Saving money to put towards your first home does not mean you have to sacrifice all your favourite luxuries. It is possible to save money, spoil yourself a little, and continue to do the things you love. One way to save money is to buy things at a lower cost (obviously) and then save the difference. That second step is critical and it is the step that most people forget about. Check out this list of ways to spend less and once you start doing a few of these, remember to calculate your savings and transfer the difference into an account designated for your home!
Ask for a discount on your home and automobile insurance. Many insurance companies offer discounts for professional associations or people who have minimal claims experience. You can also shop around for a better rate.
Buy one less meal out every week.
Make sure you are submitting all your eligible expenses through your health benefits. Do not discard that massage receipt or gym membership without checking to see if you are eligible for reimbursement.
Buy used.
If you are buying a brand new big ticket item, negotiate the price.
Collect and use loyalty rewards at places where you shop frequently.
Have in-house movie nights.
Negotiate a lower interest rate on your credit card.
Reduce (or eliminate!) your alcohol or nicotine consumption.
Instead of buying books, borrow them from the library or a friend.
Give the gift of time together instead of buying presents.
Use coupons or special offers when visiting attractions such as the zoo, museums, or amusement parks.
Pack a lunch and snacks when visiting attractions.
Cancel your magazine subscriptions and get your favourite titles online from the library.
Cancel your newspaper subscription and read the news online.
Cancel your home phone line if you are not using it regularly.
Buy your favourite products when they are on sale.
Cancel your cable package.
Review your cell phone usage with your provider and negotiate a better plan.
Ask your bank to waive account fees.
Carpool or take public transit to work.
Reduce the frequency of personal services such as a house cleaning, haircuts, or lawn maintenance.
Stop buying lottery tickets.
Remember, the key to accumulating wealth by reducing costs is to always calculate the savings and transfer this amount into a designated account. In addition to cutting costs, try to save extra cash like a raise, the additional take-home income you receive after maxing out your EI and CPP contributions, and your tax return.