These Are Some Of The Easiest Saving Tips For Young Canadians, According To The Internet

If one of your New Year's Resolutions for 2023 is to save money in Canada then you're in luck.

A Redditor asked about saving tips for young Canadians on the thread r/PersonalFinanceCanada, and the advice they got back is gold.

One of the most popular pieces of advice is as simple as it is brilliant; limit how often you eat out.

The comment, which has been upvoted over 900 times, had a host of people agreeing and adding even more recommendations.

"My biggest expense by a wide margin is how much eating out I do. It's crazy how quickly that expense can add up," one person said.

"Also, meet up for drinks, but eat dinner at home beforehand," another person suggested.

This also applies to those daily cups of coffee, yes that includes your daily Tim Hortons cuppa.

One person actually did the math and showed how that $2 cup of coffee and $10 lunch can add up.

"A $10 lunch and $2 coffee alone just on the week/work days come in around $3,100/year," they stated. That's the cost of a good month of rent!

Many added an exception: that it's okay to eat out once in a while — just not to make it a daily habit.

As one Redditor put it: "Don't eat out for no reason. Eating out is fine for enjoying the experience. It is just when eating out becomes a habit that it becomes a problem."

Another big tip people had when it comes to saving money is to watch what you're buying at the grocery store.

"Focus on fresh produce (meat, fruits, veggies, etc.) which are generally all in the perimeter of the grocery store," one Redditor suggested.

They also added that they buy groceries that are on sale, buy meat with the bones and skin as it works out to be cheaper, and then purchase bulk quantities that can be frozen.

"Obviously don’t deprive yourself of the occasional splurge on snacks! But don't focus your shopping on these," they added.

Another easy money-saving strategy that was suggested was looking for activities that are cheap or free.

As one Redditor pointed out, there are loads available in Canada, and "these sorts of hobbies can lead to an enriched life while helping you to save money."

"Walking, hiking/rucking, reading/writing, cooking, board gaming, pick-up sports, and volunteering......On the nerdy side, you can do things like to play RPGs (Dungeons & Dragons, GURPS, etc)," are just some of the activities they listed.

"Most of these sorts of things come with vibrant communities as well, which is great for making friends and being social," they added.

"I have done more networking through beer-league hockey than through any organized networking event," they said.

And, finally, another super easy but effective method to save those loonies and toonies is to simply start tracking your expenses.

Loads of Canadians agreed on this one, with one adding that tracking spending also helped them psychologically when they found themselves wondering: "Do I really want to log that I spent $6.75 on a bag of gummy bears?"

There were other small things that could help save money but would require a little bit more effort -- like learning how to repair stuff or doing your own maintenance.

So, there you have it, Canada. A lot of these are pretty easy to incorporate into your day-to-day life!

Here's to (hopefully) more savings in 2023!

This article's cover image was used for illustrative purposes only.