Practical ways Canadians can save money in 2024
This year has been a tough one on Canadians’ finances with many struggling to make and save money.
The cost of living crisis was highlighted by soaring grocery prices, unaffordable housing, and the fluctuation of gas prices.
Unfortunately, 2024 isn’t looking any better when it comes to affordability in Canada.
Housing prices are expected to spike significantly next year, according to a recent report, and Canadians are already prepping for the increase in costs by amending their 2024 spending plans.
Fortunately, there are ways people can save on their bills next year.
Here are some of the practical ways Canadians can save money in 2024.
Ways to save money on gas
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Gas prices have been a rollercoaster ride that we’ve had to fasten our seatbelts for — literally and figuratively.
With prices spiking up and down each week, we wanted to get to the bottom of how to pinch every penny at the pump.
Chris Reynolds, field expert and spokesperson for Canada Drives, shared helpful ways Canadians can save money on gas with Daily Hive Urbanized.
From staying on top of vehicle maintenance to timing when you fill up the tank, there are plenty of ways to cut costs on the road.
Learn more here.
Ways to cut back on groceries
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After losing their job, one Canadian took to Reddit asking for tips on the best ways to save money on groceries.
User kindascandalous posed the question on the discussion site recently.
Fortunately, their fellow Canadians came to the rescue with useful advice that could help anyone trying to save money on their grocery bills.
From useful discount codes to couponing and price matching, there are plenty of ways Canadians are saving big on groceries.
Learn more here.
How not to break the bank on clothes
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Do those Aritzia sales reel you in every time? Following clothing trends can be expensive, but it stings more when the items you buy turn out not to be worth the price tag. Think pilled sweaters, jeans that rip from a little chub rub, loosely sewn buttons, and cheap zippers.
Money doesn’t always equate to quality when buying clothes and few people understand that the way Jennifer Wang does. The Canadian TikToker wants to “de-influence” you from spending money on such items at some of your favourite stores.
From thinking before you shop to investing in quality over quantity, read here for ways you can save money on clothes.
Ways to save money as a student
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As students return to school in the new year, you may need to replenish supplies.
From taking advantage of student discounts to buying school supplies in bulk, there are lots of ways Canadians in school can save money.
Learn more here.
Make your money go further with government benefits and tax credits
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Why not take advantage of free money from the government? The federal government and most provinces offer tax credits and financial assistance programs to lower-income families and individuals. Take some time to research these programs and apply to the ones that you’re eligible for.
Read here for all the ways Canadians could get extra money from the government in 2024.
With files from Tanushi Bhatnagar, Christopher Liew, and Simran Singh
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