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

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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.

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