10 Simple Money Saving Tips

Everyone these days wants a better idea of how they can save money. Most of the time, though, the best savings come on everyday purchases, or on regular expenditures that you make. If you want to save more money over time, and if you are ready to improve your finances overall, looking for ways to save money regularly can be a big help.

Here are 10 money saving tips that have helped me and hopefully you can benefit from doing these as well.

  1. Don’t pay an annual credit card fee. There are many cards that don’t have fees and still include the extras like warranty extension and travel insurance. You can get great perks that can save you money overall, and you don’t even need to pay an annual fee. The warranty extension can be great because then it saves you money on extended warranty costs as well.
  2. Cut back on going to restaurants. Instead, plan your meals. You’ll save money on your food bill, and you’ll eat healthier, too. If you like to go out to eat on occasion, you can save money when you consider getting your local Entertainment Book. This book includes a lot of 2 for 1 deals at restaurants. It can pay for itself in a couple outings!
  3. 10 Simple Money Saving TipsConsider switching you local phone to a VOIP provider like Primus or Vonage. For $30 you can have local, long distance, caller ID, messaging and all the other bells and whistles. It’s a much better deal than many of the “traditional” telecommunications providers.
  4. Get a quote on your home and auto insurance to make sure you’re getting the best price. Staying with the same insurer can get you loyalty discounts, but if someone else is cheaper it might be time to change. At the very least, shop around once or twice a year, and if you find a cheaper rate, let your agent know and give your current insurer a chance to match the rate.
  5. Switch to compact fluorescent lights (CFLs). While the bulb will cost more than a regular bulb, one $3 bulb can provide you with $15 to $50 in energy savings over the 5 year life of the bulb. Over time, that starts to add up. It’s a long-term win.
  6. If your cellphone contract is up within the next few months, call the company and ask to speak to their retentions department. If you let them know you’re considering switching to another provider, most are able to give you a deal better than you’ll find advertised. It’s an awesome way to get a good deal on your service.
  7. Instead of buying coffee at Tim Hortons or Starbucks, make it at home and bring it to work in a thermos or travel mug. This will also save you some time in line ups and gas since you aren’t making the detour on your way to work!
  8. Review your cable TV package. Are there any channels you can do without? You might be able to save $20 a month by downgrading one tier. And, if you realize that you aren’t watching much TV at all, you might do better ditching the cable. Plenty of online services can offer you access to your must-see show for much less than buying an entire package.
  9. Using a water filter at home instead of buying bottled water can save quite a bit. I have a water cooler, but instead of buying the large bottles, I have a refillable bottle and just replace the filter every 3-6 months.
  10. Install a programmable thermostat. The thermostat can be programmed to reduce heat or air conditioning when you’re away or asleep. Energy Star states that homeowners can save $180 a year by properly setting their programmable thermostats and maintaining those settings.

This certainly isn’t everything you can do but it’s a step in the right direction to keeping more of your money. I’d love to hear your best tips as well. How do you save money each day?

Written by Tom Drake

Tom Drake is the owner and head writer of Canadian Finance Blog. While you’re here, consider signing up for the RSS feed or email subscription. Both deliver the latest articles directly to you everyday! Have a Twitter account? Then follow me for all the latest posts or to send me any comments or questions!

11 Responses to 10 Simple Money Saving Tips

  1. I’ve been trying to convince myself to install a programmable thermostat for some time. The one I want has WiFi in it and you can log into a site from anywhere in the world and control you temps. It’s not cheap, but they can usually pay for themselves in 1-2 years.

  2. Tom Drake says:

    the weakonomist,

    WiFi hey? That sounds neat, I’ll have to look into that!

  3. William Gretzky says:

    For anyone that does any traveling or cross border business.
    Save by getting a better exchange rate.
    I have found the best exchange rates are offered by Knightsbridge fx. You will find yourself saving a lot of money.
    http://www.knightsbridgefx.com

  4. Ali says:

    Renting vs buying
    Sometimes it makes more sense to rent an item that you will be using just once or twice. It included some DIY tools. Also you might have some stuff collecting dust in your garage or storage, you an rent them out to those in need and earn some money. There are websites developed for this purpose including ADoNeed.com and zilok.com. ADoNeed launched recently and will be free of charge for individuals and designed in Canada, but for the second one you need to pay a fee to be able to rent.

  5. Djdiesel says:

    You can also fill a container with rocks or marbles. You drop it in the toilet tank. Because of water displacement your toilet thinks it has that much volume already there. So in the end it Saves you money but not using as much water!!!

  6. Cynthia says:

    As far as I’m concerned, living a frugal life is helpful for everyone who want to keep theirs budget in balance. There are so many ways to be a frugal person that it’s difficult to list them out. Ten tips in the article are good and helpful. If you’d like to save money in shopping,I advice you shopping online with couponsnapshot’s coupons and deals. If you want to save on food, I think cooking by yourself and eating at home will be helpful. All in all, to be frugal is a habit that you should make.

  7. Jermaine Doxbeck says:

    Picking out which digital camcorder is appropriate for your recording purposes can be a complicated selection and approach. You will find various elements which you have to take into consideration prior to choosing a digital camcorder which includes the picture resolution, new technology, screen sizes, recording techniques, and other possibilities.

  8. Brittany says:

    Loved this article it really helped me out with some great information. Tell me what do you think about this new book called “The New Stock Market” The book talks about looking at content marketing like the stock market. Serious stuff.

    I already have my copy.

  9. Alvin Payne says:

    Thanks for the money saving tips. Also, one of the best way to save money is through auto insurance calgary. When i say this, I mean that being insured is a lot better than having to pay for damaged goods, such as your car. Investing in that protection is totally worth it. Thanks for the article and keep posting.

  10. Simon says:

    Looking at this list its quite clear that its the small things that add up over time that we actually tend to spend more on and on which we can save on when we cut back; cable tv, coffee, lighting for our homes, cellphone plans etc. I think its crucial to go over our recurring expenses and weigh them critically and cut back on what we can.
    Great tips!

  11. David @ PBC says:

    Hi Tom,

    The first two tips are excellent. Consider using one card as well. This can help in staying away from excessive interest charges.

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