Canadians are not saving like they should. Need proof? According to Wiegers Financial, only 26 percent of eligible Canadians are contributing to their Registered Retirement Savings Plan (RRSP). About 35 percent of those polled say they don’t contribute because they lack the money to do so.
Finding ways to save money is relatively easy. And that money can go into your RRSP or any other investment vehicle you might want to use.
Here are some unusual ways to save money:
- Operate on a cash-only budget. When you use a debit or credit card, it is very easy to overspend. When you have only a certain amount of cash in your wallet, overspending becomes a lot more difficult.
- If you are an omnivore, add more vegetables to your diet. Meat costs significantly more than vegetables. Replace 1/3 to 1/2 of the meat you eat with vegetables. It is healthier for you, plus it will reduce your grocery bill.
- Repair instead of replace. Your favorite sweater popped a button. Your good shoes are coming loose from the soles. Instead of buying replacement items, fix the problem instead. Sewing on a button or fixing a ripped seam is easy. Using a bit of super glue on your shoes is just as simple.
- Drink water as well as alcohol. You are going out for drinks with your friends. The evening will end up costing you quite a bit if you only drink alcohol. Instead, drink a glass of water between your alcoholic beverages. It will cut your tab in half.
- Turn the thermostat down. Yeah, Canada can be quite cold in the winter. But, layering on blankets and wearing layers in the house can help you stay warm without turning the thermostat up.
- Learn to cook. If you are the type of person that eats out quite often, learn how to cook your favorite dishes at home instead. It can save you hundreds every month.
- Wait 30 days on unnecessary purchases. Impulse buying can add up very quickly. If you see an item that you don’t need, put it on a list. Thirty days later, assess whether you really want that item or not. You may find that the impulse has passed.
Saving money for retirement, or any other purpose, does not mean doing without. It means being wise with your money and saving what you can.