We all want to increase our wealth, yet somehow giving up lattes and eating out never seems to last more than a month. Eventually we realize that the saving tips provided by endless books and websites are simply ineffective and we revert to our old ways of spending. Don’t give up yet – we have compiled our top five ways to actually increase your savings.
1: Use various credit cards for different circumstances
Be careful. We are not saying that you should hold multiple credit cards so that you can spend more. But rather, different credit cards come with different benefits and cash-back rates, so you should take advantage of them accordingly. For example, the Simplii Cash Back Visa offers 4% cash back on restaurant transactions, but only 0.5% on other payments, while the Scotiabank Momentum Visa Infinite offers 4% on groceries. By using different credit cards to maximize your cash back, you are saving money on everyday purchases that you would have been making anyway.
2: Don’t pay more taxes than you need to
At MrTaxes.ca, it Is our mission to allow each Canadian to pay the least amount of tax by law, and after doing this for over 30 years, we’d say we’re pretty good at it. We also offer a FREE 10-Year Tax Review service, where we analyze your tax returns from the past ten years to uncover any credits that you may have missed to get the money back into your pocket. You can take advantage of this great service here.
3: Buy your gifts in advance
We’ve all been there. It’s the day before or even the day of the celebration where a gift is required, and in your panic, you spend more on a gift than you would have if you had been more prepared, to avoid showing up empty-handed. Although it is difficult to prioritize buying a gift, it is highly beneficial to keep an eye out for sales or deals going on at places where the recipient may enjoy receiving something from. You should also try getting your Christmas shopping done during Black Friday sales – don’t worry, you will not need to join the crowds if that’s not something you enjoy, most Black Friday sales now run through the weekend as well!
4: Drink at home
If you enjoy having a drink at restaurants, consider inviting a friend over and having it at home instead. Ordering drinks at a restaurant can increase your bill exponentially, and they are often very watered down! According to The Motley Fool, drinks at restaurants are marked up an average of 20-30%!
5: Unsubscribe from marketing emails
Marketing email campaigns are only getting better and smarter at identifying products you like and convincing you to buy them. Thus, the best way to avoid falling under their spell is to stop receiving their messages entirely by unsubscribing to their emails. This way, you will not be swayed by the personalized product recommendations, promotions, or new arrival notifications. However, we recommend staying subscribed to email flyers from organizations that you cannot avoid purchasing from, such as grocery stores, so you can compare pricing and ensure that you are getting the best deal possible for your necessities. (note: our emails are always trying to help increase your wealth so it is a good idea to subscribe to them!!)
Overall, the best strategy for saving is to identify your why. It is incredibly difficult to be successful in saving without knowing why or what it is that you are saving for. Once you have recognized why you are taking these measures to save, it will become much easier.