50 ways you can save money right now In the shadow of COVID-19, it’s more important than ever to be fiscally responsible. Here are some clever ways to save money without compromising your lifestyle.
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50 ways you can save money right now
In the shadow of COVID-19, it’s more important than ever to be fiscally responsible. Here are some clever ways to save money without compromising your lifestyle.
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Save money right now: Negotiate your mortgage
The Bank of Canada has lowered interest rates in response to the global pandemic, which means that it’s a great time to renegotiate your mortgage. Reducing your mortgage rate by 0.5% could save you thousands of dollars.
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Save money right now: Make a meal plan
You’ll be spending more time than ever in your home this year, so why not make the most of it? Make a meal plan and you’ll only buy the groceries you really need and avoid waste.
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Save money right now: Compare prices and sizes at the grocery store
It’s a great way to save big on your grocery bill.
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Save money right now: Make meals at home
Many restaurants are offering take out, even if their dining services are closed, but you can save on delivery fees by eating home-cooked meals.
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Save money right now: Use your bank’s ATMs
Every time you make a transaction at an ATM that doesn’t belong to your bank, you pay extra fees.
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Save money right now: Use online banking
Usually, using your bank’s online banking system is more economical.
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Save money right now: Defer your mortgage payments
Most Canadian banks are offering mortgage payment deferrals for up to six months for homeowners hit by the COVID-19 pandemic. Take advantage of this offer if you’re feeling the pinch.
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Save money right now: Drink less alcohol
Let’s be honest: You’ve got no social functions to attend for the next little while, so why not drop this expensive habit?
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Save money right now: Sell your car
If you’re working from home during the pandemic and don’t need your car, then you might consider selling it. According to the American Automobile Association, by not having to pay for insurance, a licence, repairs, and gas, you could save $4,375 a year on average.
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Save money right now: Choose efficient appliances
Appliances with the ENERGY STAR logo can help you reduce your energy bill by 30% to 50%.
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Save money right now: Opt for a digital thermostat
More precise than a mechanical thermostat, a digital one can save you around 10% on your heating bill.
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Save money right now: Pay off your credit card balance every month
If you don’t, you’ll be paying around 18% in interest on a regular credit card.
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Save money right now: Shop around for car and home insurance
The rates can be as much as triple from one insurance company to the next.
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Save money right now: Don’t buy extended warranties
According to Consumer Reports, “many products these days are highly reliable and unlikely to need a major repair, or even a minor one, before you’ll want to replace them.” You’d be better off saving the money to pay for the repair yourself, if necessary.
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Save money right now: Use coupons
If you use a coupon for $2 every week, you’ll save $104 per year.
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Save money right now: Walk or bike around town
Save money on transportation by walking or biking around town instead of driving or taking public transportation. Plus, it’ll be good for your health.
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Save money right now: Get the discounts you’re entitled to
Many businesses offer discounts to students, families, and seniors.
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Save money right now: Use your municipal library
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Save money right now: Make your own coffee
Spend four dollars on a latte every day and that adds up to over $1,400 per year. Many coffee houses are still offering takeout, but you can make coffee at home and save more than you realize.
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Save money right now: Cook in bulk
Make use of your slow cooker and make meals in bulk to freeze for later. It will save you money and time.
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Save money right now: Freeze your fruits and veggies
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Save money right now: Join a car-sharing program
Many cities, both large and small, have car-sharing programs. Not only is car sharing a cheaper option than owning a car, but it’s also safer than taking public transit.
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Save money right now: Check the internet for deals before you head to the museum
Many museums are free to visit all the time or on special occasions.
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Save money right now: Watch for sales
You can save a lot of money by purchasing items at the end of the season—and that doesn’t have to change just because you’re purchasing things online.
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Save money right now: Buy used items
You’ve probably purchased items from eBay or Kijiji before, but now these online marketplaces offer a safer alternative to flea markets and garage sales.
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Save money right now: See a student optometrist or dentist
Call the dentistry or optometry faculty at your local university to save on health services.
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Save money right now: Watch movies at home
No one knows when movie theatres will reopen, but it’s cheaper to watch them in your own living room, anyway.
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Save money right now: Quit smoking
Bad habits are harder to break in familiar situations, so maybe use “the new normal” of COVID-19 to put some of them behind you.
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Save money right now: Increase the frequency of your mortgage payments
Making weekly payments rather than monthly ones can help you save thousands of dollars in interest.
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Save money right now: Get a credit card with cash-back rewards
Many credit cards provide cash-back rewards for certain types of purchases, especially groceries. Now that the pandemic has you eating at home, you may as well take advantage of a card with good terms.
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Save money right now: Cancel your subscriptions
If you’re still subscribing to any print publications, it may finally be time to give up and start reading your news online.
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Save money right now: Get a banking plan
If you don’t have a banking plan, you’ll end up paying for each individual transaction.
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Save money right now: Haggle
Sometimes you can get a lower price just by asking for one.
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Save money right now: Buy in bulk
At some stores, you can get a lower price if you purchase items in bulk. This can come in handy for groceries while restaurants are closed.
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Save money right now: Buy lightly damaged items
Most stores will give you a discount if an item is lightly damaged, even in the world of online shopping. Check out Amazon Warehouse Deals for items that don’t quite make the cut.
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Save money right now: Compare shop
Be sure to compare different service providers.
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Save money right now: Stop buying lottery tickets
You have a one-in-14-million chance of winning the big one.
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Save money right now: Buy a demo vehicle
You’ll get a vehicle, often well equipped and well maintained, at a lower price.
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Save money right now: Bundle your telecommunication services
It’s often advantageous to do business with a single provider for your cable, telephone, and internet, and it may be the perfect time to bundle now that many of us are working from home.
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Save money right now: Cancel extra telephone services
Do you really need voicemail, call display, and a land line when you already have a cellphone (especially if you can’t leave the house)?
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Save money right now: Make free video calls
It’s the perfect time to convince your technophobe parents to learn how to use free services like Skype or Zoom and give up those hefty long-distance charges.
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Save money right now: Wait a few days before buying something
Now that we’re all shopping online, it’s easier than ever to make impulse purchases. Maybe throw some of those items on your wish list instead to help weed out unnecessary expenses.
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Save money right now: Look for free entertainment options
Everyone loves to stream content, but do you really need all of those paid subscriptions? Instead, check out some free options like Tubi or Crackle.
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Save money right now: Pay bills before they’re due
If you’re paying your bills late, you’re probably paying interest on them.
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Save money right now: Don’t use your credit card for cash advances
The interest on cash advances accumulates from the day of the transaction until the moment you pay them back in full.
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Save money right now: Claim all the tax credits you are eligible for
Take advantage of all the tax benefits you’re eligible for: tax credits for dependents, child care, charitable donations, etc.
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Save money right now: Do your own chores
To save money, you can do some of your own chores, like mowing the lawn, washing the car, or cleaning the house.
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Save money right now: Lower your thermostat in winter
To lower your utilities bill, set your thermostat to 21oC (70oF) during the day when you’re at home, and 17oC (63oF) at night or when you’ll be out for more than two hours.
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Save money right now: Avoid bottled water
Drink tap water, assuming it’s potable, of course.
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Save money right now: Get takeout when the price is right
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