Eight Ways to Get on Track and Save Money

Empower yourself financially with these money saving tips from the Women's Financial Learning Centre (www.womensfinanciallearning.ca)

1. Meal Plan
• Planning ahead keeps you focussed at the grocery store – only buying what you need
• I heard that many of us throw out up to 1/3 of the food we buy
• Keep a list of the family’s favourite meals on the fridge – each week pick 7 for the week and make a shopping list

2. Review Your Banking Fees
• Many people spend $30 - $40 per month on unnecessary bank fees.
• Review your banking fees and see if you have the right package for you
• Stop using other bank machines ABMs – can cost up to $3 per transaction!

3. Review your Cellular and Cable Packages
• Are you paying more than you need for your cell and cable?
• Review your needs and call your service provider to see if there is a way to reduce your monthly fees

4. Stop Eating Out so Much!
• Most of us spend way too much on meals out
• Decide how much you want (and can afford) to allocate each pay period for dining out and take out food - Take this amount in cash each pay
- Spend it how you like, but spend no more
- When the cash is gone, stop spending
• Don’t include this money in the grocery budget! Eating out or ordering pizza in is not considered “Groceries”

5. Bring your Lunch to Work
• Now that you are meal planning, plan on leftovers for lunch as well
• If not lunch money comes out of your “Eating out” or Spending money as above

6. Bring Coffee and Snacks from Home
• Instead of going out to a coffee shop for a treat - bring a thermos w your favourite hot drink and a snack from home
- Pick a great location such as the beach, a park bench, your back porch and enjoy.
• Cheaper, faster, easier and no Styrofoam waste.
• Teaching your kids this valuable lesson may save them thousands in the future!

7. Reduce your Interest Costs
• Don’t carry a balance on your high interest credit cars
• Either pay them in full or:
- Call your bank to see if they can lower the fee
- Transfer the balance to a lower interest line of credit (and keep the CC paid off!)

8. Give Your Kids and Allowance
• If your children are old enough give them allowance
• Instead of giving your kids money for this, that and the other thing, give them a weekly allowance that is appropriate for their age
• Tell them this money is to cover all their ‘financial needs’ for the week
- ie if they are 6 yrs old – this money can be used for candies or a small toy
- if they are 13 – perhaps it covers school lunches and a movie
- The rule is the money has to last the week, they can‘t keep coming back and asking for more (or borrow against next week’s allowance)
- Overall you will probably save money & teach your kids the value of budgeting as well
- Stick to your guns, they will probably blow the first couple of allowances before they learn to manage it better