Hidden expenses are everywhere, sometimes they are part of our routine and we don’t realize how much they can hurt our finances. Here is a list of 4 tips to save money, cut some expenses and put that money towards your debt or savings:
1. Stop wasting food
When we don’t consume that $4 cauliflower or $5 box of cereal after the expiry date, we literally throw money away. Meal planning is a great way to avoid your grocery bill increasing and to avoid wasting food. Check out my Benefits of Meal Planning post!
2. Avoid paying bank fees
Some banks offer multi-product rebates when having a few different products active, like a mortgage, credit card and chequing account. If your bank does not offer this option, is time to shop around and avoid paying monthly fees for chequing accounts and credit cards.
3. Don’t pay a monthly car lease or loan
A 3-year-old vehicle may cost 50% of the value of a brand new car. When in need of a new set of wheels, avoid paying the full price. Additionally, monthly car payments are an enemy of cash flow! Save and pay cash for your nearly new car.
4. Learn the basics of homeownership
Once you own your home, you are responsible for keeping up with all the maintenance; so either you pay someone to do it or you do it yourself. Don’t be that person who calls the plumber when the toilet is clogged and all the plumber does is to use the plunger for you. YouTube any issue that arises in your home, learn how to mow the lawn, gardening, shovelling snow, painting walls, fixing a hole in the wall or mounting a TV. Check out how I saved over $6,000 building my backyard fence!
Think how long does it take you, in hours, days or months, to work and earn that specific amount rather than just seeing an X dollar value. How long do you have to work to pay off a brand new car versus a used car? What can you do with the difference? What other tips to save money can you put into action? You can do it, I know you can!