5 Ways To Easily Save $50 This Month

Canada 50 Dollars

Whether you’re looking to pay off your debt, or are simply looking to grow your savings, cutting back on your expenses is one of the best ways to do these things.

There are many ways that you can easily save $50 (or more) every month, but here are a few that I think are easy to do and easy to continue.

1. Have a “no spend” month.

A “no spend” month means exactly what you think it does – you can not spend any month all month long. Of course, this does not apply to things that MUST be paid for every month, such as a mortgage, utilities or car insurance. I am talking about all of those variable expenses that you have each month.

Clothing, food, entertainment – those are all variable expenses, and those are the areas you should look try to cut back on. For your “no spend” month, set a goal to not spend a single cent on anything that is not absolutely necessary.

If your current grocery budget is $400 per month, try cutting that back to $200 or less, and then living off the items you have in your stockpile as much as possible. If you don’t have a stockpile, check out my article on how to build a grocery stockpile. We try to do this at least once per year. It really helps us save money, and it also encourages us to use up items in our stockpile that are about to expire.

2. Cook at home.

Cooking your meals at home is one way to save hundreds, if not thousands of dollars each year.

Not only will you save a bundle of cash by eating at home, you will also be able to control exactly what goes into your food. This is huge for me, because many restaurants add lots of salt to their dishes and I am prone to kidney stones, so I can only consume a very small amount of salt in my meals. Cooking from home really helps this issue.

3. Shop around.

Get into the habit of shopping around for everything. Not just groceries, but things like your car insurance, cable bill – even your hydro and gas bill can be negotiated.

Check your bills every month and make sure that there are no errors. If you feel that you are paying too much for a service, call up the company and ask them if they have any discounts available. Let them know that you are on a tight budget and need to lower your bills, and they will almost always give you some type of discount.

Keep in mind that some companies are just not willing to budge on the price of their services, so you need to be prepared to walk away. When you’re speaking to the company, have a back-up plan (such as a different, cheaper company you can switch to), in case you get the dreaded “sorry, I can’t help you“.

4. Shop once per week, or less.

Set a goal to only go grocery shopping once per week (or less, if you can). Avoiding sporadic trips to the grocery store each week will save you a considerable amount of money every year (not to mention all the time you will save as well!).

Never enter a single store without a list. Shopping without a list will almost always lead to impulse purchases. That’s money down the drain that you really didn’t need to spend.

5. Watch TV online.

If you don’t mind sitting in front of your computer, watching TV online is another way that you can easily save money. Cable companies charge anywhere from $30-$80 per month for cable TV (and there are some cable TV plans that cost more than that). When almost all of the TV shows you could ever want to watch are already online, for free, why would you ever pay to watch them?

Here are just a few websites that offer free TV shows:

CTV Online
Global TV
Discovery Channel
City TV

Click here for a complete list of free TV networks in Canada.

Think about all of the areas in your life that you could easily cut back on. Do you have many unused items in your home? Try to sell your stuff. Do you actually read all of the magazines that are delivered to your home each month? If not, cancel some subscriptions.

Maybe you realized that your home is way too large for your needs. If so, take a big step and downsize. This will save you a LOT of money every year.

If you put just 1 of the 5 ideas above into place for saving money, you will be able to save around $600 per year. 2 ideas could save you $1200 per year.

Trim as much as you can from your budget and you are well on your way to financial freedom.

What’s one way that you save $50 (or more) per month?

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Comments
  1. LInda S says:

    My goal right now it to cut out on our grocery bill by:
    *shopping around
    *price matching
    *using coupons.
    *Bake more
    *Eat out only once a month

  2. Wendi says:

    Raise my house insurance deductible to $2000. Raise my Car insurance deductible to $1000.
    By raising the deductible you are signalling to your insurance company that you are not going to make a claim unless you think it’s worth more then $2000 for your house or $1000 for your car.

  3. Michelle says:

    Good post Cassie!

    We do not pay for cable tv and save atleast $30 – $40 a month on that..

    I borrow DVDs from the local library and we use an antenna to receive free to air TV channels like CBC, CTV, CityTV, Global, CHCH, OMNI, etc. as well as a few channels broadcast from Buffalo.

    With the switch from analog to digital broadcast the channels are now broadcast in high definition which means crystal clear images.

    We use coupons, price match, shop around for best prices of produce etc.. and the savings add up at the end of the month..

  4. teachermum says:

    I doubt it would add up to $50, but avoid waste. I cringe when I find no one has eaten the fruit, or a leftover got shoved to the back of the fridge, etc. A meal plan would definitely help in that area but I try and make sure to use bits of leftovers in next-day lunches or at the very least toss them in a baggie and freeze them. Eventually when you clean out the freezer you have the makings of a very interesting and very tasty soup/stew! Random crisp is a great way to use up bits and pieces of not so pretty fruit and berries. Way better than plain old apple crisp! Speaking of apples, the not so fresh ones still make great applesauce…

    Eating out is expensive, even just fast food, but if you do have fast food in your budget, skip the drinks. We never grab drinks and it saves us at least $8 a trip for our family of 4.

  5. Jennifer says:

    We don’t have cable, and our cell-phone only has a VERY basic plan, so it’s only about $10/month, which means we don’t use it (not convenient, but it works). We also get our movies from the library. We’re undecided if we’re gonna pick up a digital converter box for our tv, but regardless, we can still watch shows online. We also live completely on cash– I was the nickel & dime spender in our house, so it lets me keep track of finances easier. Couponing has enabled us to cut ALL our variable expenses down to just $80/wk. Makes you get creative with entertainment, etc, but until we’re debt-free (possibly next year??) this is just the way it is!

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