Life in Canada can be expensive. We all want to reduce our expenses, but many of us don’t know how or where to start. In this article, we will share five excellent ways to significantly reduce your daily expenses.
Use a credit card with cashback or air miles
Banks and financial institutions are offering more and more options with cashback and air miles. How does it work? With each transaction, a portion of the purchase amount (1-3%) will be returned to your card or air miles account. Ask your bank about the terms and conditions for cashback distribution. For example, many people get several credit cards for greater benefits, as Capital One offers the highest 3% cashback on gas purchases, and American Express offers 5% on restaurant transactions.
When it comes to groceries, it is beneficial to get a credit card from the store where you shop most often, as that store will offer the highest cashback. All the major players — Costco, Superstore, Walmart, and Hudson Bay — have their own programs.
Download apps that will help you save money
In the Apple and Google stores, you will find many apps to help you save on various things. Here are the most popular ones in Canada:
- Flipp — shows you all the special offers and coupons in stores near you;
- Foupon — shows you all the special offers and coupons in cafes and restaurants near you;
- Hopper — tracks airfare prices.
And with the Carrot app, you can even earn movie tickets just by taking a certain number of steps per day (the app is only available in British Columbia).
Tell your bank or internet provider (or anyone else) that you want to switch to a competitor
When you sever ties with a company you regularly pay for services (internet, mobile communications, fitness club, bank), they will definitely ask you why. Just say that a competitor has a better offer, and they will offer you a bunch of discounts and additional services to keep you from leaving.
Don’t forget about government bonuses
The Canadian government provides various cash bonuses, especially to low-income families. If you have a child under the age of 18, make sure you receive the Canada Child Benefit (CCB). Also, don’t forget about the Goods and Services Tax Benefit (GST). If your income is not very high, you can get a portion of the taxes you paid for the year back into your account. There are also many medical bonuses, grants, and so on. So, go ahead and do some research on Google.
Use cashback services for online purchases
In 2018, 81% of Canadians said they preferred online shopping. Do you have a cashback credit card? Great. Want to increase that cashback by another 3-8%? This is possible thanks to cashback services. Many online stores use affiliate programs to attract customers. You’ve probably seen offers like “Refer a friend and get $5.” Well, these cashback services do just that, but they share the commission with you.