Some of the best methods for how to save money include switching to a no-fee bank account, taking advantage of store loyalty programs, and trying out money-saving apps. But saving money begins with adopting strategies that work for you and your lifestyle.
From embracing smart budgeting techniques to eating less meat, we've compiled 12 practical ideas to help keep more money in your bank account.
Key Takeaways
- Save money on your monthly expenses by using budgeting software and apps, reevaluating whether you need cable and/or a home phone, and switching to a no-fee chequing account.
- A few ways to save money on gas include taking advantage of loyalty programs and using cash back or rewards credit cards.
- Shopping in bulk, trying more meatless meals, and using certain apps can help save you money on groceries.
Overview of our money-saving ideas
| Savings category | Details |
|---|---|
| Save on monthly expenses | * Use budgeting software and apps * Cut cable/ limit streaming * Get rid of your home phone * Consider commuting alternatives * Switch to a no-fee bank account |
| Save on gas | * Take advantage of loyalty programs * Use the right credit card |
| Save on groceries | * Shop in bulk * Go meatless * Use apps |
| Saving for a specific purchase | * Try auto saving tools * Use built-in budgeting tools |
| Save with the right bank account | * Use an account type that corresponds with your goals |
How to save money on monthly expenses
The first step of saving money on monthly expenses is knowing what your monthly expenses are. You might be shocked by how much you actually spend on late-night snack runs. Once you have a budget, you can determine where unnecessary expenses are happening.
Below, we’ll show you a few ways to make a budget and give you some common examples of unnecessary expenses you may want to consider cutting:
Use budgeting software and apps
Whether or not you already have a budget, using a budgeting app or software program can help you identify your financial goals, fix poor spending habits, and prepare for emergencies, retirement, and more. You may have to try a few different programs before finding one that works for you, but the effort will be worth it.
Here are a few of our favourite budgeting apps and software options:
- YNAB: YNAB makes tracking your money simple with automation, goal tracking, and easy-to-read reports. Plus, they get extra points for offering a free trial.
- Quicken (Deluxe): Quicken is a subscription software that has bank syncing, automated categorization, customizable budgets, goal-tracking features, and excellent personal support.
- KOHO app: The KOHO app lets you load your spending money, receive updates after purchases, and access insights to keep your spending on track. Plus, you can take advantage of free financial coaching.
Okay, once you’ve got a handle on your spending, here are some different places you can consider cutting expenses:
Cut your cable and/ or limit streaming services
Cutting cable is a great way to save $50-$100+ per month, if you haven’t already. It’s estimated that only 4 in 10 Canadian households have cable TV.
But, remember: Streaming services also add up fast.
According to research by Finder.com, the average Canadian household spends $160 per month on streaming services. Between the must-see shows on Netflix, Prime, and Apple TV, it can be hard to feel like you’re not missing out if you aren’t subscribed to all of them.
A good way to save money is to only have 1-2 streaming services on the go at a time. And maintain a strict "one-in-one-out" policy. They are simple to join and cancel – and you can only watch so much TV.
If you’re looking for more ways to cut down, it’s also worth considering free internet TV.
Reevaluate whether you need a home phone
If you and your family members already have cell phones anyway, it's likely that the landline is almost exclusively used by telemarketers and your doctor’s office. Give your doctor your cell phone number and you could be saving $20-$70 dollars a month.
Consider your commuting options
Take some time to sit down and think about how often you use your vehicle – is it just to go to work? Or to pick up groceries? In these cases, selling your car and using public transportation or another option might be a better use of your money.
Here are a few alternatives to consider:
- Carpooling
- Weekend car rentals
- Cabs and rideshares
- Walking
- Biking
- Public transportation
Switch to a no-fee bank account
Many bank accounts charge a monthly fee to offset the various features and tools they provide, like overdraft protection, free cheques, safety deposit box waivers, etc. But do you use those features you might be paying for?
If not, it's time to consider a no-fee account and put that monthly fee to better use. Here are a few of the top no-fee chequing accounts in Canada:
How to save money on gas
The Canadian Climate Institute estimates that the average Canadian drives about 15,000 km and spends about $2,000 for gas each year.
Here are a few tips to help you cut back on this huge expense:
Take advantage of loyalty programs
A survey by Caddle found that 48% of Canadians are paying closer attention to loyalty programs due to inflation. So if you’re not part of that 48%, it might be time.
The best loyalty program for gas purchases is PC Optimum because it earns points at Loblaws stores as well as Esso and Mobil gas stations. And when you redeem them for fuel you get a value of 0.10 cent-per-point (CPP). Other valuable gas rewards options include:
- Hometown Rewards from Irving (in Atlantic Canada)
- Petro-Points from Petro-Canada and Suncor
- Air Miles from Shell and Irving
- Triangle Rewards from Canadian Tire Gas+
- Journie Rewards from Ultramar, Chevron, Fast Gas Plus, and Pioneer
Use the right credit card
Many credit cards have specific earning rates for gas-related purchases, so if you're one of the many Canadians who spend a big chunk of their budget on gas, you should consider using one of these cards.
Here are a few examples of the best credit cards and their earn rates on gas:
- American Express Cobalt™ Card - 2 points per $1 spent
- American Express® Gold Rewards Card - 2 points per $1 spent
- BMO eclipse Visa Infinite* Card - 5 points per $1 spent
- Tangerine Money-Back Credit Card - 2% cash back
Tired of wondering which credit card to use where? Try the GeniusCash app. GeniusCash is the easiest way to earn max cash back on what you’re already spending. When you download the GeniusCash app and connect your cards, you’ll receive custom recommendations to help you make the most of your everyday expenses – from which card to use at the grocery store or gas station to financial product and service offers that can help level up your returns
How to save money on groceries
Dalhousie University's Canada’s Food Price Report estimates that a Canadian family of 4 will spend $16,297.20 on food in 2024, which is about $700 more than in 2023.
Hopefully, the following grocery-saving tips can help you spend a little less:
Shop in bulk (when possible)
If you have the money and the space to shop in bulk, it makes financial sense to do so. Here's a quick comparison between Costco and grocery store prices at the time of writing:
| Item | Atlantic Superstore price per unit | Costco price per unit |
|---|---|---|
| Arm & Hammer baking soda | $0.50 per 100g | $0.40 per 100g |
| Tetley tea | $0.07 per tea bag | $0.05 per tea bag |
| Tide pods | $0.34 per pod | $0.26 per pod |
Please note that these prices were found on Costco.ca. Prices may differ by warehouse location, city, and province.
Try "Meatless Mondays"
It's usually cheaper to buy frozen rather than fresh meat, but protein alternatives are still significantly cheaper (and better for the environment!). If you're a household that eats meat with every meal, consider switching to at least one vegetarian option per week and save!
This table compares the price of frozen meats with some alternatives:
| Food item | Price per unit |
|---|---|
| Frozen lean ground beef | $0.91 per 100g |
| Frozen chicken breast | $2.28 per 100g |
| Frozen pollock filets | $1.25 per 100g |
| Black beans | $0.35 per 100ml |
| Extra firm tofu | $2.49 $0.55 per 100g |
Please note that these prices were sourced from the Atlantic Superstore website. Prices may differ between stores, cities, and provinces.
Use grocery-savings apps
Move over Sunday flyers, apps are way better at catering to your individual shopping needs.
For example, we’re huge fans of the Flipp app. It’s great for regularly perusing flyers and price match between stores, resulting in fewer shopping trips to fewer stores. While it doesn't seem to save much on individual shopping trips, those small savings have added up to create a noticeable difference in the monthly grocery bills.
These are a few apps that are highly rated for their ability to save users money at the grocery store:
| Purpose | Suggested apps |
|---|---|
| Checking flyers | Flipp |
| Accessing coupons | RedFlagDeals |
| Making shopping lists | Anylist |
| Meal planning | Mealime |
| Earning cash back | Checkout51 |
Use a bank account with auto savings features
Setting up automatic savings is a great way to hold yourself accountable to your savings goals because it takes out the manual effort.
The most common type of automatic savings is setting up regular payments to your savings. However, some accounts also include tools that round up any debit purchase you make and put that extra amount into savings. 
Scotiabank's Bank The Rest feature, for instance, allows users to round up their debit card purchases to the next $1 or $5 and the difference is automatically sent from the user's chequing account to their savings account.
If this idea appeals to you, here are a few Scotiabank chequing and savings accounts to consider:
- Scotiabank Ultimate Package
- Scotiabank Preferred Package
- CIBC Smart Plus Account
- CIBC eAdvantage Savings Account
- TD Unlimited Chequing Account
- TD ePremium Savings Account
Use budgeting tools from your bank
We already mentioned the budgeting tools available via the KOHO app, but the big banks have valuable tools and services, too.
CIBC has a Smart Planner feature that helps you create a budget, set spending limits, organize subscriptions, and more.
TD MySpend has similar options as well as a "wishlist" feature where you can set savings goals and track your progress. It can even study your previous spending and savings habits to predict when you'll reach a specific savings goal.
Your current bank may offer similar tools and services, but here are a few CIBC and TD accounts to consider, too:
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs
$12 GeniusCash + Access trusted news coverage 24/7 + Digital and home subscription options.
$25 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.How to find the right savings account for your financial goals
Each type of savings account has a fairly specific purpose, which means you could be saving for a specific goal but using an account that isn't designed for that goal. If you're saving for a tropical vacation, for example, you shouldn't use an RRSP – an HISA would be much more beneficial.
This table gives an overview of which types of accounts are curated to which types of savings goals:
| Savings goal | Best type of savings account |
|---|---|
| Retirement | RRSP |
| Vacation/travel | HISA or TFSA |
| Wedding | HISA or TFSA |
| Education | RESP or RRSP |
| New car | HISA or TFSA |
| Home renovation | HISA |
FAQ
Are there tips to save money on car insurance?
To save money on car insurance, you should shop around for the best rates, review your policy regularly, and look for group discounts you qualify for. Most companies also offer discounts for bundling different types of insurance together.
Are there tips for how to save money as a student in Canada?
Students should also create a budget and stick to it as closely as possible. Plus, there are various student discounts to take advantage of which offer savings on clothing, travel, restaurants, phone plans, and plenty more.
Can you tell me how to save money on groceries?
You can save on groceries by buying in bulk whenever possible, trying more meatless meals, and using money-saving apps. Apps can be valuable for checking flyers, finding coupons, and meal planning – all of which can save you money.
How can I save $1,000 in one month?
Start by studying your budget, looking for areas where you can cut back, then search for and use any auto savings features or budgeting tools available with your bank account. Switching to a no-fee chequing account can also help.
What is the 30-day rule for saving money?
This rule forces people to wait 30 days before making a non-essential purchase. If you still want the item after 30 days, you're free to buy it, but you may have forgotten about it or deemed it unnecessary.
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