7 Smart Ways To Save Money Fast | Refresh Financial

Official blog of Refresh Financial

7 Smart Ways To Save Money Fast

saving cash

Saving money never goes out of fashion. While this year is already more than half-way through, it's never too late to start setting money aside and saving for the rainy day.

Here are some of the strategies you can use to save money every month.

  1. Use a Budget App

The first step in getting your finances under control is to understand the relationship between your income and expenses. Tracking your expenses manually can become tedious and this is where a personal finance app can come in handy.

You can keep your budgeting simple with free apps like Mint and Wally, or opt for a paid service such as YNAB.

Monitor your money inflows and outflows and find ways to cut your expenses to the bone so you have funds leftover to save and invest.

The best budget apps allow you to set savings goals and they alert you when you go over budget in any of your spending categories. They also connect automatically with your bank accounts which makes reviewing your finances on a daily, weekly or monthly basis easy to accomplish.

If you have family members you want to carry along on your savings journey, choose a budget app that allows you to sync or share budgets across devices.

  1. Automate Your Savings

I have come to realize that good intentions on their own are not enough when it comes to improving my finances. In order to ensure you actually follow through with saving or investing, use an automatic saving or investing app or plan, such as that offered by Mylo, Wealthsimple's Roundup and Tangerine.

A typical automatic savings plan moves money from your chequing account and deposits it into a savings/investment account based on a schedule you set.

Spare change apps round up your purchases to the nearest $1, $5 or $10 and automatically save the difference on your behalf.

With these strategies, you no longer need to remember to manually deposit money in your savings accounts.

  1. Use a High-Interest Savings Account

This is pretty straightforward. Save your money in a savings account that actually nets you some positive returns and not in an account that pays you interest rates that are far below the rate of inflation.

To put this into perspective, if your bank pays you 0.50% interest rate in savings and the average inflation rate for the year is 1.8%, at the end of the year, the purchasing power of your money will have dropped by -1.30%.

While savings rates have been depressed for the last decade, you can make the most of your money by choosing one of the best high-interest savings rates in Canada.

  1. Cut Your Utility bills

Many expenses around the home are somewhat fixed and there's not much you can do about them...think mortgage payments and property taxes.

That being said, there are several monthly expenses you can do something about.

  • Cut cable entirely or choose a bare-bones service that meets your needs and is less expensive.
  • Cut your hydro bill by simply raising your current home temperature by one degree Celsius in summer and lowering it by one degree Celsius in winter.
  • Use energy-efficient CFL or LED bulbs, and when you are replacing old appliances, choose new ones with improved energy ratings.
  • Save on water by installing water-efficient toilets and low-flow fixtures. Install a rain barrel to collect the water you can use around your yard.
  1. Save With Grocery Shopping

I use cash back shopping apps to save $50 or more every month.

Money-saving apps like Checkout 51, Caddle and Drop are easy to use and free to join. Generally, this is how they work:

  • Download the app and sign up.
  • Start your shopping by looking through the app to see what offers and discounts are available.
  • Shop the offer at your favourite store or a designated retailer (if applicable).
  • Earn cash back. Some of the apps automatically credit your account with cash back when you make purchases using a linked bank card, and others require you to upload your purchase receipt.

Earning cash back on purchases you will make anyway is a nice way to save money.

  1. Buy What's in Season

Plan your meals so that you can use produce that's in season. This helps you to eat healthy, eat local and save money at the same time.

Consider planting your own garden. If you have a backyard or even a balcony, you can easily plant vegetables like tomatoes, peppers, zucchini, lettuce, broccoli, cabbage and more.

Save even more money when you use water collected in your rain barrel to water your garden and compost derived from your kitchen waste to fertilize your vegetables.

  1. Pay Off Debt Fast

Save on the interest fees you are paying on your credit card balance or personal loans by clearing out your debt as fast as you can.

Paying off debt when you are living paycheque to paycheque can be tough. Factor debt repayment obligations into your budget and work towards making more than the minimum payment.

The more money you put towards your principal debt, the faster you can become debt-free.

 

Enoch Omololu is a personal finance expert who blogs at Savvy New Canadians. His writing has been featured or quoted in the Toronto Star, MSN Money, Financial Post, The Motley Fool, Zumper, Rockstar Finance and many other personal finance publications.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

3 + 2 =

    What Canadians are saying about Refresh

    I would like to thank Refresh Financial for helping me get out of a bad spot. I never thought it was possible and almost gave up on things and then I saw Refresh Financial and and gave it a try. At first I was unsure of things but to see my credit score now makes me a believer in this program.

    – Aaron A

    “It hasn’t even been a year yet, possibly only 6-7 months, and my TransUnion score has gone up over 100 points. That was only the tip of the iceberg as recently I was able to get a consolidation loan from my bank that allowed me to move forward and make things easier for me. Talk about second chances!”

    – Angelica M

    “I am now in a position where I am able to obtain credit (just bought a brand-new car and refinanced my mortgage for a fantastic rate) and it took little to no time at all. I would 100% recommend Refresh to anyone looking to rebuild credit with as little hassle as possible.”

    – Cathy M

    “I had not heard of a company doing such a thing before someone suggested it to me and it made sense. I am not very good at saving money and Refresh Financial helped me. I have dealt with them for years now and never had a problem. The customer service is excellent and fast.”

    – Chris C

    Refresh helped me regain credit following a nasty divorce, which left me with a very poor rating. They were able to remarkably help me go from a 480 to a 600 score, in just over a year. Thank you Refresh!”

    – Deb K

    I have watched my credit score jump since being with Refresh and I have already recommended it to friends and family. Thank you for helping me build my credit faster for my future and my children’s future :)”

    – Heather T

    At first I was skeptical because I wasn’t getting funds upfront and had to make payments when I really needed the money. I’ve been in the program a year now and have noticed my credit has improved drastically!”

    – Irene L

    I have been a client of Refresh Financial for approximately 3 years. Since being a client they have improved my credit immensely. Definitely recommend this company to anybody that needs help re-establishing credit.”

    – Jason I

    “I recommend this program to anyone having credit issues. At the end of the agreement, your money is refunded to you. There were times I found myself short on cash and Refresh, with permission, used a portion of my money to clear up my arrears.”

    – Margaret L

    “I would like to thank Refresh Financial for their professionalism, great customer service and for helping get back to a better financial situation. I have always been treated with the utmost respect.”

    – Martine B

    Refresh Financial is an amazing program to help people get back on their feet. I was rock bottom with nowhere to turn. My credit was beyond poor. I would recommend them to anyone. If I can do it surely anyone else can.”

    – Matthew S

    “Great company to deal with for rebuilding credit, very simple process to get started. Good service if you ever have questions.”

    – Mike L

    This business truly cares about its clients. The customer service is always quick to return calls or emails. Their online portal functions very well so as a customer you are always updated as you progress with your loan.

    – Phil J

    “Refresh Financial has made us more aware of how to take care of our financial situation and be more responsible, and making payments on time is rewarding in the end for credit. Thank You sincerely.”

    – Rocky M.

    “Refresh financial is great!!! They boosted my credit score, helped me save money and helped my husband and I buy our house;) I was not only a number to them, they stayed in touch and helped me out along the way. Answered all my questions and concerns.”

    – Sara B

    “Refresh Financial had been exceptionally good to me! I’ve just been out on medical leave and they have accommodated me with my payments without hesitation!! I was in a really bad spot with my credit and they have helped me to try and correct it!! Bravo!”

    – Shannon B

    This company has been nothing but fantastic. They have gone above and beyond to help me. This program has given me the relief and peace of mind I need. I would certainly go back to them and give them names of people who could use this.”

    – Shirley K

    The financial services products are excellent for new immigrants, low-income earners and small business owners. Loans, savings and credit building all in one solution is a perfect fit to help with financial goals and stability.”

    – Soraya H

    “After successfully going through a credit rebuilding loan, I was able to use my built-up equity to purchase a newer vehicle and I have since been approved through a financial institution for a loan.”

    – Tanya W

    “I made some poor credit choices when I turned 18 and have always had this lingering thought of how am I ever going to better my score. Since being with Refresh I have realized that I took the right step towards bettering my future.”

    – Taylor B

    I’m so excited I’ve joined refresh! I’ve already seen a huge increase on my credit after the first month! The staff are a delight and make this so easy to understand. I strongly recommend Refresh Financial even if you have good credit this will give you a boost and you’re saving money with the reverse loan!”

    – Wayne B