For many New Brunswickers, money worries are at the forefront during this difficult year. And this financial stress can have a serious impact on physical and mental health. Here are tips to help you cut back on spending and make small changes that can have a huge impact across seven spending categories.
1. Track your expenses and establish a budget.
To save money, you first need to know where you are spending your money. Review your bank statements and categorize your expenses. You might be surprised by how much you spend on certain items. And you’ll be able to more easily see where adjustments can be made.
2. Eat well at a lower cost.
According to a 2020 Dalhousie University study , Canadian families can expect a 2-4% increase in their food budget this year.
Here are some helpful tips to reduce your grocery bill:
Money saving apps. There are plenty of apps (usually free) that can either help you earn a little money (by scanning receipts) or show you where the best prices are. If you choose to download and use these applications, be sure to read and understand the terms of use. The User License Agreement (CLU) and any terms of service will explain how your personal information and spending details are stored and used. Be especially careful with apps that require your banking information. Talk to your financial institution before using an app that requires authorization to link to your accounts.
Bring lunch to work. You’d be surprised how much you spend eating out every day. Even if you only buy a $5 sandwich every day of the week, that’s $100 a month!
Coffee yes, but in moderation. Just like eating out, your coffee drinking habits could be contributing to your debt. It’s important to treat yourself from time to time. Following a budget is a bit like a diet: if you completely deprive yourself of all the good things, you will eventually give up. So, set a small budget to treat yourself to a drink at the coffee shop. Take advantage of loyalty programs. Most coffee shops offer a loyalty program that entitles you to a free coffee. You can often even pay for your coffee in advance by loading a set amount onto your card each week. This could help you stay on budget! Don’t like coffee? The same approach can be applied to all the treats you enjoy enjoying regularly!
Redesign the grocery list . With food prices expected to rise, you may want to rethink how you buy your food. According to a Dalhousie University study , fruits and vegetables are what Canadians are most concerned about when it comes to food prices. Consider buying fruits and vegetables only when they are in season and buy frozen produce when they are not.
Meatless Monday . Meat is by far the biggest expense at the grocery store. Replacing meat with another protein source (like legumes, eggs, and grains) even just one day of the week can save you a lot of money.
Create a meal plan and take a “food inventory”! Creating a weekly meal plan will save you money and time (a win-win!). Dig through your refrigerator, pantry, and freezer and try creating meals with the ingredients there. Once you’ve created your meal plan for the week, write down any missing ingredients. If you’re looking for ideas, there are plenty of apps and websites that will help you find a recipe based on the ingredients you already have! It was nothing.
3. Reduce your electricity bill.
Whether you are a tenant or owner, whether you heat with gas or electricity, look for ways to reduce your monthly energy bill.
Of course, some more expensive changes can impact your monthly bills, like replacing your appliances with newer or higher-efficiency models, installing a heat pump, or replacing old windows. However, these expenses may not be included in your budget. Here are other free or low-cost ways to reduce your energy bill:
Lower the thermostat to 17˚C at night or when you are away. You can also install programmable thermostats to make this happen automatically!
Wash your clothes in cold water and hang them outdoors (in warmer months) or indoors on a dryer.
Open all the curtains on sunny days in winter so the sun helps heat the house (close them at night to keep the heat in!). Do the opposite during the warmer months to keep your home cool.
Dust baseboard heaters to ensure they work properly, which will also reduce the amount of dust in the air.
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