1. Don’t buy what you don’t need – If you don’t need a new TV or microwave just yet, hold off. If you wait, you might be able to time your purchase when there is a sale. Separating “needs” from “wants” can help you prioritize spending if you’re looking for reductions.

2. Look for repeated expenses you can cut back or cut out – You might have frequent purchases such as daily coffees, music downloads, streaming and magazine subscriptions, or a gym membership you’re not using. Cutting back on these could save you a significant amount of money each month. You can also contact companies to renegotiate what you’re paying each month.

3. Take a no-spend challenge – Try not spending money on anything except necessities for one month. This can help you be more intentional about your discretionary spending once the month is over.

4. Follow a 24-hour rule – Set a personal spending threshold that requires you to wait 24 hours before making a purchase. To avoid impulse spending, tell yourself you have to wait at least one day before buying anything that costs more than $25. This can help you avoid impulse spending.

5. Buy used – With a little bit of extra time to search, you can often find great discounts on used items like cellphones, furniture, appliances, and textbooks.

6. Pay off credit cards on time – If you use credit cards, pay them off in full and on time. Avoiding paying interest on credit card purchases will reduce your additional expenses the next month.

7. Take advantage of discounts, coupons, and free stuff – You might be able to cash in credit card points for gift cards or redeem loyalty points at the grocery store. Your local library may have some of the popular novels and movies you might be tempted to purchase yourself, but for free. Local neighbourhood message boards often offer free items, including furniture. There are also sites that advertise free samples and coupons.

8. Use less energy – Spend less on heating and cooling your home. For example, don’t leave lights on when you’re not using them. Use less heat or air conditioning if you’re away from home or sleeping.

9. Use your car less – Save money on gas by walking (when the weather permits!) more instead of driving. And using your bicycle or taking public transit is often cheaper than using your car.

10. Pay cash – It may seem easier to use your credit card and then pay the bill later. But it can be sticking to cash can help you stay on top of your budget. Also, credit card bills charge high interest if you can’t pay the bill in full. Imagine buying a dinner on credit and still paying it off plus interest months later. Sometimes things end up costing you much more overtime than if you’d just paid in cash at the start.

Remember, budgeting is about trade-offs. If it’s important for you to keep weekly takeout meals, or daily coffees, look for other ways to either trim your spending or find alternative ways to bring in more income. Have fun with the process. Reach ou

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