When we think about saving money, we often think about cutting back on non-essentials. However, spending on day-to-day items and living expenses can really add up. So, making some small tweaks to your spending habits can make a big impact on your household budget.
How to save money on everyday purchases
Telling yourself that you need to cut back on your daily coffee might not work for you. Life is meant to be enjoyed too. But, with the cost of living increasing across Canada, we are all looking for how we can save money on our everyday essentials. But let’s be honest, keeping your finances top of mind when making your everyday purchases can get exhausting.
So let’s talk about 10 tips we have to help you save money on your everyday purchases. Stay inspired by finding some influencers to follow on social. After all, Moola is here to help you to double down on your savings and stock up on everyday essential deals, like gas, groceries, and food delivery.
1. Embrace canceling
There is a mantra in wellness circles that goes: “Let go of that which doesn’t serve you”.
It’s easy to forget about and lose track of all of your subscriptions. Between Netflix, Amazon Prime, Disney+, Audible, beauty boxes, meal kit deliveries, and more, it’s likely that there are things you’re paying for right now that you might not realize, or aren’t using.
So, dive into your bank account and credit card statements, as well as the subscriptions on your mobile app store, to take stock of your subscriptions and figure out how much you’re spending. Evaluate the impact they’re having on your life and finances. Saving money can be as easy as hitting ‘unsubscribe’ on apps that you no longer use or are underutilized. You can also set up calendar reminders for auto-renewal and trial expiration dates, so that you won’t get charged if you forget to cancel after the trial period ends.
If you decide to keep the subscription, check out apps that offer cash-back on services or investigate whether the service offers discounted gift cards through Moola. The savings can really add up!
2. Uproot your lifestyle and move to somewhere cheaper
The pandemic has changed our lives in many ways and that includes embracing remote work. If you’re able to continue to work remotely well into the future, consider relocating to a cheaper neighborhood, city, or a completely different part of Canada.
You’d be surprised at how much more affordable it is to maintain a fruitful lifestyle outside of the country’s major urban centers when you aren’t paying thousands in rent each month. Relocating to a more economical location can help you save big on everything from housing and groceries to everyday items and activities. The overall cost of living can be lower outside of big cities, so saving money could be even easier!
It doesn’t mean you have to move away from your friends and family. But, perhaps moving a little further out might work.
3. Round-up and automate your savings
Automatically redirecting your spare change can benefit your long-term savings.
There are a growing number of apps on the market that will automatically round up your purchases to the nearest dollar and invest the difference for you. Some banks and apps also offer services that will automatically take a certain percentage off your paycheque and pop it into your savings. All you need to do is set it up and forget about it.
4. Meal planning FTW! (For The Win!)
Planning and preparing your meals at home can keep your stomach filled with nutritious eats and your wallet with extra cash. A great way to cut down on your food costs, and reduce food waste, is to map out what you’re eating for the week and the exact ingredients you’ll need.
Meal planning apps can help you organize and prioritize your shopping list, so you won’t overspend. There are also a few other apps on the market where you’re able to input the random ingredients that you already have on hand, and it will pump out instructions and recipes for complete meals. Say goodbye to food (and money) waste!
Avoid making impulse purchases at the grocery store by shopping on a full stomach. Placing your order online for pick-up or delivery can also help you stick to purchasing only the essential items on your list and avoid falling victim to the many subliminal advertising pitfalls that grocery stores use to get you to spend more. Consider subscribing to a meal kit delivery service, like goodfood and Fresh Prep, which makes meal planning a snap and supplies only the ingredients that you need.
Don’t forget: if you happen to buy more than you need, you can freeze the extras. You might be surprised at the foods you can freeze!
5. Try to Do-It-Yourself
Saving money can be really easy by fixing what you already have. From changing your brake lights to fixing your bike chain or refinishing that old piece of furniture you found at a garage sale, fixing what you already have can make a huge difference. We all have things around our home waiting to be fixed for a fraction of the price of re-buying.
I totally get it, not everyone was born handy. Luckily, you can find the instructions or learn how to do pretty much anything yourself by watching tutorials on YouTube, Google, or Instructables.
You don’t need to amass a huge toolbox to complete your projects. Save money when your project calls for special equipment or tools by renting them, borrowing them from a friend, or becoming a member of a local tool library.
While you’re fixing things up around your home, take a look around and see what you’re still using. If you’re not using it, consider selling the item or perhaps renting it out on a sharing platform. You never know!
6. Unfollow (and finally ditch the FOMO)
These days, it’s easy to look up from your phone only to realize that you’ve just spent hours mindlessly scrolling through various social media feeds. Social media algorithms are designed to show you targeted ads and content that fuel your desire to spend money. While this can be amusing, it can also sell you stuff you really don’t need. Get serious about saving money. If you’re looking to build your savings, then it’s time to take stock of your screen time.
Consider unfollowing fashion, travel, luxury brands, and influencers (especially those with paid partnerships) that make you want things you don’t need. Ditch the FOMO for good – the less you’re exposed to items and lifestyles that are outside of your budget, the less likely you are to act on impulse spending or have to manage your mental health.
7. Join a Buy Nothing group or try a Buy Nothing day or No Spend month
Buy Nothing Groups are hyper-local Facebook groups where members post free items to give away to their neighbors. It’s all part of the new “sharing economy”.
I’m always amazed at the diversity of items posted on my neighborhood Buy Nothing Group. I can find pretty much everything – furniture, kitchenware, books, toys, craft supplies, and more. These groups also allow you to post items that you are “In Search Of“ (aka ISO). It’s surprising how often someone has that extra thing-a-ma-bob you need.
If you’re up to it, you could even try out a spending freeze on certain categories in the grocery store or other spending areas. Try not to buy any nonessential items for a week (or even a month or a year). Try it out as a social experiment to see how long you can last and what you learn about yourself and how well you succeed with saving money.
8. Bundle and save on your reoccurring expenses
Price bundling is when you combine several products or services into a single comprehensive package for an all-inclusive reduced price. Bundling can not only help save you money, it can also simplify your recurring bill payments.
Bundling is especially popular with insurance, phone, and cable providers. Utility providers often offer savings or discounts when you purchase multiple products, like home and car insurance and/or internet and cable at once. Bundling your online items at the time of purchase can also cut down on your shipping costs too.
Hot money-saving tip: Set a reminder in your calendar for when your contract for utility services runs out. This is the best time to re-negotiate your current deal or look around for new deals. Saving money can be as easy as making a phone call to your existing service provider.
9. Commute more economically
Maintaining a car can be a huge expense, and vehicles often depreciate in value over time. If you’re looking to save money, it may be time to break up with your car.
Join a car-sharing network or you can jump into an Uber or taxi to save on parking. Just try not to overdo it or you may blow your savings! Better yet, why not cycle, walk or take transit to your destination? Your wallet, your body, and the environment will thank you.
10. Change the way you pay with Moola & build in support for your spending goals
Sticking to a budget can be tough. But, using Moola is a very effective shopping strategy to boost your resolve.
Moola eGift cards can be used at over 200 shops, services, and restaurants in place of a credit card, including groceries, cosmetics, clothing, and food delivery. Not only will you be saving money on amazing brands, you’ll also be sure to keep your budget in check. What’s even better is that you won’t be paying more interest on your spending.