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If you feel like your household expenses are adding up, you're probably not alone. According to Statistics Canada, in 2017 the average Canadian household spent over $63,000 on basic living expenses—like groceries, housing and utilities. Still, you may be able to cut back on your spending (even just a little bit) and put more money towards savings.
Check out the helpful tips below to learn how you can potentially lower your household expenses and start saving more.
Impulse buys are those pesky purchases you make on the spot without planning for them in advance. Ranging from a pack of gum at the checkout counter to an expensive pair of new headphones bought online, impulse buys can really make a dent in your household budget if they happen a lot. To help you avoid impulse purchases, try to plan all your purchases ahead of time by making a list, and sticking to it as best you can. This way, if you do spontaneously treat yourself you'll have controlled your spending and made this one-time impulse buy feel even more special.
Setting up automated savings and ensuring a portion of your pay is automatically transferred to your savings account on a regular basis, is one way to help you save money. TD Automated Savings Tools offer a few options to help you automatically save money, and you can choose which one works best for you and your family's needs. This approach can help you spend less and stick to your savings plan so that you have a better chance of reaching your goals.
†TD Financial Health Index, a Pulse Check on Financial Well-Being in Canada is a quantitative online survey of 10,305 adults in Canada that was conducted by Ipsos between May 3 – 17, 2019.