Canadians Are Naming Their Fav Money-Saving Hacks & It's More Than Just 'Stop Buying Lattes'
With the current state of the economy, chances are you're among the many Canadians out there looking for more ways to save money.
So we asked our followers on the Narcity Canada and MTL Blog Facebook pages, "What's a money-saving tip you think would help a lot of people?"
And Canadians came in clutch for their fellow Canuck comrades.
One of the top comments, with 20 reactions, was made by a Facebook user called Rena, who recommended people "learn as much as you can about compound interest."
"This will help you understand debt."
If you're unaware of what compound interest is, it's interest that grows on the initial principal along with the accumulated interest from previous periods. This could apply for either loans or investments.
That means if you have a loan of $100 with 10% interest per month, after the first month, that loan will grow by 10% of $100, making it $110.
But the next month, it'll grow by 10% of $110, and so on and so forth.
You can see how it really starts to add up!
Another Facebook user recommended learning about and investing in Canada's Registered Retirement Savings Plan (RRSP).
"Contribute [to your] RRSP as soon you got a job," the Facebook user, who goes by Roy, said.
For more context, the RRSP is an account where you can put away money to save for your retirement. Not only that, but the amounts you put in are exempt from being taxed as income when tax season rolls around.
Not only does it accrue interest in your favour, but it's a great way to lower your taxable income.
Another commenter gave a piece of sensible advice, which is to "learn to live within your means." That is to say, have a lifestyle that is simply less than your income.
And if you're wondering how you can do that, there were loads of other hacks and tips to cut down on spending in Canada.
For example, if you're someone who typically eats their meals from restaurants, you could learn to "cook from scratch," as one Facebook user recommended.
You'll quickly find that buying groceries can be a whole lot cheaper than ordering from DoorDash every day.
And if you do start making food at home, Kahlie recommended that you "don't meal plan before shopping through the flyers" and to "plan your meals around what is on sale."
Facebook user Dawne popped in to add that "saving money is usually about stopping all the little mosquito bites that drain the money in a bunch of little different ways."
"Track your spending and look for small cuts."
If you're someone who wants to save money on clothes and similar items, Lisa recommended not taking Winners for granted.
"I am moving back to South Africa in the next month, and I will be dreaming about winners when I am home," they said.
Apart from that, "making a budget" and "paying off your credit card" were some common pieces of advice.
If all else fails, you can always take Facebook user John's money advice and "live in a van down by the river."
That's bound to be much cheaper than buying a house in Canada.
If you are looking for ways to pinch pennies in Canada, Redditors recently gave tips to save on groceries, and it's honestly super helpful.
This article's cover image was used for illustrative purposes only.
