With the minimum wage going up in canada. Most Canadians living in Ontario will be faced with tough choices this year. Cost of living will go up 15% while our salaries will remain relatively the same. What to do? Save more, spend less... Here are a few tips on how to make it all work.
1. (from Kevin O'leary) Take a sheet of paper. On side 1 write down all your income for the last 3 months. (everything you earned). On side 2 write down everything you spent in the last 3 months. (Everything, yes including latte's). Add it up and see which side is larger. Also look at side 2 closely and decide what you can cut.
2. (from Marc Cuban) When it goes on sale buy in bulk. Toothpaste costs $5 and it goes on sale for $2. Buy 10. you just saved $30... Net Savings. Be careful with expiration dates but well planned this could save you $1000 a year.
3.Chose a Quick Service restaurant for date night instead of sit down. you can cut your dinner bill by 2/3.
4. Drink less at the restaurant or have a few at home. With drinks costing $12 each. 4 drinks equals $70 when you factor in tax and tip.
5. Don't go out for lunch. Make your lunch or eat at home
6.The Change Jar. Some banks round up your purchases and save it for you. Or the old Jar when you walk in and dump your change. Everything adds up.
7. Cut your monthly's. Look at everything you are signed up for and see where you can cut. Reduce your TV package. Cancel the home phone that isn't plugged in even if it only costs $15 a month...
Hope this helps. Happy saving.