Smart Advice Building Savings

10 tips for saving money

These money-saving tips can work in every market.

CIBC Apr. 17, 2018 2-minute read

Trimming expenses doesn't have to affect your quality of life. Here are 10 simple strategies that can leave more money in your pocket to spend, save or invest.

1. Plan ahead for large purchases

Comparison shop to find the best deals (easy to do on the Internet), and start saving now so you don't need to buy on credit.

2. Negotiate discounts

Find out if bundling services, such as your telephone and Internet access, with one provider can net you savings.

3. Minimize high-interest debt

Consolidate high-interest credit card debt in a lower-interest loan, mortgage or line of credit.

4. Collect rewards

Some credit cards give you cash back, while others have valuable points programs.

5. Use built-in benefits

If your credit card offers perks, such as free travel or car rental insurance, make sure you're not buying the same coverage separately.

6. Vacation near home

Many people never see all the tourist attractions in their home town or province; this may be the year for you to check them off your list.

7. Celebrate at home

For your next family occasion, consider hosting a potluck rather than going out to a fancy restaurant.

8. Buy in bulk

Groceries, home-office supplies, public-transit tickets and many other products are often less expensive when purchased in larger quantities. Be careful, though, to buy only items that you actually need and will use.

9. Be prepared

Open a high-interest savings account and establish an emergency fund so you don't have to dip into your long-term investments if you need quick access to money.

10. Go green

Saving energy saves money as well as being good for the environment. Consider installing a programmable thermostat, switching to compact fluorescent light bulbs and upgrading the insulation in your house.

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10 tips for saving money

1. Plan ahead for large purchases

2. Negotiate discounts

3. Minimize high-interest debt

4. Collect rewards

5. Use built-in benefits

6. Vacation near home

7. Celebrate at home

8. Buy in bulk

9. Be prepared

10. Go green

Tools and related links

Need some financial advice?

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