Reduce Your Cost of Living With These Smart Saving Tips

At home in Canada and abroad, many will agree that the cost of living has skyrocketed in recent years. Pantry staples, utilities, and other essentials seem to be growing exponentially, to say nothing of treats or extras. Instead of succumbing to the despair of bleak personal finances, consider some practical ways that might help reduce your expenses.

Here are a few smart saving tips—one of which will even shrink your phone bill to less than $5 a month!  

Revisit Your Grocery Budget  

Just because groceries are non-negotiable, that doesn’t mean you can’t shop smarter. Consider strategies like meal planning before you shop, buying in bulk, and skipping brand names when there’s a generic option.  

Shop the sales and take advantage of coupons when you’re making your plan. The discount rack is also worth checking as are services like Flash Food that offer deep discounts on food that is nearing its best before date. 

Look at recipes that use hearty and affordable ingredients, consider less-expensive meat alternatives, and load up on frozen fruits and vegetables which last longer than their pricy fresh counterparts.

Shop Secondhand

It’s called thrifting for a reason—just pay attention to the actual thrifty options when shopping secondhand and don’t fall prey to predatory pricing at corporate secondhand stores that mark up items beyond their value. 

If you’re conscientious, you can find some great steals on furniture, clothing, or home goods that are in gently used (or even new) condition. Not to mention, shopping secondhand is also a great way to reduce waste.

Charity shops, thrift stores, online marketplaces, and local buy-nothing groups are smart saving locations that often have high-quality items at a fraction of the cost of buying new.  

Audit Your Subscriptions 

Once upon a time, a TV and video streaming subscription was less than $10 a month.

Nowadays, streaming services, subscription boxes, and even gym memberships, can drain your account if you’re not careful. It’s especially easy to forget if it’s a recurring charge for a service you no longer use (and maybe didn’t realize you’re still paying for).

You might be surprised to discover that there are free alternatives for a number of services you might use, especially when it comes to entertainment. 

For movies and tv, check out Tubi or Pluto apps. Instead of paying for audio books, your local library likely offers a great selection through the Libby or Hoopla apps. If the weather is nice, workout outside. Get creative and your wallet will thank you for this smart saving idea.

Downsize Your Phone Bill

Staying online and connected is another non-negotiable; but did you know most people spend upwards of $80 a month on their phone plans? If you’re serious about saving dollars and cents, a smarter way to stay connected includes switching to Hushed, which means you can keep in touch with a reliable phone service that costs less than $5 per month.  

Here’s how to get the hook up (figuratively): Hushed uses your internet connection, so you’ll need wifi or data to make and receive calls and texts. The savings are substantial and it’s perfect for anyone who is over paying for phone services they don’t use.   

Plan for Big Purchases 

Impulse purchases are kryptonite for a tight budget. Beware of inflated costs and holiday “deals” that play on consumer’s expectations of deep discounts on big annual sales or end-of-season clearances.

Instead, track the prices of big-ticket items like electronics or appliances, over a set period of weeks or months. Take the time to shop around and compare prices of online and bricks-and-mortar retailers. That will give you a better sense of actual deals that might arise as promoted. 

Start small and celebrate your savings progress along the way. Like any good habit, saving will take time and practice, but will be well worth the payoff.