15 Tips to help you save $1000 in a year – Version 2.0!

15 Tips to help you save $1000 in a year – Version 2.0!

If you are anything like the rest of the population you have noticed that all your bills and the costs of goods keep going up, but our wages never seem to go up quite as much as the bills. Well, we hear you and feel the same way!

So here is 15 sure fire ways you can adjust your life to help your save $1000 in a year!
The key is to take the money you save and set it aside, otherwise you will never see it reach your $1000 goal.

  1. Pay off your credit card! Interest on credit cards is high and eats up lots of your extra cash
  2. Dine in more often- We know life is busy, but dining at home 1-2 more times a month can save you $400-$800!
  3. Brown bag it. (Taking a lunch from home is often only 50% or less of the cost of buying lunch)
  4. Avoid unnecessary insurance burdens (term insurance vs whole life)
  5. Make sure you have a high interest savings account or use GIC’s when possible (usually a couple % higher)
  6. Lower your bank fees (are you using all the features your paying for? If not, switch to a lower fee account where your needs are still met, or try a credit union that usually has no fees!)
  7. Update your cell phone plan. Are you using all the features your paying for? Or maybe they offer a better plan for cheaper than your paying now. Check into it and you could save.
  8. Staycation Ya’ll! Families report a HUGE savings when they choose a staycation over a vacation. More savings equals more in your bank account.
  9. Grow a garden. Growing your own veggies and herbs is a great way to keep some extra cash in your wallet when out grocery shopping.
  10. Diapers. This may not be everyone’s stage of life, but if it is, there is a huge saving of using cloth diapers versus disposable diapers.
  11. Buy used. Need to purchase something? Try kijiji, ebay, Facebook marketplace or your local auction hall. Second hand items can save you 50-90% off the initial price tag!
  12. Make a meal plan and corresponding shopping list each week. It is very easy to buy things you don’t need when grocery shopping. Plan ahead and save!
  13. Sell some stuff. Do you have a bunch of stuff sitting around that you done use? Try selling it on kijiji, ebay, marketplace or at your local auction hall. One man’s junk is another man’s treasure after all.
  14. Shop out of season. Buying clothes, shoes, boots and more during the off season can save you hundreds of dollars.
  15. Shop in season. Do you love your fruits and veggies? Make sure to be eating them in season. Buying out of season can cost up to three times as much on certain fruits and veggies.

 

Well, there it is. 15 things you can try and do to help you save $1000(or more) in a year. Some things may seem like big changes, some might be things you do now, but wherever you are at in life being proactive about your money and where it is going is always good sense and wise stewardship! 


Disclaimer: This article provides information only and is not intended to confer financial advice or opinion. If you have any further questions please consult a Financial Planner. Please note as well that many of the statements herein are general principles which may vary on a case by case basis.