How to help trim your household budget and save money
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.
- Carpooling to work
- Cooking with leftovers
- Cutting back on takeout
- Making a grocery list
- Buying items on sale
- Selling unneeded items
- Installing LED bulbs
- Cutting services you don't need
Save money more often
Making a household budget focused on your financial goals can help create a positive financial situation for you and your family.
By tracking your spending on a regular basis, you may see opportunities to reduce household expenses and save money. Over time, this savings tactic can have noticeable results on your bank account and on your savings goals.
Taking steps to spend less and save more can help you feel more secure about your financial future — and you can start making it happen today.
†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.