3 simple ways to save money

by | Dec 1, 2023 | Finance and Business

Whether you’re recovering from a season of spending or looking to get ahead financially in 2024, the colder months offer a perfect time to streamline your budget and re-calibrate your goals before the start of the new year.

When it comes to saving money, here are a few tweaks you can make to your spending habits for a long-lasting impact on your wallet.

  1. Add lower-cost options to your daily routine
    One reason it can be so hard to cut back on spending is because we don’t want to give up the little luxuries that bring us joy. And that’s okay; you don’t have to remove them altogether. But buying them less often or choosing lower-cost options are small adjustments that can lead to higher savings without missing out. List out your little splurges, whether it’s a monthly manicure or latte on your way to work, and then consider if you’d be okay with something that costs less from time to time. For example, maybe you buy your favourite lunch at the office only once a week or invest in the ingredients to make it at home.
  2. Opt to shop local
    Contrary to widely held belief, it can often be more cost-effective to purchase items locally rather than from big retail chains. In a study of three Ontario communities conducted by shopping assistant app, One Red Maple, buying the exact same product at a locally owned store instead of the leading online retailer was less expensive more than half of the time on average. Using an app that product-matches with big box retail can also help you source sought-after items in local stores without paying an added markup. You can support the community without hurting your wallet.
  3. Go seasonal sometimes
    Fruits and veggies are fresher and often taste better when harvested at the right time. Not only do you support your local farmers when you buy seasonal produce, but it’s usually cheaper too, since there are fewer travelling and storage expenses involved. For an easy way in, try incorporating one “seasonal” recipe a week to encourage a less expensive – and healthier – grocery haul. An example could be a butternut squash soup in the winter while squash is in season.

Saving money doesn’t have to be daunting – easy tweaks like these can add up in your wallet.

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