The cost of living has increased significantly, with gas prices at all-time highs and food prices expected to continue to climb by 5-7% in 2022. We understand budgets may be tight, but we challenge you to save $100.00 in the next 30 days. That works out to only $3.33 per day but will add up to $1,200.00 in a year.
Think of the peace of mind you will have knowing you’ve accumulated savings of $1,200.00 after twelve months for emergencies or to reach a financial goal. Here are a couple of tips to help you meet our 30-day savings challenge:
- Use a spending journal to track every dollar you spend so you can then make an educated decision on where to decrease your discretionary expenditures
- Take a look in your pantry and plan your weekly meals to utilize the items you already have
- Always use a list when grocery shopping – studies show you will spend 25% less than shopping without a list
- Put your spare change in a piggy bank – even though we don’t use cash as much as we used to, that change will now be loonies and toonies and accumulate much quicker
- Use accumulated points – redeem your air miles, optimum or gas points and then put the saved cash in your savings account
- Contact your service providers (cable and internet) to see if you can reduce your monthly billing
- Reduce your hydro bill by doing laundry during off-peak hours at significantly reduced rates
- Manage expectations – avoid “keeping up with the Joneses” and spend based on your own family’s priorities
- Plan minimal cost family fun – a picnic at the park, visit Hamilton’s many waterfalls, movie or game night, stroll through a Farmer’s market, etc.
We would be happy to hear your success stories and any additional tips to save money in our comments.
By Kathy Lenart – Insolvency Partner, Licensed Insolvency Trustee
CPA, CA, CIRP
Member and Secretary of the Ontario Association of Insolvency
and Restructuring Professionals (OAIRP)
Canadian Association of Insolvency and Restructuring Professionals (CAIRP)
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