In this video, we take a look at how you can lower your expenses and save more money during the Canada recession 2023.
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Since a Canada recession 2022 is all but confirmed, many people are losing their jobs or a portion of their income, and the rising cost of living due to the high inflation rates, it is now more important than ever to lower your expenses, spend less money on things you don't need, and know how to save money. As a result, I am going to go over the best money saving tips that can help you cut back on expenses, and save money in Canada 2022.
I will go over the top 5 Save Money Tips Canada, which will constitute the best ways to save money without sacrificing too much of your lifestyle. So if you are someone who spends a large portion of your income and is looking for the least difficult ways to save money, then make sure to watch through all my Save Money Tips 2022.
First is to monitor your subscriptions, and make sure to cancel any subscription services that you don't use or need.
Second is to have a set budget, so that you already have a plan of how much you can spend every month. This will result in limiting your excess spending, which means there will be more money left over for you to save and invest. Even if you don't follow your budget with 100% accuracy, and even if you spend a bit more than planned, you will still be spending far less if you have some framework that you are aiming to maintain, compared to if you were just spending willy nilly. As a result, you will be able to save money on a regular basis much more effectively if you have a set budget.
Next is to avoid lifestyle inflation. This paradigm is one of the biggest reasons why so many people fail to save more money as their income goes up throughout their career. Fourth is to avoid buying drinks at bars & clubs, and instead only consume drinks before events at home. Last but not least is to avoid spending money on buying coffee from Starbucks or any other coffee shop.
Also make sure to read the following article for more useful tips:
Are you looking to save money in Canada during a recession? It can be tough to lower your expenses and cut back on spending during tough economic times, but it's not impossible. Here are some tips on how to save money and spend less in Canada, both during a recession and beyond.
1. Make a budget: The first step to saving money is to understand where your money is going. Make a budget that tracks your income and expenses, and see where you can cut back. Look for areas where you're spending more than you need to and see if you can reduce those expenses.
Cut back on non-essential expenses: During a recession, it's especially important to cut back on non-essential expenses such as dining out, subscription services, and entertainment. Look for free or low-cost alternatives, and see if you can cancel any subscriptions that you're not using.
Shop around for the best deals: When you need to buy something, take the time to shop around and compare prices. Look for sales and coupons, and consider purchasing items in bulk to save money in the long run.
2. Negotiate your bills: If you're struggling to make ends meet, it's worth reaching out to your service providers and seeing if they can offer you a lower rate. This can include things like your rent, car insurance, and cell phone bill.
3. Save on energy costs: One easy way to save money is to reduce your energy consumption. Turn off lights and appliances when you're not using them, use energy-efficient bulbs, and consider investing in energy-efficient appliances.
4. Create a savings plan: It's important to have a plan in place to save money, whether it's for a rainy day or a specific goal. Consider setting up a separate savings account and automating your savings so that you're not tempted to spend it.
5. Saving money in Canada during a recession can be challenging, but it's not impossible. By following these tips and being mindful of your spending, you can lower your expenses and start building your savings.
0:00 Intro
1:07 1- Monitor Your Subscriptions
2:13 2- Have a Budget
3:09 3- Avoid Lifestyle Inflation
4:08 4- No Drinks!
5:08 5- No Starbucks!
6:36 Overview & Outro
