5 Unique Ways to Save $45 Per Month
Note: Some links used maybe affiliate links. Tips can apply to people from numerous countries, however I am from Canada.
Money is an alluring subject. That’s because money is important. People either wants to make, or save more money. That’s how some people prey on those in financial hardship and sell them books and seminars on becoming rich.
Now, this article doesn’t sell anything, rather it lists simple and easy financial changes anyone can do to at least save an extra $45 a month.
It’s easy to get lost in your current spending habits. It’s easy to spend. It’s a lot harder to look at your financial statements and actively make changes.
So, I grabbed easily forgettable monthly bills/financial habits that not only can be changed but also cut completely.
How to Save on Your Phone Plan
If you’re Canadian, you know the internal struggle of paying your phone bill. You maxed out your 8gbs of Data in the first three weeks, struggled to connect to your works WIFI for the remainder of the month, and then sent your provider $85. It’s garbage. Canadian cell phone plans are garbage.
This isn’t a secret, that’s why you don’t catch your co-worker bragging at the watercooler about their “sick new phone plan!”
I personally am on a shared plan, I pay $85 a month to share 8GBS, pay $1 a minute if I call outside of my province, and until recently was rocking a vintage iPhone 8. There was no bang for any buck I was spending.
That was until I kept on getting ads for American networks like Ting and Mint Mobile. I wondered how all these little companies could charge so little, provide the same (if not better) service, while Canadians have four companies ramming us for every penny?
Was there anyone in Canada trying to compete with the mobile monopoly?
Turns out there is. They’re not the size of your Rogers or Bell, but you’re also not going to have to put off being a homeowner because you’re overpaying a phone bill when you just get cancelled on at the last minute — Don’t worry, me too.
Freedom mobile is Canada’s fourth-largest mobile company, boasting over 2-million customers (just so you know you’re not the first). The best part is their data plans are customizable and start as low as $15 a month.
I’m quite addicted to my phone (never gave drugs a chance) so I’ll be switching to their $50 a month plan with unlimited data, talk, and text.
If I’m going to be rejected on Tinder, I’m going to do it while saving $35 a month.
How to Eliminate Subscriptions
Speaking of Tinder, if you’re paying for Tinder Gold and don’t touch the app, it’s probably time to cancel that subscription — and any others that aren’t providing you value.
If you can survive with the free version, the savings might be more beneficial than the benefits of whatever you’re paying for.
I stopped paying for Spotify a couple of years ago, and although I miss it occasionally when I get an advertisement and everyone yells “YoU dOn’T hAvE PrEmIuM?”, I don’t listen to enough music on my phone to justify the $10 a month.
If you’re thinking you could cut back on a couple of subscriptions, you probably can. Go through your bank statements and see what kind of recurring charges you have and write them down.
Take this list and ask yourself if you could live without it for a month — then do it. Go through that little trial period, if you hardly notice it’s missing, then give it up. If you do, however, then get it back!
Do you Really Need Cable?
If you have cable in 2021, you probably have had it for a long time, got suckered into buying it with your internet, or are into something super niche you can’t find online.
For those niche people, keep doing you.
For everyone else that isn’t getting value from it – please take the time out of your day to have that annoying phone call and cancel it.
Cable is overpriced. Sure, you get 3000 channels, but let’s be real no one watches more than five.
Chances what you’re paying for monthly can be found on an online streaming service, or two, for half — to a third of the price. Go online and do some digging around, can you find the new episodes of Greys Anatomy online?
Yes? They’re on American Netflix but you live in Canada?
Cancel your cable and pay the $10 a month instead for a VPN and use whatever countries Netflix that you desire.
How to Get the Most Cash back?
Saving money is lovely, it really is. Having $35 more in your bank account per month instead of never seeing it again does make a difference. Invest that little extra amount of money and over time it makes a BIG difference.
But what if you can’t change anything? You have the best phone plan, don’t have cable, and don’t need Netflix because you watch everything via discount bin DVDs. Well sir, firstly, what an interesting media experience. Secondly, I have you covered.
A lot of people pay attention to how they save their money, but not to how they spend it. I don’t mean their purchasing habits, but the actual physical way their money leaves their hand/account and gets them that Red Bull.
If you’re not using a credit card to purchase everything you’re missing out. Not only is it the safer way to spend, online and in person. But even if you have the worst card, you still get the benefit of building your credit score.
If you don’t have the worst card, you can get cashback. Now, I know, I too had a student card when I first turned 18 that promised me cashback and sucked.
Like the mobile industry, good finance products occasionally need some digging.
Which I have done for you because how horrible would this article be if I left it at that.
So, to discard some myths, having multiple credit cards isn’t a bad thing. If you can manage your expenses and be responsible about paying them in full every month — you shouldn’t have any problems.
If ditching your 0.05% cashback for something higher sounds like something you’re interested in, I have two free recommendations.
The SimplyCash™ Card from American Express
This was my first card upgrade when I decided to get a better handle on how I spent my money. I went from having 0.05% to 1.25% on all purchases. Not only is it incredibly easy to pay my bills with the American Express app every month, but the customer service (which I’ve only had to use once) is fast and very helpful.
Neo Financial Mastercard
Now, this is where it gets Canadian. Neo is a Canadian Fintech that is making a name against all the big banks. Their card gets you 1% minimum cashback a month but has the opportunity for so much more. Select businesses can be as high as 17% cashback. There also happens to be a $25 bonus just for signing up.
They’re fully digital, so signing up can be done in as little as 10 minutes.
Disclaimer: I was an intern at Neo for four months in between my first and second year of college. That being said, if they sucked, I wouldn’t recommend them.
How Making Lunch Can Save You Money
Lastly, lunch. If you buy lunch every day, one of the easiest things you can do to save money is to stop.
Now I don’t mean to starve but try to cook your meals for at least one week per month. Let’s say you spend $10 a day Monday to Friday just on your lunch. Spending Sunday night meal prepping 5 lunches will save you not only time but money.
Not only will your food probably be healthier, but you’ll also develop a new skill if you aren’t already good at cooking.
Here are some links to some cheap meal planning recipes that you can do to make decision making effortless, because hey, that’s half the reason we buy food isn’t it.
Is $45/Month Really That Much?
Most people can’t do all these things. They can’t lose their subscriptions, change phone plans, cut out cable, get a new credit card, and meal prep. But most people can do one to two.
One to two intentional financial changes are really all you need to make a large impact over time.
These tips aren’t supposed to be difficult, they’re hopefully something anyone can do with a little bit of time and then forget about it and benefit monthly.
$45 extra a month may seem like nothing, but over time it only adds up.
The financial bonus hopefully isn’t the only thing you walk away with. Ideally through implementing a couple of changes you start to spot other opportunities in your life to save a little bit extra and this is the catalyst for more intentional saving decisions.
