How to Save Money Each Month in Canada: 6 Practical Tips

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How to Save Money Each Month in Canada: 6 Practical Tips

Learning how to save money each month in Canada can help you build financial security and reduce stress about unexpected expenses. Whether you’re dealing with rising costs or simply want to grow your savings, small changes to your monthly spending can add up to hundreds of dollars saved each year. This guide covers 6 practical ways to cut expenses and save money each month, from grocery shopping strategies to reducing utility bills and eliminating unnecessary subscriptions

Save Money on Groceries in Canada

Groceries are one of the biggest monthly expenses for Canadian households, but with a few simple changes, you can trim your bill significantly. Start by planning meals in advance and creating a shopping list based on what you already have in your pantry. This prevents waste and curbs impulse buying.

Use store loyalty programs and apps to access digital coupons and keep track of spending. Comparing unit prices, opting for store-brand products, and shopping during off-peak hours can also help you find better deals.

Smart shopping habits can lead to long-term savings. Try buying frozen produce instead of fresh. It’s often cheaper, just as nutritious, and lasts longer. Cutting back on meat or using it as a flavor enhancer instead of the main dish can also make a big difference.

 Additional grocery shopping tips:

• Scan all shelves, not just eye-level items, to find better-value products
• Avoid end-cap displays, which often feature higher-priced items
• Limit shopping trips to reduce impulse purchases
• Shop with a list and stick to it

A little strategy at the grocery store goes a long way. With careful planning and cost-conscious habits, you can save hundreds of dollars a year without sacrificing nutrition or convenience. Saving on groceries is about being intentional with your habits, not just clipping coupons.

For more detailed strategies, read our guide on budgeting for groceries.

Cancel Your Gym Membership to Save Money

Consider this: 67% of people never use their gym membership. And even if you’re part of the 33% who DO use it, you’re likely spending more than you realize. Even “cheap” memberships at $20 a month add up quickly when you factor in hidden costs like:

• Activation fees
• Annual fees
• Yoga mat rentals
• Personal training sessions
• Post-workout smoothies and snacks

Free alternatives that save money:

• Go for a run outdoors
• Buy used weights for home workouts
• Use free exercise videos online
• Follow fitness apps with no subscription

Canceling your gym membership could save you $300 to $600 per year or more, depending on your usage and add-ons.

Switch insurance/cut extraneous insurance costs 

Raise your deductible on your car insurance. Skip roadside assistance. Take an honest look at your auto and home insurance and decide which coverage is a must for you and your life situation. Consider canceling anything that falls into the “nice to have” but not the “need to have” bucket. The line items are different for everyone, but the result is the same – more money in your savings account. 

How to Lower Utility Bills and Save Money 

This trick is a lot easier than you think. Think small. Little changes around the house can add up to big savings on your bill. Here’s a quick list of simple things you can do right now to help keep costs down: 

• Take a shorter shower 
• Swap out regular light bulbs for LEDs
• Do laundry during off-peak hours 
• Run your dishwasher at night 
• Weather strip your leaky windows 
• Keep your thermostat at several degrees higher in the summer and several degrees lower in the winter 
• Unplug appliances when they’re not in use 

Lose cable 

Netflix. Amazon Prime Video. Crave TV. It’s a streaming world. When you cut the cable cord and switch to a streaming service, you get rid of broadcasting fees, equipment fees and contracts. You have more choices for less money. In fact, the average cord-cutter saves more than $52 CAD per month.

Cancel Unused Subscriptions to Save Money Monthly

Hidden expenses can blow budgeting in a heartbeat. And when it comes to expenses that are hard to track, recurring fees top the list. If you’re serious about cutting cash each month, you have to get a handle on your monthly subscriptions. Take inventory of everything you have. Which ones do you actually use? Which ones have you forgotten about? Those $1.99, $3.99 and $5.99 monthly fees add up in a hurry. Cancel everything you don’t use on a regular basis. You’ll be shocked by how much cash you can save. 

Need Help Between Paycheques?

Even with the best budgeting strategies, unexpected expenses can still create short-term financial gaps. If you’re working to save money but need help covering an emergency expense before your next paycheque, Speedy Cash offers payday loans across Canada.

You can apply for our payday loans online 24/7 or at 19 store locations in Alberta, British Columbia, Saskatchewan, and Nova Scotia. We base approval on your current income, not your credit history, so you can get the financial support you need while continuing to build your savings for the future.