6 February 2023 |
In order to save money, many people deprive themselves of things they love, little treats they can do without but which make their lives so much more pleasant!
Why deprive yourself? That’s why we’re offering you 12 money-saving challenges, each lasting one month. You’ll be able to try out different ways of saving and see which you like best. Who knows, maybe you’ll adopt some of these challenges permanently!
If you want to accumulate the money you save each month, transfer it to a simple savings account.
January: renegotiating your contracts
January is the ideal month to draw up a list of contracts to renew for the year.
- Insurance
- Cable
- Telephone
- Internet
- Various subscriptions
Make a list of contract renewal dates and amounts paid. Renegotiate all the contracts you can in January, or set yourself an alarm to think about it a month before the renewal date.
Take the opportunity to check your magazine, gym or other subscriptions, and assess whether it’s worth continuing the subscription or whether you can cancel it.
February: making your lunch
For the whole month of February, bring your lunch to work. Prepare it the day before if possible, even if it means making an extra portion or two when preparing your dinner. You can also plan ahead by cooking in large quantities and then freezing the dishes.
Looking for ideas? Here are a few lunch recipes to inspire you.
March: making your own coffee
Do you stop at the local coffee shop every morning on your way to work? For the month of March, equip yourself with a thermos, make your coffee in the morning before you leave and bring it with you.
This may seem like a trivial gesture, but do the math: a coffee costs an average of $3, depending on the type of coffee you drink. At home, the average is 11 cents a cup. So you save at least $2 every time you make your coffee at home!
If you’re used to buying one coffee a day, this challenge will save you at least $60.
April: cooking at home
During the month of April, cook your meals at home instead of going out to eat. Do you think this is drastic? Then cut out at least one restaurant outing a week.
One less restaurant per week at a minimum of $15 per meal represents a saving of $60 per month. If you’re a couple, that’s at least $120 in monthly savings.
May: reducing your meat consumption
Everyone agrees that meat is expensive. During the month of May, reduce your meat consumption. If possible, aim for two meals a week when you replace meat with another protein, such as:
- Eggs
- Cereals: rice, semolina, quinoa, etc.
- Legumes: lentils, chickpeas, kidney beans
- Dairy products
- Tofu
You’ll save money on meat and discover new recipes. If you want to go even further, you can even try veganism.
June: discovering free activities
This challenge is interesting because you’re playing tourist in your local area. Instead of spending money to go to the movies or elsewhere, look for free activities to do in and around your town. Look online or ask at your local community centre. Who’s to say you won’t discover a new passion?
July: doing housework
As a July goal, sort through your possessions and sell the items you no longer use. If it’s something you haven’t worn or used in the past year, chances are you won’t use it again.
Sell your items online or have a garage sale.
August: dressing the family in thrift stores
Many thrift stores and family outlets sell beautiful clothes in good condition at very low prices. For back-to-school, why not turn to thrift stores?
You can find unique, brand-name pieces, sometimes never worn, for a fraction of the usual price.
September: planning the menu according to the grocery flyers
For the month of September, plan all menus according to the week’s sales.
This gives you the opportunity to use your ingenuity and creativity to find new recipes and try new foods, all while saving money.
October: saving an extra $10 a week
Today, $10 doesn’t go far. That $10 less in your weekly budget doesn’t make much difference, but after a month, that’s $40 more in your savings account. If you decide to do it for a year, that’s $520 put aside.
November: buying generics
We often hesitate to buy generic brands of food or products. During the month of November, try them out. For every item you usually buy, take the no-name brand rather than the best-known brand.
This gives you the opportunity to try them out and see if you can tell the difference between the generic and the branded product. Perhaps you’ll decide to switch to the generic for some products once the month is over.
December: making a pot for small change
Every time you come home, empty your change into a change jar for the whole month of December.
At the end of the month, count the accumulated amount and deposit it in the bank.
Are you up to the challenge? Only 12 challenges, each lasting one month, aren’t very demanding or overly complicated. By taking up the challenge, you’ll discover different saving methods without it being too much for you. And don’t hesitate to switch months if you find certain challenges easier to do in one month than in another.
And if something unexpected comes up and you don’t want to dip into your precious savings, don’t hesitate to contact us about our quick loans!