Top 10 Ways Canadians Are Wasting Money Every Month | Refresh Financial

Official blog of Refresh Financial

Top 10 Ways Canadians Are Wasting Money Every Month

Our Top Tips To Save You Money Every Month

Top 10 Ways Canadians Are Wasting Money Every Month

Are you wasting money every month? When you’re trying to save, it’s an important question to ask yourself since personal debt among Canadians is growing at an uncomfortable rate. Some of the following hacks might only save you a little, but when combined, they can add up to save you thousands every year. Here are the top 10 ways Canadians are wasting money every month, and what you can do to start saving more effectively!

1. Comparison Shopping

If you're shopping at the mall, your smartphone is your best friend. You can conveniently price check anything you're considering buying. So before you take those Ray Bans up to the counter, check Amazon or some other online retailer for a better price! Save some cash, and with shipping speeds these days, you won't even have to wait long before you can sport those shades.

2. Needless Insurance/Protection/Warranties

Take some time to review the insurance policies you have taken out. Look at the fine print, because the extended warranty you could buy for something might not be worth it if things like the accidental damage aren't covered. Taking advantage of warranties can also be a difficult process, involving long phone calls and endless paperwork.

3. Pricey Phone/Internet/Cable Plans

According to the CRTC, Canada pays more than any other country when it comes to telecom prices. Just because we pay more than anyone else as a country, doesn’t mean you have to.

If you pay $90/month for a plan that provides 3GB of data, but after looking at your bill, you find that you only use 1 ½ GB that month, see if you can save $10 a month ($120/year) by downgrading to a 2Gb plan. There are many ways you can negotiate better terms on your phone plan, especially if you’ve been with your provider for a while. Even when you’re in the market for a new phone, make sure to wait until you can take advantage of a great deal or promotion.

When it comes to cable, many people are gaining more financial freedom by cutting the cord and focusing on media streaming services instead. Read: How To Get Rid Of Your Cable Bill: Intro to Cord-Cutting.

Remember, if your cable package is costing you anywhere from $50 - $70 a month, that totals to about $600 - $840 a year. That money could be used to pay off debt or going towards a savings account.

4. Buying At Full Price

The average Canadian spends roughly $766 on holiday presents. However, that number is a lot lower for savvy shoppers. Black Friday (the Friday after US Thanksgiving) is the best time to find great deals that can cut your holiday budget in half!

When shopping, always compare prices to other stores and online options. There is nothing more satisfying than finding a great deal!

5. Not Maintaining Home/Car etc.

Make sure to stay on top of all scheduled maintenance, whether it’s your car or your home. It will prevent opening yourself up to extremely high balances to pay off in the future. Change your oil, seal any leaks in your home and use a screen protector on your expensive phone. Remember that the cost a plumber to fix a leaky pipe is significantly cheaper than being on the hook for thousands of dollars’ worth of water damage.

6. Paying For Services You Don’t Use

Are you maximizing that gym membership? What about your old Xbox Live account? If you don’t need it or use it, why are you paying for it? When it comes to the exercising, remember that there are endless options that don’t cost a dime.

7. Auto-Renewals

Sometimes we sign up for 30 day free trials or other subscriptions without realizing there is an auto-renew feature. Stay on top of this by checking your credit card statement and reviewing your subscriptions.

8. Wasted Utilities

Leaving the lights on accidentally for a night won’t break your bank account, but a consistent pattern makes a difference. Leaving the air conditioning or home appliances on while you’re out of the house will add up over time. Be aware of what you leave running. Remember to turn off lights and other electronics if the house is empty, especially considering that the average monthly electricity prices rising as much as 25%  in some parts of the country.

9. Eating Out

Preparing our own food can save us hundreds, if not thousands of dollars on our grocery bill each year. It’s tough to resist the temptation and convenience of that fancy Italian restaurant down the street, but it’s less appetizing when we realize that our $50 evening could’ve gone towards groceries for an entire week.

Read our helpful article for more tips on how you can save money on groceries every month.

10. Banking Fees/Unnecessary Fees

Your bank is there to hold your money, and to help it grow. Yet many Canadians find themselves forking over hundreds of dollars in fees every year. We’ve recently put together a list of six banking fees you can cut out completely.

These are just a few of the ways Canadians are wasting money each year. If you are thinking of saving up, read more tips and relevant articles in the Dime Turner Blog.

Leave a Reply

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


1 + 3 =

    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

    “Thank you Refresh, and my relationship manager for giving me the tools for a better score with a secured card and two credit builder loans. I feel absolutely confident I’m on a better path to financial success. I am happy to be a long term client.”

    – Trevor P

    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