It’s no secret that your dollar isn’t stretching as far as it used to. While many of the greatest problems associated with the COVID-19 pandemic have either disappeared or decreased, the problem of inflation has impacted people across Canada, including those who live in Newmarket, Ontario.
This means you need to save money where you can and spend wisely. If you’re looking for new ways to save money, here are five options you can implement right away that will keep you from breaking the bank.
Reduce Your Food Spending
Perhaps one of the biggest impacts of inflation has been on prices at the grocery store.
If you aren’t already, it’s time to look at couponing as an investment of time that will save you money. Thankfully, as there is with everything else, there’s an app for that. They tend to release flyers at a certain time on a specific day of the week, so getting into the habit of opening your favourite couponing app and going through them can help you plan your shopping trips and stock up on necessities.
To further reduce your food costs, you can grow your own fruits, vegetables and herbs by visiting the best place to buy hydroponic equipment in Newmarket. With the right setup, you can eliminate the money you spend on produce such as:
- Strawberries and other berries
- Peas and beans
In fact, any crop can be grown hydroponically.
There are also social media groups that share money-saving tips, and one couple has put together a crowd-sourced grocery-buying guide based on some of the best tips offered up by those Newmarket- and GTA-specific groups.
Reduce the Interest You Pay on Debts
Paying interest on debt not only reduces your available cash right now but in the future as well. The longer you take to pay a debt, the more interest you pay. This is especially true with credit card debt, which accumulates interest daily.
Look for opportunities to consolidate your debt into lower-interest accounts like a line of credit or a low-interest, no-frills credit card.
Find Ways to Reduce Your Electricity Bill
Reduce your heating and cooling costs by installing programmable thermostats and smart home systems. Although you need to make an initial investment, the cost savings will outweigh this expense in the long run. When programming your thermostat, reducing the heating temperature in winter and increasing the cooling temperature in summer is a time-tested strategy for saving on energy costs.
Another notoriously expensive appliance is the clothes dryer. Instead of using it on every load of laundry, look for every opportunity to hang up your clothes on a drying rack.
Lastly, you can reduce your electricity bill by simply unplugging electronics and appliances when they aren’t in use, or plugging them into a power bar you can switch off. Many appliances don’t actually turn off when you’re not using them and remain in standby mode, which can account for up to 10% of your hydro bill.
Cut Down on Transportation Fees
Transportation is another significant expense if you drive regularly. Just like the apps, websites and social media groups focused on finding the cheapest groceries, the same exist for gas prices. You can also reduce your gas expense through proper maintenance like regular oil changes and keeping your tires inflated at the right pressure.
If you’re not commuting to work every day because you now work remotely part or all of the time, you can also reduce your costs if you haven’t already switched to a pay-for-use insurance policy. It’s generally a good idea to routinely shop around for auto insurance.
Eliminate Frivolous Costs
Finally, the best way to save money is to stop paying for things you don’t use. Examples include cell phone bills for data you don’t get close to using every month, subscriptions to services you don’t use enough to justify the recurring expense and buying new clothes or furniture when used ones will do in the situation.
Follow these tips, and you should be able to reduce your costs of living in Newmarket.