Although the Canadian economy hasn’t been as hard hit as some of the other countries during the worldwide recession, many Ontario residents are still looking for ways to save money. Although many individuals and families are choosing to skip travel plans or more indulgent activities to keep extra money in the bank, there are a few easier ways to save money that won’t cost a person a much needed vacation.
Great ways to save on basic living expenses include:
Become a One Car Family
Many families these days are becoming a one car families to reduce the amount of money spent monthly on car payments, gas, and car insurance. If giving a car up isn’t an option, consider taking public transportation or carpooling to alleviate the amount of money spent on gas. Becoming a one car family could potentially save a family a couple hundred bucks a month, while simply reducing car usage by taking the local carpool or public transportation could save anywhere from fifty to a hundred dollars a month.
Reduce Living Space
Choosing to down size a home or apartment is another great way for Ontario residents to save month on living expenses. Although moving into a smaller apartment could potentially save a renter hundreds of dollars on rent and utilities, many remain concerned about storage. However, renters always have the option of using a self-storage unit to store items such as large and unneeded furniture in a self-storage unit at a minimal cost.
Keep Utilities at a Minimum
While many people focus on reducing car usage, purchasing off-brands, or reducing apartment size to decrease the amount of money spent of living expense, very few consider trying to reduce their utility usage. By setting a thermostat just a few degrees higher during warmer temperatures and a few degrees lower during winter months and turning off lights and TVs when not being used can save a family a couple hundred dollars a year.
Cutting out unnecessary expenses can be the easiest way to save money, since you’ll start to pay attention to where your money goes. For instance, the money for morning lattes adds up after a while, and merely making coffee at home and taking it to work will save you hundreds. Start small and watch your savings increase.