a robo advisor to help you reduce your investing fees while still keeping the whole investing process dead simple, then AutoInvest is a great tool for comparing all of them in a flash.

Simply enter a few numbers into their calculator and you'll see which robo advisors will save you the most in fees.

22) Cash back

If you're a regular reader, you've heard me say it before and you'll hear me say it again: cash back websites are a great way to earn extra cash back when shopping online.

Simply create an account, sign in, and click through to your favourite online store through the cash back website. You'll earn a big cut of the advertising commission that would normally be paid to whoever referred you to that store.

The top Canadian cash back sites are Great Canadian Rebates and Ebates.ca.

Read my full cash back site comparison for more info.

23) Discount coupons

Almost every online store has a box where you can put in a coupon code, but how do you get your hands on one? You could sign up for their email lists, check their Facebook page, or wait for one to land in your lap.

A better option is to check a couple of the top coupon websites that list all the best coupons in one spot. They also try to keep on top of which coupons are working or not. People like us can report when they work and when they don't so everyone wastes less time.

My two favourite coupon sites are RetailMeNot and BargainMoose (just for Canada).

Nearly everyone has a credit card...and if you're going to use a credit card you should be using the absolute best credit card for you. Doing anything else means you're flushing free money down the toilet, paying higher fees, or paying more interest than you need to.

That's why we created creditcardGenius, a simple and powerful way to choose the right credit card for you.

25) Flight comparison

Finding a cheap flight can be a challenge since most sites rely on the same underlying booking system with the same exact prices.

But sometimes a special sale will happen or a particular site will lower prices by sharing some of their usual commission with you.

I did a detailed study of all the top flight comparison sites to see which ones were the easiest to use and produced the best prices. The top two were momondo and CheapFlights.

When it comes to getting financial news, creating test or real portfolios, real-time stock quotes, and looking at fancy graphs of stocks, mutual funds, and indices - these two sites are hard to beat.

Google has stubbornly refused to significantly improve Google Finance in nearly a decade, but I still use it to get my financial news and track my favourite ETFs and companies. Yahoo Finance has gone through a bigger evolution and is probably the superior site of the two if you're just getting started or want to try something new.

When it comes to getting information about mutual funds, ETFs, fund performance, and seeing ratings about which funds are a cut above the rest - Morningstar is the place to go.

Though mutual funds can be expensive, they're super easy to get into and have the potential to beat the market and benchmark if you find a really well-managed fund. That's about as hard as picking individual stocks, but it can happen.

28) Price comparison

Manual price comparison using store websites, flyer apps, or other methods can be a slow process. Price comparison sites allow you to compare prices across several sites much more quickly.

Unfortunately no one price comparison site has prices for all stores and they often have narrow product categories that skew towards electronics. The two best price comparison sites in Canada are Shopbot and shoptoit.

29) Rate comparison

If you need to compare bank accounts, mortgages, GICs, or insurance coverage - there's a site for that. Here are some of the top sites along with what they specialize in:

30) Service comparison

A lesser-served area of comparison is everyday services we all use, like cell phone, internet, TV, and home phone. Getting the best price on these services is also important though as we pay them each and every month. Here's where to go:

31) Travel bidding

When it comes to bidding on travel so that you can get the lowest rates on unsold hotel and travel inventory, Priceline Name Your Own Price will always be the way to go. If you can't be bothered bidding, then their Express Deals are also really good and often nearly as cheap as bidding.

Another great site is Hotwire where you get are shown the discounted price and general description of what you are buying but not the name of the hotel or car rental company until you complete your booking.

Read my how to win on Priceline guide to fully understand how to get the best price.

What are your favourite money apps & tools?

I've already given you a handful of new apps and tools to try out here, but I'm sure I haven't found them all.

What do you use? Help us all out and share your faves in the comments.

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31 Money Apps, Products, and Tools You Should Be Using | How To Save Money

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There are so many tools, products, and apps out there that it's hard to know which ones to use. There's so much choice that it's easy to pass by some great money saving apps and tools without a second look.

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This website is another list based article, but with new points and good ones. At the very beginning it states that saving money shouldn't be as hard as we think, we just need to be frugal and that doesn't mean not having a life, it means to be aware of your spendings. In the list of things we can do to save money, I really liked that it mentioned packing a lunch. It is so nice and easy to go through a drive through on your break, but it is a huge factor in spending money. If you still like to eat out, make a plan. You work Monday-Friday so pack a lunch 4/5 days and treat yourself the other. It is all about balance. It also talks about making your coffee at home. We all love Starbucks, but if we are getting a $5 drink 5 days a week, that is $25 a week and $1300 a year. That is a huge cost! I think when breaking it down like this it is a lot more eye opening.

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When it comes down to saving money, getting out of debt, and achieving financial freedom, the little things that you do day-to-day matter a lot!

Saving money should not be as difficult as many people think. While it may require some tweaks to how you currently do things, the changes do not have to be overly radical.

As expected, you will need some type of a budget; you will need to start paying attention to how you spend your money; and, you may need to embrace a "frugal" lifestyle.
This post may contain affiliate links. Please read my disclosure for more info.
Being frugal does not mean you should completely shut down your life and deny yourself the pleasures of day-to-day existence. Rather, it means you become generally smarter with your money.

Below, I list various ways and strategies to save money easily (and every day) on different categories of spending regardless of your income. To get the full details of how to execute each money-saving strategy, click on the related article for more information.

If you are able to apply a few of these strategies, you will find yourself chipping away at your debt faster, growing your account balance, and moving a step closer to achieving your financial dreams.

Read on for 100 creative ways to save money!

29 Brilliant Ways To Save Money On A Daily Basis

Saving more money may require a few changes to your lifestyle, but that does not mean you need to turn your life upside down.

A few creative strategies to slash your monthly expenses here and there can get you on your way to significantly boosting your net worth. See the full list on how to save $5,000 or more this year.

1. Create A Budget: Start your savings journey the right way by keeping track of your spending and savings with budgeting apps like Empower, Pocketsmith, YNAB, Mint, Pocket Guard, Wally, and others.

2. Pack Your Lunch: Brown-bagging your lunch can save you thousands of dollars per year. By our estimate, my wife and I save about $2,800 every single year with this easy hack.

3. Eat Out Less: Apart from lunches, eating food prepared at home, in general, will save you lots of money without having to earn more.

The average American household spends over $3,000 on food outside the home, and for Canadians, about 30% of the annual food budget is spent on eating out. Want to cook your own yummy meals, check out the $5 meal plan for tips!

4. Make Coffee At Home: Coffee-lovers, don't let your coffee drinking render you penniless! Choosing to buy all your coffees in cafes as opposed to making your own may be costing you as much as $1,155 per year. That's a lot of money for coffee in my opinion.

5. Save On Movies: There are many tips and tricks for saving money on movie tickets if you must go to the theatres. Consider movie nights at home to save money and use a credit card or loyalty/rewards program that pays you back whenever you go to see the movies. A 1,275% markup on movie theatre popcorn is just one of many reasons why movies are expensive.

6. Cut Your Energy Bill: There's a lot of savings to be had by lowering your energy usage every day. Here are strategies on how to easily cut your energy consumption.

7. Shop For Insurance: You can obtain cheaper insurance for your car, home, and life insurance by shopping around and comparing quotes. We save about $300 annually on our home insurance by shopping for the best deal available (similar coverage).

Term life insurance is more practical and is definitely cheaper for most people compared to whole life insurance. Learn about finding the best life insurance quotes in Canada.

8. Pay Insurance Premium Upfront: Paying your premiums upfront on an annual basis may get you up to 8% in discounts.

9. Bundle-Up Your Insurance: If the individual quotes you are being offered are reasonable, there are usually savings to be had when you obtain multiple insurance policies from the same provider.

10. Quit Smoking: Seriously, give this a good try and stop. This single tip can make a world of difference with your finances! Your smoking habit may easily cost you more than $1.1 million over your lifetime.

11. Walk, Bus, Bike, or Carpool: This will lower your transportation costs and save you hundreds to thousands of dollars per year. Walking and biking are also good for your health and the environment.

12. Hand-Me-Downs For Kids: Kids cost money - duh! Buying (or swapping) fairly used items including toys, sporting gear, and even clothing and footwear will save you a lot of money. Thrift stores are great places to find items in good condition and at reasonable prices.

13. Buy A Gas Friendly Vehicle: Choose a vehicle that is fuel-efficient to save on gas. Consider a hybrid, electric vehicle, or a smaller car.

14. Buy a Pre-owned Vehicle: A new car loses 10% of its value the moment you drive it off the lot. After 5 years, you may have lost about 60% of its value! Find out how to negotiate a good deal on a car here.

15. Buy Regular Fuel: Most cars do not require premium fuel to run efficiently. Buy regular gasoline and save the additional 15 to 40 cents per litre - potentially hundreds of dollars per year.

16. Buy Cheaper Gas: Buy regular gas and buy it cheaply. Use websites/apps like Gas Buddy to find the cheapest gas in your area. Use a cashback or points rewards card to pay for gas for even more savings.

17. DIY Car Maintenance: Replace your car's wiper blades, cabin and engine air filters, fluids, and more by yourself to save money. Here are 13 car maintenance tasks you can easily do yourself.

18. Drive Light: Lighten the load your car lugs around by removing unnecessary items and luggage. An additional 100 lbs of load in your car lowers its fuel efficiency by 1%.

19. Visit Yard Sales: You can get great deals on equipment, tools, and other items at yard/garage sales. Use Craigslist, Kijiji, Yard Sales Search, Garage Sale Hunter, and others to find them in your area.

20. Re-Think Your Gym Membership: I agree that health is wealth and if you are keeping your New Year's resolution and visiting the gym regularly, keep your membership. If not, forgive yourself, cancel and stop wasting money. Consider a home gym if you can find the motivation...it will save you money.

21. Save On Haircuts: Learning to cut your own hair will save you money. We save close to $1,000 annually by cutting our own hair. I have not been to a barbershop in more than 7 years.

22. Check-out The Dollar Store: You can get some items for cheaper at dollar stores and not lose out significantly on quality. Better still, focus on buying run-of-the-mill items like freezer bags, lunch bags, duct tape, picture frames, greeting cards, disposable plates, and spoons, etc. from these stores. Make sure the item you are paying for is worth a dollar.

23. Cancel Unused Subscriptions: If you are not really reading those magazines cluttering up your home, it's time to cancel your subscription and save the money and your sanity.

24. Visit The Library: Save money on buying books by borrowing from your local library. You can also utilize their free activities, classes, workshops, tool rentals, and more.

25. Learn Sewing: Learn to sew/mend/repair clothing and save money by doing so. Due to my wife's sewing skills, we are able to save $$$ every year on kid's clothing that would otherwise need to be replaced.

26. Plan Vacations Early: Start planning in advance, create a vacation fund to save the cash required, and utilize travel rewards card offers to earn some money back. Consider a staycation, and instead of travelling abroad, visit local attractions to save money.

27. Embrace DIY: Honing your DIY skills will save you a ton of money over time. See how I saved about $1,500 when I stripped, cleaned, stained, and sealed our deck. Be practical and only undertake tasks that won't land you in trouble. There are many useful DIY sites to use as your source of inspiration.

28. Don't Keep Up With The Joneses: Forget about impressing people who don't give a hoot about you. Live within your means and save some money at the same time.

29. Learn To Negotiate: Very few things are set in stone... most are negotiable. Be willing to ask for more (in income) or less (in expenses). I have negotiated our phone, internet, and cable bills for the last two years and saved 75% on the cost per year.

21 Practical Ways To Save Money On Groceries And Other Shopping

Food occupies a significant portion of most budgets. In 2018, the average U.S. household is expected to spend over $7,000 on food, and for Canadians, the numbers are much higher.

The ability to save on groceries and your other shopping can mean the difference between living from paycheque to paycheque and attaining debt freedom. Save hundreds of dollars annually with these grocery-shopping tips.

30. Prepare a Grocery List: A well-organized grocery list will keep you focused when in-store and also save you from frequent return trips to the store.

31. Earn Cash Back on Groceries: Save a few hundred dollars every year by effortlessly using these cash-back grocery apps: Caddle (Canada only), SavingStar, TopCashBack, Ibotta (the U.S. only), and Berry Cart.

When combined with the best budget apps, you can save a ton of money every month!

32. Buy in Bulk: Buy non-perishable grocery items in bulk when they are on sale. Get a chest freezer for items like meat and fish that can remain in excellent condition for up to 6 months when they are properly frozen.

33. Be Wary When Buying Organic: Purchasing healthy food can be good for your health and ultimately your wallet. However, take organic labels for what they are worth and ensure you are getting value whenever you pay premium prices.

34. Buy Produce in Season: Purchase what's in season to save money. Process and store whenever possible if you want to use it all year round.

35. Buy Generic: Generic brands of a product may be just as good but sell at half the price.

36. Use a Calculator: Retailers are professionals in the art of creating savings illusions. Use your phone's calculator to ensure you are interpreting the discounts being displayed correctly.

For example, "buy one and get one 50% off" is at most a 25% discount on your total purchase (not 50% as your lizard brain is wont to think!).

37. Check Your Receipt: If your grocery shopping always involves a full cart, do yourself a favour and scan your receipt before leaving the store. Cashiers are human and they may erroneously scan an item more than once, costing you money.

38. BYOB: Bring your own bags to save on the cost of purchasing store bags. While this may not save you more than 5-10 cents per bag, it does add up.

39. Eat Before Shopping: An empty rumbling stomach will make you spend more in-store since more food items will catch your eye.

40. Scan Purchases to Earn Money: Some companies are willing to pay you to scan your weekly grocery purchases in exchange for rewards including cash. They include the Nielsen Homescan (Canada) and National Consumer Panel (U.S.).

41. Cook in Bulk: This will save you money and time when you cook a lot of meals at once for later use.

42. Earn Cash-Back: In addition to groceries, you can earn cash-back from your other online shopping when you use rebates sites (and apps) like Rakuten, Swagbucks, Receipt Hog, MyPoints, Mr.Rebates, Great Canadian Rebates, Paribus, and Dosh.

43. Comparison-Shop: Compare prices for items across several retailers to get the best deal possible. Price-comparison sites abound and include: Price Grabber, Nextag, Price Finder, and Shopzilla.

44. Use Coupons: Use coupons when they are readily available to save on purchases. Find coupons online at Coupons.com, Save.ca, Redplum.com, Smartcanucks.ca, Redflagdeals.com, and many others.

45. Buy Quality Items: Don't be cheap. Buy quality if you intend to use an item for some time to save on frustration, time, and money. Do your research and read user reviews in order to make an informed purchase.

46. Avoid Extended Warranties: They are often a waste of money and you are better off putting that money into a savings fund for replacing that item sometime in the future. Your credit card may also double the manufacturer's warranty up to an additional 1 year.

47. Shop Brands On Sale: Save on branded clothes and footwear by buying them out of season when they are on sale at steep discounts. You may also be able to find them for cheap at discount clothing stores.

48. Do Holiday Shopping in Advance: Shop holiday items out of season. Consider buying holiday decorations and gifts after the holiday season in preparation for the next one. For example, Christmas decor is significantly cheaper after December 25.

49. Avoid Impulse Purchases: If you feel the sudden urge to buy it right now, the right call is probably to wait a day or two to mull things over and be sure you are meeting a need as opposed to a want. The extra time would also allow you to research and compare prices should you choose to proceed with the purchase later.

50. Don't Window Shop: Be wary when your intention is to just go window-shopping. Many a budget have suffered from unintended purchases following what started as a casual look around.

18 Easy Ways To Save Money On Your Credit, Banking, and Investing

Banks are places where you expect to put your money and have it grow. However, if you are using your bank wrong, the reverse is the case - you could be leaking money on a daily basis and sinking your net worth.

Do you have a credit card, investment, savings, and chequing accounts? Here are some easy tips to up your financial game!

51. Cut Investment Fees: Save thousands of dollars every year by investing right and avoiding unnecessary investment fees. Keep things simple by indexing. If you are uncomfortable with going DIY, consider a robo-advisor.

52. Cut banking Fees: Save hundreds of dollars every year by signing up for a no-fee banking account. These include Ally and Schwab bank in the US, and EQ Bank and Simplii Financial in Canada.

53. Use a High-Interest Savings Account (HISA): Get the most from your savings account with a HISA that offers a much higher interest rate than your big bank does. In Canada: EQ Bank, Wealthsimple, and more. In the United States: Discover Bank, Ally, Synchrony, etc.

54. Use a High-Interest GIC/CD: Compare the best rates available on GICs/CDs to get the most for your short and long-term savings. Compare rates at EQ Bank (Canada) or Nerd Wallet (US).

55. Set Up Automated Savings: Pay yourself first by automating your savings efforts. Apps that can help you set aside money painlessly include Moka and Wealthsimple (Canada); Acorns, Digit, Qapital, Stash (US), and more.

56. Save Your Cash Windfalls: Put any extra cash received to good use, including tax refunds, commissions, bonuses, inheritances, etc. Build your emergency fund, pay down debt, save, and invest.

57. Save Salary Increases: When your salary goes up, your savings should do so as well.

58. Use Cash More Often: It is easier to overspend when you are paying with a credit card. You can keep yourself more accountable by paying in cash. Consider using the "cash envelope" budgeting system.

59. Save Loose Change: Get a piggy bank (anything that can hold loose change securely) and put aside spare change to save money effortlessly.

60. Use Rewards Credit Cards: Earn hundreds to thousands of dollars annually by using a credit card that offers rewards (cash-back or points) when you use it to make purchases. Even better, look for one with zero annual fees. Don't forget to pay off your card balance monthly to avoid paying interest.

61. Pay Off High-Interest Debt: It is a no-brainer! If you are carrying credit card debt, pay it off first and save yourself 20% or more in fees. Do this before you consider saving or investing.

62. Use A 0% Balance Transfer Credit Card: If you have racked up credit card debt and ever-increasing interest payments are making your life miserable, consider moving your CC debt onto a card that offers a promotional 0% balance transfer interest rate.

Pay off your transferred balance as soon as possible, preferably within the promo period. A lower-rate personal loan may also help you pay off your debt faster at a lower rate.

63. Automate Bill Payments: Avoid late payment fees and save money. Poor payment history will damage your credit rating and make it impossible for you to qualify for the most competitive rates when next you seek out a credit facility.

64. Improve Your Credit Score: Pimp up your credit score and get the best rates possible. A small difference in interest rates can amount to savings of thousands of dollars every year. Get your FREE credit score from Borrowell (Canada) or Credit Sesame (US).

65. Avoid Overdraft and Credit Card Fees: Spend only what you have and save on overdraft and/or NSF fees. Pay your credit card balance within the grace period to avoid paying interest.

66. Don't Wait For Tax Refunds: Reduce your tax withholding and stop extending the government a free one year loan when you can save or invest it to generate returns. Ask your employer to update Form w-4 (US) or Form TD1 (Canada).

67. Maximize Your Registered Retirement Account: Max-out your tax-deductible retirement account contributions 401k or RRSP. Your investment returns continue to grow and remain sheltered from taxes until you withdraw money in retirement.

68. Maximize Employer-Sponsored Savings Plans: When your employer offers to match your contributions in any way, take them up on their offer and don't leave free money on the table.

21 Smart Ways To Save Money Around Your Home

A mortgage is the biggest debt most people carry. While there may not be much you can do to get rid of your mortgage right away, there are many options to speed things up to become mortgage-free quicker.

In addition, there are several ways to save thousands of dollars around your home this year.

69. Cut Your Water Bill: Slash a few hundred dollars this year by taking small steps to use water more efficiently. Install low-flow fixtures, run full loads in the dish and clothes washer, use rainwater for your gardening, take fewer baths and shorter showers, and more.

70. Become A Landlord: Rent out a room that is sitting empty in your home and make some money to offset other costs including, property taxes, utilities, etc.

71. Pay Off Your Mortgage Faster: Accelerate your payments (e.g. accelerated bi-weekly), make occasional lump-sum payments, round-up your normal payments, etc. for significant savings and a reduction in your mortgage amortization period.

72. Get A Competitive Mortgage Rate: Shop around for the best mortgage rate possible and don't just settle for what your traditional bank offers.

On a $400,000 mortgage, a 0.25% point difference in rates could mean savings of $600+ per year. Compare rates in Canada using IntelliMortgage.

73. Choose a Variable Mortgage: Research shows that a variable mortgage will likely save you money in the long-term. Check out how to choose between a variable and a fixed rate mortgage.

74. Decline Mortgage Life Insurance: Mortgage life insurance is expensive and is a declining benefit. Consider using a standard life and disability insurance instead to protect your loved ones.

75. Prepare A Bigger Down Payment: Plan a bigger down payment (20% or more) on your new home to avoid additional thousands of dollars in mortgage or home loan insurance costs.

This includes the Private Mortgage Insurance (PMI) in the U.S. and CMHC mortgage insurance (Canada) that are designed to protect lenders should you default on your loan.

76. Replace Incandescent Bulbs: Use CFL or LED bulbs to save on electricity usage and cut your energy bill. LEDs use 75% less energy than incandescent bulbs and can last for decades.

77. Time Outside Lights: Install a timer on outdoor lights to save on your energy bill.

78. Upgrade To Energy-Efficient Appliances: Save 10-50% on your energy bill by replacing older appliances with ENERGY STAR ® rated ones. You could save up to $110 per year by just changing out your pre-1994 washer.

79. Use A Smart Power-Strip: Phantom loads, standby power, vampire power...all these refer to the continued use of electricity by electronics and appliances when they are turned off.

Use a smart power strip or simply unplug to ensure that only electronics being used are consuming power and save up to $200 per year.

80. Summer-Proof Your Home: Cut your energy bill in summer by closing curtains to keep radiant energy from overheating your home, use fans to increase ventilation, and set your thermostat as high enough as comfort would allow.

81. Winter-Proof Your Home: Replace weatherstripping and caulk where necessary to reduce your energy use by up to 25%. Insulate your basement, attic, and other crawl spaces.

82. Lower Water Temperature: Your water heater is set to 140 °F (60 °C) by default and can be lowered to 120F (48.9 °C) without a loss of function/comfort, saving you 10% in water heating costs.

83. Dress in Layers: In summer, put on fewer clothes to stay cool and pile them on in winter to stay warm. This will allow you to turn up/down the thermostat and save on energy.

84. Use A Programmable Thermostat: Save money on heating and cooling by using a thermostat that can be programmed to adjust your home's temperatures around your schedule and comfort.

85. DIY Furnace Service: Keep your furnace running when you most need it by replacing the filter regularly, cleaning and vacuuming debris from registers and surrounding areas, and ensuring intake and exhaust pipes are always open.

86. DIY Air Conditioner Service: Vacuum debris and remove any obstruction to airflow, insulate pipes, straighten bent fins, and turn off in winter to avoid damage and to save money on repair/replacement costs.

87. Plant A Garden: Grow your own vegetables and herbs to save money.

88. Sell Your Clutter: Continuously find ways to dispose of items you are no longer using or which are not necessary.

89. Cut or Trim Down Cable: There are several cheaper alternatives to traditional cable. Check if you can watch your favourite show through services like Netflix, Hulu, Amazon Prime Videos, Sling TV, and HBO NOW.

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100 Creative Ways To Save Money On A Tight Budget - Savvy New Canadians

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When it comes down to saving money, getting out of debt, and achieving financial freedom, the little things that you do day-to-day matter a lot! Saving money should not be as difficult as many people think. While it may require some tweaks to how you currently do things, the changes do not have to be overly radical.

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This video was very informative and what I liked was that their were mini interviews with outside people on the streets. When thinking about saving, it is important to think about retirement and that part of your life. When the interviewer asked the opinions of people, most of them stated how they don't think they will have help from the government and they need to start saving now to help themselves. He also asked what people are doing to save and one older gentlemen mentioned his mortgage being paid off. I do believe that is a huge cost that makes hard for people to save and once that is no longer a worry it helps. It was also mentioned in this article different ways to save. That being TFSA's, RRSP's, savings accounts and more. Retirement is a huge part of the future and beginning to save for at a young age is very crucial in my opinion.

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If you're like most people, you'll need to save for your retirement to boost your pension. In this video, we'll learn about different types of savings plans that will let you build up your retirement nest egg.

Before we do that though, let's find out how working people are currently saving and what they think about government and employer pensions.
Segment 2: Contextual background
Phase 1:

Do you think that your government or employer pension will provide you with enough income in retirement?

Clearly, many people feel that they will need to have additional sources of income to supplement any pensions that they will receive from the government or their employers. It's smart not to rely only on a pension plan.

Now let's find out how Canadians are saving for retirement.

Phase 2: Streeters ask working people how they are saving for retirement.

Are you saving for your retirement?

Do you have a set amount of money or percentage of your income that you save each year for retirement?

What are some of the savings options you use?

As you can see, different people have different plans. Which types of savings options would help provide for your retirement?
Segment 3: Types of retirement savings vehicles
Savings vehicles that you should consider include:

(voiceover)

Savings accounts: However, they may pay very low rates of interest.

Registered savings plans such as registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs). These allow you to save while avoiding or delaying some of the taxes you pay.

Unsheltered investments. These are investments or accounts that do not shelter your money from tax. Like registered savings plans, you can invest in stocks, bonds, Guaranteed Investment Certificates (GICs) and a wide variety of other financial products.

Income or profit from the sale or rental of your family home, business or other property

However you save, the key is to start early. Put money into a savings plan on a regular basis, weekly or monthly if you can. This way your savings can grow through the power of compounding investment returns.
Segment 4: Savings strategies
Now that we've considered types of savings vehicles, let's see how you might structure your investment portfolio.

At any stage of life, take full advantage of tax-sheltered vehicles like registered savings plans. It's also a great idea to start young.

(voiceover)

At 25 years old, Pauline is young, is comfortable with risk, and can invest more aggressively. When you're young, you may be able to invest in higher-risk investments because you'll have more time to recover from any investment losses. That's why Pauline chooses to invest 80% of her savings in stocks and equity mutual funds.

As you grow older, you may want to keep more of a balance between growth and income investments.

At 40 years old and with a family, Alex still has a fairly long investment time horizon. He is comfortable with some risk and chooses to invest 60% of his savings in stocks and equity mutual funds. For balance, he invests the remainder in predictable and safe interest-bearing investments.

When you near retirement age, you might want to shift to a higher proportion of safer, guaranteed investments. Karen and Samuel are nearing retirement. They want less risk and choose to protect their savings by investing 60% of their savings in predictable and safe interest-bearing investments.

At all stages, make sure your portfolio is diversified - that is, spread your investments over a variety of different products and product types.

Each individual's situation is different, so these choices are not necessarily best for everyone in a similar situation. It's a good idea to find a registered financial professional who can help you choose the mix of investments that is best for you.
Conclusion
With the right strategy and smart, diversified investment choices, you too can build a nest egg to provide for your retirement or other savings needs.

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10.3.2 Video: How to save for retirement

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If you're like most people, you'll need to save for your retirement to boost your pension. In this video, we'll learn about different types of savings plans that will let you build up your retirement nest egg. Before we do that though, let's find out how working people are currently saving and what they think about government and employer pensions.

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At the very beginning of this video I chuckled a bit. It said "If only I can stop spending money on stuff I don't need! I would buy so many useful things. Have you ever thought this?" And yes! All the time! I know I am this way and personally I know several others who do this so it can't just be us. This video had several good saving points, but one that really stood out to me and that I have never even heard of was the "Zero out" method. This means every night whatever you have in cash and in your bank subtract whatever it is to make the last digit or digits a zero. For example, say you have $1817 in your bank account, subtract $7 to make it $1810. If you want, you can also take it a step further by subtracting $17 to make it $1800. What ever money is subtracted, move it to a savings account. This tip was the first one listed in the video, but super cool to me and something I had never heard of before.

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A Simple Trick on How to Save Up A Lot of Money Fast

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I wanted to add on to the reflection and state that some saving methods may not be for you and that is ok, you just have to find what works best for you. Every person has different preferences and things to work for them as an individual. I do think it is important to start saving at a young age because money will be needed and a part of our lives forever. Just remember to figure out what works best for you and start somewhere!