12 steps to save $2,000
Take the positive savings challenge!
By Fonds de solidarité FTQ
Saving can be easier than you think. For example, choosing a more affordable TV package that suits your needs, preparing lunches instead of eating out, and carpooling with friends or colleagues can save you hundreds of dollars. The Fonds invites you to take the 12-step positive savings challenge. If you complete the full dozen, you'll save close to $2,000 in a year!
01 Install a smart thermostat
Heating costs represent up to 54 percent of your home's electricity bill. With a smart thermostat, you can program different temperature settings depending on the time and day. You can also adjust your settings manually or remotely from your smartphone. It's a great way to save energy and money.
Savings after one year: $150
02 Reduce food waste
The average Canadian family throws away $1,450 worth of food a year. To limit your waste, prepare a meal plan for the week, making sure to look at the food in your fridge and buy only what you need. For ideas, check out GloutonAttention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab. (in French), a website where you can look up recipes by ingredient.
Savings after one year: $485
Cumulative total: $635
03 Pack lunches
Eating out regularly can become a big expense. Instead, show off your cooking skills at the office! Lacking inspiration? Find out how to make lunches for the week with only $20.
Savings after one year: $300
Calculation: $2/meal x 3 times a week x 50 weeks
Cumulative total: $935
04 Avoid ATM fees
When you're strapped for cash, it's tempting to stop at the first ATM you see. However, you should avoid using machines operated by a bank other than your own, as you'll be charged a withdrawal fee.
Savings after one year: $60
Calculation: $5/transaction x once a month x 12 months
Cumulative total: $995
Source: Average of $2 ATM fee + $2–$3 banking institution fee
05 Opt for no-fee bank accounts
Canadians pay an average of $185 a year in banking fees. Did you know that no-fee bank accounts allow you to access your money without having to make monthly payments? It pays to be informed!
Savings after one year: $185
Cumulative total: $1,180
06 Choose a more affordable TV package
Take advantage of the growing flexibility of cable providers to choose a TV package that better suits your needs. Depending on your current package, you could save a significant amount of money.
Savings after one year: $120
Calculation: $10/month x 12 months
Cumulative total: $1,300
07 Buy private-label products
Grocery stores often stock private-label products that are comparable to brand-name products but cost less. Choosing these cheaper alternatives is a simple way to save without compromising.
Savings after one year: Approximately $1/product x 5 products/week x 52 weeks = $260
Cumulative total: $1,560
Source: Protégez-vousAttention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab. (in French)
08 Use apps to save
There's an increasing number of coupon apps and websites offering discount vouchers that can help you save on weekly expenses. Apps like FlippAttention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab. and Checkout 51Attention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab. offer cash back on your purchases. All you need to do is take a picture of your receipt using the app. You can also print coupons directly from dedicated websites.
Savings after one year: Depending on personal use, about $10/month x 12 months = $120
Cumulative total: $1,680
09 Negotiate your mortgage rate
When it comes to mortgages, it's in your best interest to do some hard bargaining. Even a slight reduction in your mortgage rate can save you a lot at the end of the year.
Savings after one year: 0.10 percent reduction for a $200,000 mortgage = $186
Cumulative total: $1,866
Source: EducÉpargne
10 Take good care of your car
Showing your car a little love can benefit your wallet. By performing regular maintenance, you can save up to 4 percent on fuel costs—about $70 per year.
Savings after one year: In Quebec, the average driver travels 40 km/day. Considering an average cost of $1.15 per litre and a fuel consumption of 10 L/100 km: 0.10 L/km x 40 km x $1.15/L x 365 days x 4% = $68
Cumulative total: $1,934
Source: Natural Resources CanadaAttention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab. and EssoAttention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab.
11 Shop around for car insurance
According to one study, you can save an average of $293 per year by comparing insurance quotes before making a decision. Shopping around for car insurance pays off.
Savings after one year: $293
Cumulative total: $2,227
Source: EducÉpargne
12 Carpool
You can save big by driving to work with a colleague and sharing the costs. Carpool lanes might even speed up your commute! Of course, be sure to follow public health guidelines to do so safely, by wearing a mask for example.
Savings after one year: $184
Calculation: Average annual expense of $368 split two ways = $184
Cumulative total: $2,411
Source: The Fonds d'action québécois pour le développement durableAttention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab. (in French) and CAA-QuebecAttention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab.Attention, this link will open a new tab. (in French)
Bonus! Get an RRSP+ to save even more
Congratulations! You've completed the positive savings challenge. You're one small step away from saving an extra $1,340.
Opt for the RRSP+ at the Fonds and get the base deduction plus 30 percent in additional tax savings. Contributing $2,000 can save you about $1,340 in taxes.* Now that's positive saving!
See for yourself with the tax calculator.
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