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When it comes down to saving money, getting out of debt, and achieving financial freedom, the small things that you do on a day-to-day basis really matter.

Although saving money and staying on budget are never easy things to do, now is the time to take a hard look at where your money is actually going. Here are a few tips to help you reduce your daily expenses:

Create A Budget:

Start your savings journey the right way by keeping track of your spending and savings. If you haven’t reviewed your budget in a while (or you need to create a new one), now is the time to fix this. Budgeting allows you to create a spending plan for your money and ensures that you” have enough money for the things you need. Following a budget also helps keep you out of debt or work your way out of debt if you are currently in debt.

Re-Think Your Gym Membership:

While most of us were forced to make the most of working out from home during quarantine, as gyms have started opening up, it may be time to re-think that membership. If you know you’re barely going to go to the gym, cancel your membership and don’t waste the money. Make the most of the outdoors and creating a home gym – it will save you money! Plus, there are so many videos on Youtube and free apps that you can use to get your daily workouts in.

Cancel Unused Subscriptions:

After you’ve rethought your gym membership, make a list and start canceling those subscriptions that you don’t use. Especially if they renew automatically! Odds are, you can probably find a subscription or two to drop and save some money every month.

Visit The Library:

Obviously, you can borrow books from the library for free. However, did you know that you can also borrow ebooks and audiobooks? With the click of a button, you can have your choice of an ebook delivered and downloaded to your Kindle (or another e-reader). Plus, since they automatically get returned to the library, you’ll never have to deal with late fees.

Prepare a Grocery List:

A well-organized grocery list will keep you focused when in-store and also save you from frequent return trips to the store. By sticking to your list, you’ll avoid impulse buys that you don’t actually need that will in turn, help you save money.

Buy in Bulk:

A great money-saving tip is to buy non-perishable grocery items in bulk when they are on sale. Items like meat and fish can remain in excellent condition for up to 6 months when they are properly frozen. Meal prepping and freezing leftovers are also great ways to help you save in the kitchen.

Use Coupons:

Using coupons is an easy way to save on purchases. You can find coupons online from places like RedFlagDeals and Groupon, or apps like Flip and reebee.

The Google Chrome extension Honey is also great tool to help you save when you’re online shopping. The extension automatically finds and applies promo codes at checkout.

Avoid Impulse Purchases:

If you’re out shopping and feel the sudden urge to buy something, the right call is probably to wait a day or two to think it over and be sure you are meeting a need as opposed to a want. Plus, you can also use the extra time to research and compare prices if you decide to proceed with the purchase later.

If it’s a really big purchase, deposit the money into your savings account and shelf the potential purchase for 30 days. If you still want to buy that item after 30 days, go for it! Otherwise, the money stays in your savings account.

Use Cash More Often:

It’s a lot easier to overspend when you are paying with a credit card. You can keep yourself more accountable by paying in physical cash. Consider using the “cash envelope” budgeting system.

Automate Bill Payments:

Avoid late payment fees and save money. A poor payment history can damage your credit rating and make it impossible for you to qualify for get a loan at the lowest rates and collect big bonuses on credit cards and other financial products. With our app, you can schedule your bill in advanced, or get notified about upcoming bills to ensure you never miss a bill.

Sell Your Clutter:

If you’re struggling to kick start your personal finance plan, you can start by selling things you no longer use. Whether you have a used couch or an electronic device that you’re ready to trade in, selling your own stuff is a great way to make some extra cash. Places like eBay, Depop, Kijiji, and Facebook Marketplace are an easy way to sell your used items

Have any other tips you want to share? Tweet us at @paytmcanada

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