Budget like a pro this summer

(NC) As Canadians navigate the current financial environment, they are seeking ways to reduce their expenses. According to a recent Belairdirect survey, close to half (41 per cent) of Canadians think of themselves as financially savvy, with more than a third sharing their money-saving advice with their friends and family. These findings emphasize the importance of understanding Canadians’ attitudes and preferences when it comes to personal finance management.

If you’re looking for new ways to save money this year, consider implementing the following advice.

• Stick to a household budget: Over a third of Canadians say they stick to a budget, recognizing the importance of financial management. If you struggle to stay on track, start by creating a budget outlining your income and monthly expenses so you know exactly where your money is going. Having an accountability partner may keep you motivated and ensure you’re meeting (and even surpassing) your goals each month.
• Cut down on non-essentials: Many Canadians are looking to reduce their dining-out frequency and are capitalizing on sales opportunities to keep more money in their pockets. Consider creating a sinking fund for non-essential purchases so you can keep enjoying the things you love while prioritizing your finances.
• Shop smart: Are you becoming more mindful of your grocery bills and are seeking ways to reduce your spending without compromising on quality? Try to utilize coupons, discount codes and loyalty programs to make your budget stretch. Comparing grocery store flyers and price matching can also help to lower your bill.
• Cancel unused memberships: Terminating subscriptions and memberships that no longer align with your priorities can save you hundreds of dollars per year and will help you get you closer to your savings goals.
• Get resourceful: As many Canadians reassess their spending habits, more than 70 per cent are focusing on reducing their housing and car-related costs. Strategies include keeping your vehicle for longer, opting for used cars over new purchases, transitioning to a single-car household, and walking more or taking public transit.
• Bundle home and car insurance: If you’re looking for ways to reduce your insurance costs and don’t know where to start, consider bundling your home and auto insurance packages. You may be eligible for better rates or be able to leverage group plans offered by your workplace or industry association to enjoy exclusive discounts and savings.

Learn more ways to budget smart this year at belairdirect.com.