10 ways we save money on the daily !

This is a write-up of some of the ways Mr. and Mrs. Frugal New Canadian save some dollars on their monthly spending !

1. We make a Grocery list and we stick to it

I read recently that impulse buying accounts for over 40% of purchases. 50% of all grocery sold in the United States is attributed to impulsive buying. You can imagine how many dollars this translates to for Grocers. Don’t get me wrong. I do enjoy grabbing a 99 cent Snicker on the way out occasionally but we try and stick to our well planned list more times than not.

2. If we something we like at the Grocers or the Mall, we practice delayed gratification

This in continuation from #1. Say, we find something on display that we never knew we wanted. Very rarely do we purchase the item on the spot. We go home and open a discussion around why we want the item. If we establish the requirement as a need, we search for prices across other retailers and Amazon. If we establish the requirement as a want, we delay our purchase. We also forego our want if our thoughts about the want diminishes.

3. We rate-shop like crazy especially for bigger purchases

This in continuation from #2. This goes beyond groceries. We went with a Mortgage broker when we purchased our residence back in 2020. We ensured that our lender had a great rate and a stellar reputation. This is saving us some serious money. Our internet connection is about $50 a month. Larger brands generally charge over $80 for the same internet specs (upload speed, download speed, number of devices). Our mobile plans are even more economical. Per this LowestRates.ca study, Torontonians pay an average of $80 a month on cellphone plans. We (the two of us) collectively pay $65 after taxes. Point in the making i.e. a smaller brand does not always translate to bad services.

4. Don’t underestimate the value of the Dollar stores

This is one Mrs. Frugal New Canadian is extremely product of. Often times you’re in need of household products that don’t need to be a DKNY or a Henckels. Try the Dollar stores. You’ll be surprised as to what all you can get for a cheaper price. Often times, the same product is available for a cheaper price at these stores. I think purchases for Dollar stores hold best for daily use items that might need to be changed periodically.

5. Explore alternative products to what you were about to purchase

Simple examples include buying a knife sharpener rather than a new knife. A sharpener would be cheaper and complementary to all you knives. Another example would be using reusable coffee filters instead of paper filters. About to purchase your favorite coffee from the coffee shop, explore getting the beans from the same brand. You will enjoy a lot many cups for cents on the dollar. Talk about plastic bags in the grocery store. Each trip for us is at least 5 bags. We get groceries twice a week. Each bag is about 10 cents now. This is a dollar a week and $52 a year. Maybe a $5 reusable bag is a better bet here. Its not about one example in particular but there always is an optimized way.

6. Buy Once, Cry Once

I’ve been a victim of buying overtly cheap. We buy decent winter jackets and sports shoe. When it comes to long term use jackets, we go by “Buy once, cry once”. Of course, you will need to define the scope of items. I think furniture, heavy duty furniture, automobiles etc. would fall under this purview.

7. Give your neighbors or friends a chance

Now, this is not a recommendation but we have been fairly successfully at asking neighbors and friends for home renovation project help. Given that I am not handy and Mrs. Frugal New Canadian has only a few free hours a week, we choose to ask for help. We have friends who’ve done amazing home repairs and renovations. We also got acquainted with a contractor or two in our neighborhood. You must, however, vet their work before you ask for help. Its a win-win for both parties. Work for your acquaintance or friend and a nice discount for you. Be careful about the legalities etc. with electrical work. Research !

8. Use Loyalty Programs

I am a firm believer that certain loyalty programs are worth enrolling in. Loyalty programs are getting better with using your data and predicting products and offers that might appeal to you. We use the PC Optimum loyalty program and the Canadian Tire Triangle program. Try a couple of programs as most of them are free. If you are habitual like we are and go to the same place for groceries and gas, why not get rewarded for it. I love redeeming dollars for real. Consider sticking to your shopping list irrespective of any special offers or promotions.

9. Love them Cash Back and additional warranty credit cards

As you know building credit history is really important. Credit cards are a great way to build said credit history and maintain a decent credit score. We enjoy using cash back credit cards. Nothing brings more joy to me than to see some dollars rolling into our accounts. Also, some credit cards might offer extended warranties on purchases etc. I will write a piece on the best cashback credit cards and another one on how you should choose a credit card.

10. We take-out (or dine out) once a week

We try. Very hard. Work from home makes us want to go out a lot more. But we try and limit our dining splurges to once a week. Also, beers and wines are usually purchased and consumed at home. Happy Hours are preferred otherwise.