Budget like a pro this summer

by | Jul 10, 2024 | Finance and Business

As Canadians navigate the current financial environment, they are seeking ways to reduce their expenses. According to a recent Belairdirect survey, close to half (41 per cent) of Canadians think of themselves as financially savvy, with more than a third sharing their money-saving advice with their friends and family. These findings emphasize the importance of understanding Canadians’ attitudes and preferences when it comes to personal finance management.

If you’re looking for new ways to save money this year, consider implementing the following advice.

  • Stick to a household budget

    Over a third of Canadians say they stick to a budget, recognizing the importance of financial management. If you struggle to stay on track, start by creating a budget outlining your income and monthly expenses so you know exactly where your money is going. Having an accountability partner may keep you motivated and ensure you’re meeting (and even surpassing) your goals each month.

  • Cut down on non-essentials

    Many Canadians are looking to reduce their dining-out frequency and are capitalizing on sales opportunities to keep more money in their pockets. Consider creating a sinking fund for non-essential purchases so you can keep enjoying the things you love while prioritizing your finances.

  • Shop smart

    Are you becoming more mindful of your grocery bills and are seeking ways to reduce your spending without compromising on quality? Try to utilize coupons, discount codes and loyalty programs to make your budget stretch. Comparing grocery store flyers and price matching can also help to lower your bill.

  • Cancel unused memberships

    Terminating subscriptions and memberships that no longer align with your priorities can save you hundreds of dollars per year and will help you get you closer to your savings goals.

  • Get resourceful

    As many Canadians reassess their spending habits, more than 70 per cent are focusing on reducing their housing and car-related costs. Strategies include keeping your vehicle for longer, opting for used cars over new purchases, transitioning to a single-car household, and walking more or taking public transit.

  • Bundle home and car insurance

    If you’re looking for ways to reduce your insurance costs and don’t know where to start, consider bundling your home and auto insurance packages. You may be eligible for better rates or be able to leverage group plans offered by your workplace or industry association to enjoy exclusive discounts and savings.

Learn more ways to budget smart this year at belairdirect.com

Related Content

How newcomers can find meaningful careers in Canada

How newcomers can find meaningful careers in Canada

If you’ve recently moved to Canada and are frustrated by a tough job market, you’re not alone. Many newcomers struggle to find similar positions to those they held back home and take on survival gigs to support their families. Fortunately, there are many things you...

read more
How to help make your money grow

How to help make your money grow

In today’s complicated financial environment, every dollar counts for Canadians. Many may miss the opportunity to maximize their money. The question is: how should Canadians allocate their funds? Should they put it towards personal spending, savings or high-interest...

read more
Top tips to save on your car and home insurance

Top tips to save on your car and home insurance

Insurance is meant to provide peace of mind when you need it most. Yet, the monthly expense of car and home insurance remains a stressor for many Canadians. If you’re looking for a way to lower your insurance rates, you’re not alone. Start by exploring all your...

read more
The best times to shop around for deals

The best times to shop around for deals

When you’re in the market for a new or used car you don’t buy the first one you see. It’s important to shop around and do your research to find the best deal. But what is the best time of year to do so? Here are the top three times of year to get the best bang for...

read more
6 tips for navigating financial stress

6 tips for navigating financial stress

Feeling anxious about money is normal, but it doesn’t have to be all-consuming. There are simple steps you can take to reduce stress and build more confidence in managing your finances. Here are six steps to help lower your financial stress, according to Royal Bank of...

read more