Want to make a big impact on your budget? Try cutting some of these sneaky expenses that really have a detrimental effect on your budget. With these 5 ways to save $100 you could save $500 or more and they’re not really that drastic!
5 Ways to Save $100
Saving money is a great way to get ahead of your bills or to save up for something bigger, like Christmas. You can also take advantage of the savings to work less and spend more time with your family. It’s totally up to you!
Cut out unnecessary monthly utilities
These can vary wildly in the amount you can potentially save. Something recurring like Spotify at $10 a month can cost $120 a year. Or you could cut out TV entirely and save upwards of $100 per month.
Savings: $100-1000 per year
Stop wasting food
Have you ever let half a bag of produce spoil or forget you had leftovers in the fridge? It’s amazing how quickly the food you waste can add up in costs. Apparently we waste about $100 a month worth of food, on average.
Savings: $100 per month, on average
Skip takeout expenses
Are you someone who gets coffee every day on the way to work or a daily lunch out? Even if you only splurge once a week or month, take out can have a huge effect on your finances. It’s so easy to drop $50 on a meal for two that you’ll never see again just because your stomach is rumbling. Cut out, or cut down, on eating out and you’ll save.
Savings: $50 per month, depending on how much you eat out and cut back
Switching to a bank with lower fees might be a pain, but it also can save you money over the years. If you’re paying $20 per month for your accounts, and move them to a no-fee chequing account, you’ll be up $240 per year without having to do very much. Plus many banks offer welcome bonuses for new customers.
Savings: $120-240 per year
Delay your smartphone upgrade
If you upgrade your phone every 2 years when your contract expires with the latest and greatest it can cost you a whole lot extra. Instead, delay your upgrade for as long as your phone is still working. You’ll save money every month and when it comes time to upgrade the new phone will likely be hundreds of dollars cheaper.
Savings: $10 per month, $100-$300 off the cost of the phone
I actually just paid off my phone (the contract was supposed to end in August) and switched plans to save money. I won’t be upgrading until the thing dies.