Are you having a difficult time-saving money? Perhaps you’re looking to save a down payment for a house, or you want a bit of a nest egg for emergencies? Whichever the case, these tips will help you cut down on your spending. Remember: every little bit helps! If you cut out one splurge every week, you could save thousands a year. You’ll be surprised at how much you can save with a few adjustments. Remember to take a look at my mortgage calculator to see how much you need to save to buy that first house so you can plan accordingly.
Stop paying for extra services
Do you have someone come in and cut your grass, take your items to the dry cleaner, or babysit for you? It may be time to cut down on these extra services. See if family and friends can help with the babysitting – the rest you will have to do without. Iron your clothes instead, and take care of your own cleaning and chores – even the ones you hate!
Take a look at the entertainment subscription services you pay for per month. Do you really need all those streaming platforms? See if you can get a family plan instead – or log in on someone else’s account. Those costs add up!
Order less takeout and visit fewer restaurants
This one is difficult – sometimes you crave a nice pizza after a long day at work. Pizza dough is so easy to make, can be stored in the fridge or freezer, and you can throw on any toppings you want. Plan your meals ahead of time and make sure your fridge is stocked up so you can cook at home. Is time an issue? Cut all of your veggies for a week and store them – then you can toss them into a salad or stir fry. You know yourself and the roadblocks you will face – you just need to be pre-emptive.
Plan your grocery shopping
Go where the deals are, take a look at the flyers, and plan your shop. If you make a list and follow it, then you can cut down on grabbing frivolous items. Make a game out of being as efficient as possible! Also, pay attention to the sizing of things and price. Compare weight to price and make sure you choose the one that is the most cost-effective. Packaging can be deceiving, so make sure you do the math. For big-ticket items, make sure you shop around for deals or wait for a huge sale. You can also shop second-hand for clothing to give that clothing a second life!
Try to use your heating and cooling systems efficiently. Use less when you’re not home or when you’re sleeping. Operate appliances during off-peak hours, and make sure to turn off lights when you’re not in that room. It may seem small, but it can add up. Think about installing a smart thermostat in your home so you can control it straight from your phone. That way, you can tell if your kids are adjusting it when you’re at work!
Use your car less often
Use your bike or walk when you can. The fresh air will do you good. Besides, gas prices are outrageous right now! Barrie has a great public transportation system, so hop on the bus instead when travelling across town.
Get rid of your car
Consider not having a car. How often would you need to take public transportation? Do the math and see if this is feasible for you, and see how much you would save. Cars are very expensive – and we’re led to believe everyone needs one. If you’re in a city that has decent public transportation, then this could be a viable option. You can always rent a car or take an uber if you absolutely need to (just remember – those prices add up quickly to what you do!)
Look for deals
Try to haggle on your phone and internet plans, or talk to your provider to start a cheaper plan. You don’t need the newest, flashiest iPhone if all you do is spend hours on TikTok. Look for a vacation package that is closer to you before you decide where you will travel if you need an adventure – seeing New Zealand is something you can do down the road – Temagami is almost the same, right?
Having a tangible budget laid out in cash is a good option. Set aside an amount for leisure and fun activities, and stick to it. Once it’s gone, it’s gone. Divide the cash into piles (gas, food, entertainment, etc.) and stick to that. If you use cash rather than credit, then you can’t spend what you don’t have.
Borrow, but do it wisely
We all know how high-interest rates are on credit cards – it’s massive. If you find yourself in a bind and need some extra capital, you can take out a loan for big expenses. If your car breaks down think if you really need to replace it or if you can do without for a while. If you do take out a loan or put things on credit immediately make a plan as to how you will repay it and don’t forget to make those payments on time so you don’t get dinged with late fees.
When you cut out all the extras you will see your down payment start to accumulate
When the fruits of your labour have paid off – call me, Darren Robinson, and I can get you the best mortgage rate and options out there! Feel free to give me a call at 705-315-0516 with any questions or schedule an appointment to meet with me here. I can always advise you as to how you can achieve your financial goals, it’s what I do when I’m not busy securing you a mortgage rate for your dream home! Together let’s make a plan and make buying your first home a reality.