Saving money is possible even when spending habits shift constantly. Olga Sabitova, a financial analyst, shared practical strategies with socialbites.ca to help people cut everyday costs.
The starting point is to track what is spent and why by creating an expense statement. This clear picture makes it easier to see where money goes and which items are essential.
“Sometimes the first move is to cut non essential expenses outright. Then take each spending item and review it step by step to find savings,” Sabitova noted.
Cooking at home rather than ordering in is a reliable way to trim expenses. Home cooking can noticeably reduce monthly meal costs, sometimes by half or even a third. Coffee is another big saver; many people drink one or two cups daily from cafes, adding up to a few hundred dollars weekly. In a five day workweek, coffee at home or in the office can dramatically lower monthly coffee spend. Sabitova encouraged readers to compare the cost of brewing at home with regular cafe purchases.
Another area to adjust is transportation and personal vehicle use. “If you own a car, ask yourself if driving is always necessary. On pleasant days, walking saves fuel and parking fees. Replacing short taxi rides with public transit is often cheaper and can even be quicker. Short trips may benefit taxi drivers, but not the passenger, due to fare structures,” she explained.
Banks now offer cards with customizable spending categories, letting users assign certain purchases to envelopes like gas and entertainment, or pharmacy and online shopping. This feature helps keep track of expenses in a granular way.
“Watch promotions in favorite stores and plan purchases ahead. For instance, summer clothing tends to be best bought during winter sales, while winter clothing shines in summer markdowns,” the expert advised.
When shopping anywhere, Sabitova suggested making a list and sticking to it. If something tempting comes up that isn’t on the list, take a break for a couple of days. Experience shows that a short pause often removes the impulse to buy unnecessary items.
Ultimately, every savings method should fit the individual. Perhaps that extra cafe latte brings happiness, so it pays to keep it. The key is consistency and discipline. Consider placing saved funds in a separate account to earn interest, turning saved money into motivation to spend on bigger goals rather than daily conveniences.
Background note: Socialbites.ca has previously explored money-saving ideas during the summer break, providing additional perspectives and practical tips for households.