Canada is going through a cost of living crisis. In the last three years, rent and grocery costs have skyrocketed by almost 40%. Now more than ever, Canadians need innovative ways to save dollars, not cents, wherever they can.

That’s why we’ve put together 5 money-saving hacks that can become a way of life for every Canadian household. These hacks can help you maintain your standard of living at pre-pandemic levels without an income bump that most of us haven’t had.

Be prepared to be blown away and laugh all the way to the bank with our money-saving tips and tricks.

1. Shop Savvy for Groceries

Now’s the time to forget grocery store snobbery and head for the most affordable store in your area. And when you get there, shop with a plan. Rather than going with only a vague idea of what you want, write a meal plan, create a shopping list, and then stick to it.

Next, a little supermarket psychology. All the essential items are generally located around the perimeter of the store. We’re talking about your fresh fruit and vegetables, bread, milk, and other daily items.

Packaged convenience foods are generally in the middle, and while they may save you time, they will not save you money. Instead, build your meals around what’s in season or on sale. Your wallet and your health will thank you.

Also, think about when you shop. Toward the end of the day, the discounts get deeper as the store needs to sell stock before it expires. Another tip is to try farmers’ markets just before they close for heavily discounted produce.

If you can’t use it all, freeze it. A little time invested in prepping and freezing vegetables can mean that you have a cheap supply of healthy food on hand year-round.

2. Coupon Like a Pro

You may have flirted with couponing for a while, but have you entered into a committed relationship with a coupon binder yet? Now is probably the best time to step things up.

Organize your binder by category and expiry date. Then, do some online research. Can you double an in-store discount with a manufacturer’s coupon?

For example, if your favourite coffee beans are on sale at $8, down from $11, can you use a manufacturer’s coupon that takes another dollar off the price? If the store allows it and you have a few coupons, it can make sense to stock up on items you won’t overconsume and have a long expiry date.

However, also beware of coupon pitfalls. This includes buying items that you don’t actually need or want just because they’re a great deal. This could end up costing you money rather than helping you save it.

3. Buy a (Used) Car

Leasing seems like a relatively cheap and convenient way to get a car that you can rely on. Yet one of the best pieces of financial planning advice we can provide is to consider buying a used car rather than leasing a new one.

Here are a few cons with leasing you may not have considered:

  • Those monthly payments, while low, will never end
  • Mileage limits can soon hurt you as we put in a lot of miles in the Great White North
  • There may be wear and tear charges
  • Getting out of the lease is very costly

While finance payments can feel steep, they’ll be over one day. After that, you’ll own your car and can sell it or enjoy a few years of inexpensive motoring. If you want to buy your lease car, however, you’ll be left with a huge final payment to make out of pocket.

4. Make Savings on Medication

The cost of filling prescriptions can be pretty steep and tends to hit older Canadians harder than most. In fact, according to the government, medications cost around 25% more here than in other OECD countries. Here are some budgeting tips to save money on these necessary items.

Choose Generic Medication

Sometimes, you pay a lot of money simply for a brand name. Generic medications meet the same rigorous standards and do the same job. So look online or ask your pharmacist if there is a generic version that will set you back less than the branded one.

Negotiate Discounts

Independent pharmacies want your business, and they have more flexibility over prices than the big chains. So once you’ve been quoted a price, why not call a few and see if they can do a deal?

Take Advantage of Seniors’ Discounts

Some pharmacies run discounts for seniors on certain days of the week. Plan your medication shopping to coincide with these deal days!

5. Cut Subscriptions

Canadian households are spending between $49 on streaming services. You may even be paying for services you don’t even use anymore or not that regularly. It’s a good idea to do an audit and decide on which of these services – if any – is still valuable to you.

You may also find that you’re paying for a service that you could get for free.

If you pay for a monthly subscription for audiobooks, why not consider switching to Libby? All you need to access it is a library card, and you can listen to audiobooks and read digital books for free. It’s currently available in around 80% of Canadian libraries, so there’s a strong chance you could save money.

Plus, listening to audiobooks is a great way to make household chores like cooking and cleaning more fun!

Find More Money-Saving Hacks at Canadian Free Stuff

Follow our smart spending tricks, and you’ll start stretching every dollar so much further. No one knows what the future holds, but our budgeting tips can help you shore up your finances, come what may.

Since 1999, Canadian Free Stuff has been helping folks save money on everyday essentials. We’re a one-stop shop for coupons, contests, freebies, and more.  Our dedicated team works around the clock to find awesome deals and frugal living ideas to help you keep your finances in great shape.

Why not take a deep dive into our coupons and find your next money saving hacks today?