Does Saving Money Really Work ?

Posted on Monday 07 October 2019


Simply put, saving money is hard. Just meeting your monthly bills can be challenging enough, and it’s tempting to put extra cash towards fun things, like a day out with friends or an impromptu date night. Getting into a consistent habit of saving takes dedication and it can certainly be stressful if you’re already tight on budget.

Even if you can only put away small amounts each week, is all of that effort and frustration worth it? Does saving money really work? The short answer is that yes , saving money works! And you don’t have to be putting away thousands of dollars at a time in order to see the benefits.

If you want to be able to afford that new car you’ve been eyeing, finally take the vacation you’ve been planning, start planning for retirement (and you should, because we all know that retirement isn’t always a given these days), or just get a little bit of breathing room for emergency expenses, you’re going to have to start saving.

If you’re feeling overwhelmed already, don’t despair: starting good saving habits can be super simple. In fact, keeping it simple is the best way to ensure success. Once you find your own personal way to start, there’s no limit to the ways that you can see this pay off (literally)! See below for a list of our favorite ways that you can start saving money today.

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1. Cut down on your subscriptions.

Online streaming services are great—but when you’re trying to save money, it’s time to re-evaluate and see which ones you are using the most. Services like Netflix, Hulu, and HBO can range from $5.99 per month to $16.99 per month on their own. If you have more than one, you could have a high bill on your hands!

Take a good, hard look at the way that you are using your subscription services. If you only log on a few times a month, it might be worth it to cancel temporarily. Think $16.99 a month doesn’t sound like a lot? Over a year, cutting that subscription cost could save you over $200—and you can put that right in the bank, instead of having it sit unused on your TV.

If you have one that you just can’t let go of, consider signing up for free trials using each email address you have. It’s a hack that won’t last forever, but it could get you through a couple of months of free binge-watching (which could be a life-saver in the winter).

2. Minimize your monthly bills.

We all have the monthly costs that we can’t remove, like rent or mortgage payments, electric and heating, internet and phone bills, car insurance—the list goes on. The good news is that you can take steps to minimize them and keep them under control while you are saving.

  • Rent/mortgage —This is a big one: if your rent or mortgage is overwhelming and is stopping you from saving, you’re going to need to make some changes. Moving isn’t always an option, but you may be able to bring on a roommate as a means to cut down on costs. You could also refinance your mortgage or consider creating a listing on AirBnB a few times a month to bring in some extra cash.
  • Internet and phone bills —Let’s face it, communications companies love selling us on their highest possible speed and data plans. Look closely at your monthly bills to find opportunities to downsize. Switching your internet speed or downgrading your data could be a great way to minimize your monthly living expenses.
  • Car insurance —It’s not always easy to think about switching car insurance companies, especially if you have been with them for a long time. Car insurance premiums vary across provinces and depend on a variety of factors, but shopping around for a better rates could help cut down your monthly and yearly costs.
  • Heating and cooling —While not always the most comfortable of options (especially in our harsh Canadian winters), you do have a lot of control over how much you spend on your utilities. In the winter, adjust the thermostat a few degrees and layer up with blankets and sweatshirts. During the summer, use box fans or choose to adjust the A/C at night when it is naturally cooler. There are plenty of creative ways to decrease spending on utilities, so do what works best for you!

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3. Spend time with friends at free events.

Think about how much you spend on an average weekend with friends. It’s so easy to make spending time with friends into an expensive outing. Whether you’re going out to brunch, meeting for dinner, or enjoying a few Saturday night drinks, the costs can quickly add up.

Instead, start boosting your saving power by getting together for free or low-cost events. It’s a great way to get out and explore your local surroundings, find something new and interesting to do, and maybe even get outside to a local park, hiking trail, or farmers market.

Many local communities have a calendar of free events happening in the area, so check online to see what your city offers (and don’t forget to sign up for newsletters or alerts when something new is added)!

4. Keep yourself accountable.

Everyone has their own unique style and needs when it comes to saving, but finding a way to hold yourself accountable can help train your brain to start thinking like a master saver. There are plenty of approaches that you could take to this, but here are a few ideas:



Saving money can be challenging, but even taking small steps can have a big payoff in the end! Of course, sometimes the hardest part is getting a handle on your current financial situation. If you want a boost to consolidate some debt before you begin saving, you might benefit from a payday loan . My Canada Payday is proud to be one of the top lenders in the country, and we love helping our customers achieve their financial goals. Call us (604-630-4783) or send an email ( getpaid@mycanadapayday.com ) to learn more about our lending process.

  • Write down your savings goals and keep them somewhere visible so that you see them multiple times throughout the day. Tape them to your bathroom mirror, keep them in your wallet, or leave a note on your fridge to keep saving top of mind.
  • Make your plan as specific as possible. Break your savings down into smaller steps and set mini milestone goals for each. (This is super helpful for long-term goals, since they often feel out of reach.)
  • Talk about your savings goals with friends and family members. Saving is a great goal to have, and you don’t have to keep it to yourself! Don’t be afraid to share your goals with others—they might have some great tips for you, and at the very least, they’ll offer support and encouragement.
  • Enroll in a budgeting app, like Mint to help you track your progress in real time.
  • Use free budget spreadsheets to get hands-on with managing your finances.