Although it is quite difficult, cutting out major expenses from your daily life could save you hundreds to thousands of dollars in the long run.
1. Avoid buying takeout! Make food at home/ meal prep. Check out budgetbytes.com for some inspiration.
2. Stop with the luxurious coffee drinks, they’re expensive plus loaded with sugar.
3. Do not make impulse purchases just think, do I NEED this, or do I WANT it?
4. Consider a cheaper cell phone plan. I cut down on my phone plan by $15 a month, yes, I have fewer perks, however, that’s $180 extra every year!
5. Open a savings account where you earn interest on your money.
6. Sell what you no longer need! Apps such as LetGo, Kijiji and Carousel make it super easy to gain extra cash for things that are just taking space up in your closet.
7. Cut out binge drinking and/or smoking, they are super bad for you plus, expensive.
8. Get a travel credit card which collects points from your purchases.
9. Find a part-time job with tips/commission. The extra cash can go a long way.
10. Monitor your expenses. I use an app called TD MySpend. It helps me see where my purchases are going and where to reduce my spending’s.