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How to Save Money – 28 Ways to Save Money (2015)

how to save money fastI’ve written about my saving strategies and frugal living before, but I’ve decided to write an updated post in a numbered list format on how to save money and the various ways to save money on a day to day basis.  This post was inspired by similar posts on FrugalForLife and CashMoneyLife.

Included below are 25 28 ways that I save money:

  1. I use a points or a cash back based credit card that gives me the best return for my spending.  Here’s a post and picture of what’s in my wallet.
  2. When making a big purchase, like a mortgage or a vehicle, I negotiate and shop around for the best rate.  This will save you thousands in the long run.
  3. I drive with gas efficiency in mind.
  4. I arrange my banking so that I don’t pay any fees and use a discount brokerage that minimizes my trading expenses.  The current favorite of Million Dollar Journey readers for a low cost, no frills discount brokerage is Questrade (I have a TFSA and RRSP with them).
  5. In addition to reducing trading fees, I keep our ETF/mutual fund management expense ratios (MER) as low as possible by using indexed ETFs/mutual funds.
  6. I try to save energy around the house with CFL’s, programmable thermostats and proper insulation.
  7. We do laundry once / week (we do more now because of kids, but try to be as efficient as possible).
  8. I brown bag my lunch to work.
  9. I prepare my lunches in bulk and store them in individual plastic/glass containers.
  10. I cook at home whenever possible.
  11. I perk my own coffee (or drink the coffee at work).
  12. When buying consumer items, I try to separate my “needs” and my “wants”.
  13. When I find something that I “need”, then I do comparison shopping or wait until it goes on sale.
  14. I don’t smoke, do drugs, or drink (too much). :)
  15. I use basic cable instead of the fancy cable packages.
  16. I combine my cable/internet/telephone with the same provider to take advantage of the discounts available.
  17. I watch movies at home (or use Netflix) instead of going to the movie theatre.
  18. I use term insurance instead of universal life or whole life insurance.
  19. As with anything else, I shop around for my insurance products.
  20. I pay a higher deductible on insurance products to reduce the premiums.
  21. I buy with quality in mind in the expectation that it will last a long time.
  22. To please my reading habit, I go to the library (or get publishers to send me free books for review) :)
  23. I make my deposits into my high interest rate savings account and RRSP automatically on a bi-weekly basis.  Basically when I get my paycheck.
  24. When purchasing a home, I save for a large down payment to reduce mortgage insurance fees (CMHC).
  25. I buy clothes when they wear out, not when they go out of style.
  26. I track my spending/budget with Excel or Mint.com (recommend not connecting your bank account, only credit cards).
  27. When my income increases, I aim to keep lifestyle inflation at bay.  Basically, I bank my raises.
  28. To save money on car rentals, I watch the flucuating prices on Expedia and when  a low price shows up, I bid slightly lower on Priceline.

What are some ways that you save money? Do you follow the frugal living lifestyle?

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FrugalTrader About the author: FrugalTrader is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.

{ 3 comments… add one }

  • Mike Brock September 22, 2014, 8:18 am

    I stopped smoking and found I wasnt going into the stores that much so cut back on all the rubbish they managed to sell me at the tills, like chocolates, magazines and soft drinks….

  • SLN February 10, 2015, 2:23 pm

    I offset any expense with TFSA returns. A $50 phone expense is paid with after-tax income. Make use of the TFSA and use any tax-free returns or profits to off-set some of your expenses.

  • James May 28, 2015, 1:18 pm

    One great thing we did to save money was use a company that helped us cut our costs for cell phones, internet, cable TV and landlines. They kept our services exactly as is with and with the same provider. They just got us better pricing. It was the ultimate win-win. If you are looking to save some money check them out at http://www.savecell.ca.

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