Commuting
Carpool
If you live close to a colleague from work, partner up and ride together. For those with extended commutes, this is especially useful. Many areas of the country embrace the idea of commuting and have included lanes specifically for those with multiple people in the vehicle.
Use public transport
In many cases, especially if you work in a city’s downtown, taking a bus or train will take the same amount of time as driving yourself to your destination. If this is the case, looking into a weekly, monthly or yearly transit pass could ease the burden on your wallet.
Obey the law
Tickets are an unnecessary expense. In Alberta, failing to yield to a pedestrian in a crosswalk is a $575 fine plus 4 demerits. A stop sign violation is $287 plus 3 demerits. Going 20km/h over the speed limit is $124 plus 3 demerits. Obey traffic laws.
Walk/bike
Depending on your proximity to work, the healthiest way – walking or riding a bike – can also be your most effective way to get to the office (not to mention your cheapest way).
Avoid paid parking
Finding an empty side street that allows for street parking then walking a block or two to work can save you hundreds of dollars a year, depending on the city or area you work in.
Entertainment
Cheap theatre
Waiting a month or two to see the newest movie can usually save you two or three times the amount of money you’d spend if you watched the same movie when it first came into the regular theatres. Taking advantage of cheap theatre prices certainly adds up quickly – especially if you like to add a pop and popcorn during your theatre visits.
Promotion nights
Many places will monitor the traffic they receive and create a nightly special in an effort to gain some type of revenue from their slow time(s). Finding these types of nights can significantly lower your expenses to do or attend your desired event.
Group discounts
If you’re into laser tag, bowling, paintballing, mini-carts, mini-golf, swimming, and activities of that ilk, many of these activities will offer discounted rates for larger groups. Plus, the more the merrier, right?!
Eat before going
As mentioned previously, going for a sit-down meal usually adds an extra $15-$25 to any activity. Enjoy a meal at home before going out and save some money.
Minimize souvenirs
Commemorate your first time or special time out somewhere by taking a picture, as opposed to buying the $15 coffee mug in the souvenir shop or the $30 t-shirt you think is cool, but will never wear.
Cell phone
Own your phone
A lot of phone plans factor in a cost, somehow, that helps pay off the phone you also received from said company. If you own your phone, it’s fairly easy to find a company to go with that will even discount your monthly fee 10-20% and allow you to join them on a monthly basis.
Stay within your plan
Most phone companies are unfriendly to those that exceed their contractual limits, especially with data. Know the limits of your phone plan and monitor your use.
Avoid multi-year contracts
Ever heard of buyer’s remorse?! There is nothing worse than experiencing buyer’s remorse, yet knowing there isn’t much you can do about it, thanks to your contractual obligations. If you can find a way to be on a month-to-month contract, do it.
Bundle with family
Family plans usually include sharing talk minutes, data and include unlimited texting. For parents, this is also an effective way to monitor their children’s cell phone use.
Do not lose/wreck your phone
The cost of replacing your phone is either purchasing a new phone outright, or renegotiating your contract, which usually entails signing a multi-year contract. When you think about it, it’s shocking how careless some people can be with their $500-$800 phone. Think of the care level you give other objects that aren’t worth as much, such as a pair of shoes, article of clothing or sports equipment. Be careful with your phone.
Clothing
Search for sales
Looking for clothes, out of their targeted season, is an easy way to cut back on your clothing expenses. Department stores also tend to have quite a few sale racks to check out. If you’re willing to shop for sale items, you won’t pay nearly as much as you would on full-priced items.
Avoid trends
Trendy clothes usually have a mark-up, thanks to their limited life span. Missing out on the latest, breaking trend saves you in the amount of clothes you purchase, as well as in the cost.
Shop Consignment
Consignment shops are a big thing now and buying second-hand not only helps the environment by keeping clothes out of landfills, it also helps your wallet! A lot of consignment shops even get items in that still have the tags on, or were only worn once. You never know what you'll find thrift shopping!
Buy multi-functional shoes
Instead of having one pair of shoes for each of the activities you participate in, buy shoes that can be used for a few different things. For example, instead of buying court shoes for each of basketball, racquetball and volleyball, buy a pair of shoes you could use for all three sports.
Cut back on volume
Many people have wardrobes that feature numerous items that are rarely worn. Do you really need 10 pairs of jeans in your drawer? Would five suffice? The same thing goes for shirts, jackets, socks, etc.
Shop online
There are always sales to be had online. The majority of outlets – whether Amazon, department stores, retail stores or boutiques – will offer free shipping on orders of a certain size. If you’re already getting better prices than you could get going into a bricks-and-mortar place, plus the shipping is free, that’s a great way to keep a bit more money in your pocket.
Live within your means
Living within your means is a crucial part of getting your financial situation on track.
Know your limits
If you’re particularly passionate about something, be it shopping, holidays, sports, electronics or whatever, know that only a certain amount of money you make can go to those passions to sustain the rest of your everyday life.
Do not spend money you don’t have
Along the lines of the above, if you want something – yet don’t have the money for it – then don’t get it. It is easy to pull out the credit card for luxuries, but it’s a dangerous, and expensive, habit to get into. Know that when you put something on a card, and can’t immediately pay it off, you will be charged interest and other fees associated with your card. Plus, your credit score will drop if you aren’t able to rectify the situation in a reasonable amount of time.
Plan ahead
If you have a trip or large purchase in mind, set a goal for when you want to be able to pursue that item and prepare for it. Put aside money when you can to contribute to your excess expense. You may need to make sacrifices in other areas, but good planning can make a trip less burdensome upon your return, knowing you’ve already paid it off.
Have an emergency fund
There are certain things you cannot anticipate happening, such as a car accident, a repair to your home or a health scare. Having money set aside for these unexpected expenses will help alleviate some of the stress that comes from these unfortunate situations.
Look for ways to lower expenses
Analyze your expenses and look for ways to cut back on your cost of living. Even simple things, such as cutting back one sit-down meal a week, could save you $60-$80 per month, which is $720-$960 for the year.
Avoid unnecessary debt
You don’t need a motorcycle for your summer commute. You don’t need a new set of irons for the golf season. You don’t need the latest iPhone model. You don’t need $300 shoes. You don’t need…
Budget
Similar to planning ahead, budgeting your money and knowing when and where your expenses are can put you in a position where you can achieve financial freedom, regardless of how much money you make.
Say ‘’No’’ now and then
Probably the easiest – in theory – way to save money is to say ‘’no’’. If you don’t have the money for something, just say ‘’no’’. It can be a bit liberating, believe it or not.
New-to-you is acceptable
It is OK to not have a brand-new car. It is OK to buy used sporting or musical equipment. It is OK to have a second-hand BBQ. It is OK…
In the end, it might be wise to learn to be content with what you have. There is no shame in being satisfied with your life and the things and experiences you have. Everyone is different, which is a great thing. In the words of Bobby McFerrin, ‘’Don’t worry, be happy.’’
