10 Things Your Parents Did To Save Money That You Should Be Doing Too (Pssst – it’s not that hard)

Woman Scraping Food Leftovers Into Garbage Bin

  1. Use up the leftovers, instead of throwing them away. Invest in some Tupperware, and use for lunch the next day. Or create a second dinner from your leftovers by mixing together into a soup or ragu. This won’t just save you money, it will save you time!couple lifestyle kitchen
  2. Make your own coffee. Have you ever added up the amount you spend on take-out coffee or tea? A daily Tim Horton’s coffee can set you back over $600/year, while a daily Starbucks Latte could easily drain $1,400 from your wallet every year!
  3. Make going out for dinner a once a month event, instead of a weekly ritual. Admittedly, millennials aren’t the only ones who plan social activities around eating out. But when you have a limited budget, spending $50+ on a meal (easy enough to do with an appetizer and drink) can easily add up to $1,200 or more every year!A young asian school girl ready for school
  4. Brown bag your lunch, rather than eating out with co-workers every day. Again, eating out adds up fast. $10/day, 5 days per week equals $1,200 every year. Brown bagging will probably cost less than half. An added advantage is you will almost surely be taking in fewer calories.
  5. Avoid ‘fast fashion’. While low prices on cheaply imported clothing and shoes is enticing, keep in mind that ‘cheap’ also often refers to the quality as well. Here is a challenge: Compare your closets to those of your parents or grandparents. Are you guilty of buying a huge quantity of clothes (often ‘on sale’), and wearing them only a handful of times? While your parents and grandparents clothing probably cost more relatively speaking, they probably lasted years longer due to their durability. Sometimes paying more for classic styles (i.e. long lasting) ends up costing far less in the long run.
  6. Avoid Brand names. Do you really need brand-name chips, brand-name ibuprofen, brand-name toilet paper, and brand-name hair products? Do they really taste better, feel better, or work better? Think about that.
  7. Take advantage of your company pension plan. This is a no-brainer, especially if your company matches your contribution. Retirement is probably the last thing on your mind right now, but the truth is that you are in the best period of your life to take advantage of compound savings.
  8. Stop paying ATM fees. Paying ATM fees to use a bank that isn’t your own is a total waste of your hard earned money. This is when belonging to a credit union really makes sense – you can make transactions at any credit union in Canada without incurring fees (that’s why it’s called ‘ding free’).
  9. Negotiate. Negotiate. Most things can and should be negotiated. Don’t be afraid to negotiate the price of your cable and/or cell phone package. The same goes for the interest rate on your credit card. If you are able to speak to the store owner, you can even negotiate the price of clothing, office supplies, and dog food. Store owners are often happy to settle on a lower selling price if in return they can obtain a loyal customer.
  10. Good food isn’t necessarily organic. You’ve been brought up to believe that organic food is better. Is it? It is definitely more expensive. Do your research in order to learn which foods are really worth buying organic. Then, save money on the rest.