10 Easy Ways To Save Money In Canada

10 Easy Ways To Save Money In Canada

We all need to save money for a rainy day and if we do not we could be in trouble when an unforeseen disaster strikes. The lifestyle in Canada could be quite fast with everything that you would do taking a few dollars from your pocket. If you continue in that trend you would be with an empty pocket at the end of the day or when you step into old age. Financial stability is needed and that could be achieved only if you are in the habit of saving wherever it is possible. It may not necessarily be that you save physically those additional few dollars but by cutting a few corners where a few dollars would remain in your pocket.

Hence it is imperative that you save a few dollars every month and stash it away safely so that you have access to it when you really are in need of money in an emergency. We know that it is little grains of sand that make a mighty land and little drops of water that make a mighty ocean. Keeping this in mind and trying to save a few dollars wherever possible would ensure that you could lay back and be contended that you have a financial backup when you need it.

It is not only by putting away money that you could save but you could do so by ensuring you control your day to day expenses where a few dollars would be drained out without your knowledge. It is these few dollars that we are interested in which if calculated would run into a few hundreds or even thousands of dollars over a period of one year. We have compiled a list of just TEN easy ways that would be easy to follow and also ensure you save a few dollars on a regular basis for which of course you would need to commit yourself very intelligently.

#1. Join or create a carpool with friends or neighbors

Research done by Statistics Canada has enlightened that an average Canadian worker commutes about 25 kilometers to work and back every day. Covering such a distance annually would cost you around $1,800 on gas alone every year. This is not taking into consideration other factors like wear and tear which the car would undergo during that time.

If you carpool and travel only one day per week with friends or neighbors you could be dropping this figure down substantially which could be about half that. If you save that amount of $900 it would be a small amount but would add up in your kitty.

#2. Pay bills on time

Pay your bills on time. If you do so you would not be paying surcharges, interest, or any other unnecessary additional costs. Over a period of time depending on your financial status, you could be saving quite a substantial amount. Paying such unnecessary charges should be avoided. These are savings that would accrue to your saving kitty over a period of time.

#3. Shop with prudence

Many vegetables, fruits, canned items, fish, and other stuff we like to eat are seasonal and if you know what is available in abundance and in which time of the year you could be buying fresh foodstuffs whilst also paying less. You don’t need to be an expert on the matter but when you live a year or so in any particular area you could jot these down on the calendar and then make some prudent changes to ensure that you eat the freshest and at a lesser price too.

#4. Manage the heating and cooling systems

Ensure that you adjust your thermostat according to your needs and don’t just keep the air-conditioning or heating system running when you are away from home. Research by Energy experts has found that you could be saving up to $400 annually if you use your cooling and heating system prudently.

#5. Negotiate your insurance premiums

Negotiate all your insurance premiums, your home, car, and all other insurance would cost a tidy sum annually, but if you could negotiate with your insurance agent you may end up paying much less than they would quote. If you are not satisfied try another agent and they would offer you a better premium than the former. The savings that you would make would be quite a sum when calculated annually.  

#6. Check your vehicle every winter

Get ready for the winter and ensure that you do a tune-up to your vehicle every winter before it begins and this way you would not be spending unnecessarily with avoidable breakdowns. Your regular mechanic or the vehicle center would help you out which could save you a good tidy sum annually.

#7. Look for bargains regularly

Bargains are galore in supermarkets and departmental stores and to pick up what you would need, make a list of everything beforehand. When you are out shopping inside any shop look at the bargains you may just find what you wanted and buying at bargain prices would save you a lot especially when spread out over a year.

#8. Check vehicle air pressure regularly

Driving with low tire pressure wastes gas and doing it on a regular basis would burn gas unnecessarily. Ensure that you check your tire pressure on a regular basis and reduce the consumption of gas. This could be a tidy sum saved on gas annually.

#9. Avoid traffic fines

Canadians pay millions of dollars on traffic fines and these are unnecessary payments that could be easily avoided. Ensure that you drive carefully and don’t speed as it is not worth the trouble and could be life-threatening too. If you do not pay traffic fines you would not be contributing to the Canadian police unnecessarily.

#10. Avoid shopping with credit cards

Credit cards generally buy things that we don’t need. Hence avoid flashing your credit card when you buy because by doing so you would not be buying what you don’t need. It would save you loads over a year. Any help for financial problems contact gtacredit.com or call 416 650 1100

How do I Make Sure I Don’t Run out of Money before the End of the Month?

How do I Make Sure I Don’t Run out of Money before the End of the Month?

With increasing options to spend money in the market living within one’s budget is becoming more of a challenge for people with defined monthly incomes. Making it through the month with a paycheck as your sole source of income is trustworthy indeed, but it can become a challenge at times. It is not necessarily a huge change or demand. Sometimes the slightest of happenings out of the ordinary lifestyle can disrupt your budget which makes the last days of the month a problem to survive through.

It all begins with the day you get your paycheck! It feels like the day to the party which if lasts a bit too long into the month becomes troublesome. So, to avoid that the simple solution is management. As you tend to organize every part of your lives, you should also tend to your finances with the same care and concern. It requires skill and smart living to get there, but it is not that much of a difficult thing to achieve. It may sound strange, but a few steps to alter your living and you will be managing quite reasonably within your paycheck.

The simple steps to take involve:

  • Understand Your Income

The first step to saving money is to understand your money. It begins with learning about your sources of income. You must understand your earnings and keep in mind all the money that you bring in. Once you know your sources of income, add up all the money you are earning to get the exact amount you get in hand for the month.

It also includes respecting your income and staying loyal to the sources of it. Work with dedication and keep yourself invested in your work that pays. Remember, the concentration will result in better work output which can promise a raise in your paycheck which means more income!

  • Track Your Expenses

Once you know what you are earning it comes down to the next part. With finances, it is the expenditure. You earn money to spend it of course and thus, you must keep track of your expenses. Keep a list of all the times your actions result in a decrease in your income. It is an expense to list down.

You must stay true to your list and not cheat. Do not leave off the expenses you do not want to account for. No matter how much you wanted to spend money on that, it still counts as an expense so it must be list down.

  • Filter the Living Expenses

Now, once you know your income and you have recognized all your expenses, here comes the difficult part. It is time to be a little hard on yourself. Overview that list of expenses and highlight your living expenses only. Living expenses, you ask?

They include the money you spent on your essentials. The money that goes into providing for the necessities of your life, count them all. They include all your utility bills, food expenses, and others that you just cannot avoid. Highlight all of these expenses and review the ones that remain on that list you made.

That remaining list must have many expenses that you might not want to give up, but that needs some serious dedication to survive within your paycheck. So, it might be a difficult thing to do, but take that step and cross them off the list. Remember, you have to live within the paycheck!

  • Save Some Amount

When it comes to finances it is not just about the income and the expenses. Financial management has another integral ingredient to it. The one people mostly forget. This third and vital part of the management of finances is your savings. For a successful budget, savings is a must. You cannot live without saving some amount of what you are earning.

Organize your expenses in such a way to ensure that the savings do exist. While tracking your expenses you must cross out all the unnecessary ones. Continue to do that throughout the list even if your expenses are less than your income because that is when your savings come into play. You will get the amount of savings from that check on your expenses.

  • Work It Out Yourself

Remember! No one can come and help you out with your finances. You cannot be dependent on your financial management on someone. You earn money. You spend the money. It has got to be you who saves the money as well. The motivation and determination to do that come from within.

Once you know you have the dedication to make it work, take the next step. Save your money on the little tasks you hire people to do for you. A little fixing, a little renovation or a little cleaning around; do it yourself. Work on it on your own and get the work done, It will not only help you stay active but also help you save money.

  • Shop Smart

You go out shopping? Well, the smart thing would be to steer clear of the places you cannot resist yourself. Plus, you need not be the first one to buy the trendy stuff out there. Wait your time out, no one is judging you and buy those same articles in sales. Wait for the sales and save money.

  • Hold Yourself Accountable

Do not just plan it out, but make sure you execute. Do you know what makes execution unavoidable? It is the process of accountability. Review your success with financial management and even ask your friends to help keep an eye on you for that matter. Force yourself to follow the plan you design for cutting back on expenditures. Thus, judge your own actions to make it work it to the end of the month in good condition.

Thus, stick to these steps and you will surely survive the month well within your paycheck while saving some for emergencies.

Any financial trouble visit gtacredit.com or call 416 650 1100

What is credit counseling and how it can benefit you

What is credit counseling and how it can benefit you

Counselors act as mentors, guides, advisers, and teachers. Similarly, credit counselors can give you valuable advice and teach you the ways to manage/ lower your debt and improve your financial health. Credit counselors can help you to improve your financial situation even if your debt has reached the tipping point. For many people, financing an automobile or securing a home loan is extremely difficult. Know why? If you answered a poor credit rating then you’re a zillion percent right.

In order to determine whether we’re capable of making timely payments, creditors look at our credit history. A good credit history open many doors for you while bad credit closes most, if not all, of them. Generally, future credit offers depend on how a person uses his or her first credit card. If you make timely payments, your credit rating will improve and you’ll become an attractive borrower.

Generally, people with good credit rating pay lower interest rates than those with average or bad credit. In fact, in some cases, people with good credit may qualify for loans with low interest rates. Moreover, they don’t have to pay annual credit card fees. In short, over the long run, people with good credit can save thousands of dollars. On the other hand, people with bad credit will experience higher interest rates and get fewer future credit offers. The good thing is that people with bad credit can improve their credit situation by taking help from a credit counselor. Who are credit counselors and what do they do? Let’s take a look.

If you’re sinking in a sea of debt then a skilled credit counselor is person you need to approach. Through counseling and education, a credit counselor will help you to get rid of the piles of debt you’ve collected over the years.              To help solve your financial problems, a skilled credit counselor will do the following things:

  • Advise you about money and debt management
  • Assist you in the development of a budget
  • Provide relevant educational material

There are many reasons to take help from a credit counselor including:

  • Reducing the debt amount
  • Lowering credit card debt interest rates
  • Consolidating loans into one monthly payment
  • Eliminating late fees and additional charges

Taking help from a credit counselor is a sensible thing to do if you want to maintain a good credit score, reduce interest fees, get new credit or simply manage your finances better. Some of the services provided by credit counselors include:

  • General budgeting
  • Debt free planning
  • Bankruptcy counseling
  • Student loan counseling

 

Credit counseling is for you if you want to repair your credit rating, pay off your debt, or simply learn how to manage your finances better. Credit counseling can benefit you regardless of your age or income level so get in touch with a credit counselor right away to lower your debt and improve your financial situation.