Money-Saving Tips During COVID-19

Lisa Cai Daily Life, Newcomer Information Leave a Comment

1. Automate your savings.

Set up automatic monthly contributions to transfer a certain amount of money from your chequing account into your savings.

2. Set a realistic budget that works for you.

Watch our free Smart Tips video “How to Manage your Money in Alberta” for more information and resources on budgeting and how to manage your money.

3. Eating out less often and avoid takeout.

While it’s okay to indulge yourself a little by visiting a local bakery or enjoying restaurant food, being more disciplined can add up to big savings in the long run.

4. Keep it low-cost when grocery shopping.

Planning ahead what you are going to cook for each day of the week. Make a shopping list and stick to it. Be mindful of what you put in your shopping cart. Only choose those that you need.

5. Cancel memberships and subscriptions you don’t need.

Take a closer look at your bank statement and look for recurring charges for services you don’t use as often. For example, fitness classes, YouTube Premium, Spotify, Amazon Prime, Netflix, etc.

6. Re-negotiate the costs of your regular services.

This includes cellphone bills, Internet and cable TV services. Talk to the service provider. Some of them might offer a money-saving deal for your long-term loyalty. If not, it’s time to shop around for a better deal elsewhere.

7. Use cashback and coupon apps when shopping online.

With shopping malls and stores closed or only opening with reduced hours due to COVID-19, many people turn to online shopping. Using cashback apps and browser add-ons (such as Rakuten or Honey) is an important money-saving hack. Feel free to explore other apps!

8. Selling your unwanted items online.

Your unwanted clothes, household appliances, holiday decorations, etc. are just sitting in your storage room and gathering dust, while you can make money selling them online! Facebook Marketplace and Kijiji are great places to start. Check out more tips on how to market your stuff! After all, it’s spring cleaning time!

* Welcome to join our upcoming free online workshop Money Managing During Covid-19 on May 13 and learn how to plan for reduced income, deal with your bills and creditors in a responsible way. Click here today to register!

 

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References:

https://www.wealthsimple.com/en-ca/learn/#saving_money_in_canada

https://business.financialpost.com/personal-finance/taxes/seven-money-saving-ideas-that-canadians-are-discovering-during-covid-19-quarantine

https://www.cnbc.com/2020/04/11/simple-ways-to-save-money-during-the-coronavirus-pandemic.html

https://www.cbc.ca/life/style/how-to-make-money-selling-your-unwanted-clothes-online-this-summer-1.5164027

https://www.simplyfrugal.ca/how-to-sell-stuff-online/

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