Clever Ways to Save Money at Home and Cut Household Expenses with Ease

Utility bills continue to rise across Canada, but homeowners can make smart choices to cut expenses. The average Ontarian can save hundreds of dollars annually by following these tips.

Let’s start with different ways to save money at home by understanding smart cost-cutting maneuvers, efficient appliance choices, professional installation and maintenance, and monthly budget planning.

1. Save Energy Costs with Energy-Efficient Appliances

If you’re looking to control your household expenses and curb rising energy bills, the most common denominator in out-of-budget scenarios should be the first thing on your list. Choosing energy-efficient appliances is one of the many ways to save energy and cut costs.

The Government of Canada encourages homeowners to replace their existing appliances with ENERGY STAR-certified products. You can ask your landlord to do it for you if you’re renting. Let’s discuss some commonly used appliances that add up units, and what you can do to save money. 

Air Purifiers

Air purifiers, also known as air cleaners, are electric devices that remove pollutants from indoor air and keep it clean. An energy-efficient air purifier uses up to 25% less energy than traditional ones.

Regular maintenance is key to keeping your purifier running efficiently and minimizing energy consumption. By regularly maintaining your purifier, you improve its performance and reduce your electricity bill.

Air Conditioners

There are two types of air conditioning systems: split systems and packaged central air conditioning systems. Split systems have separate indoor and outdoor units, while central ACs house all components in one cabinet. Energy-efficient units consume about 8% less energy than standard models. 

Choosing the right system is up to you, but professional AC installation plays a key role in maximizing efficiency. An expert will assess your home’s cooling needs and recommend the best-sized unit, helping you save both energy and money. 

Boilers

A boiler system heats the space and water inside or outside your home. Space heating accounts for a large percentage of your energy usage and is a good opportunity to cut costs. Energy-efficient boilers use approximately 10% less energy than standard boilers, helping you save money. Hire an HVAC professional to install and maintain the boilers.

Smart Thermostats

Installing a smart thermostat is one of the best ways to save energy. It detects your preferred temperatures throughout the day and creates a routine around it, reducing your electric bill.

When used with a heat pump, this device automatically switches between alternate fuel sources for your heating system to conserve energy. You can program it to adjust temperatures for specific parts of the day, or let it detect and make changes on its own.

Heat Pumps

Installing a heat pump is an efficient way to keep your home warm. They transfer heat rather than generate it, conserving energy year-round. When choosing a heat pump, look for Heating Seasonal Performance Factors (HSPF2) and Seasonal Energy Efficiency Ratio (SEFR2) ratings. The higher the rating, the better the performance. HVAC professionals can help you pick the suitable energy-efficient model and size for your home.

Furnaces

The heat exchanger inside the furnace warms up the air distributed via ducts throughout the house. An ENERGY STAR-certified air furnace fuelled by gas, approximately, consumes 6% less energy and the one fuelled by oil takes up 9% less energy than standard models. 

Ask a knowledgeable heating contractor to calculate your home’s heat requirements and install a relevant furnace. Have your contractor perform regular maintenance checks to ensure your furnace keeps working efficiently. Additionally, you can be eligible for tax refunds in certain provinces if you choose energy-efficient appliances. 

2. Cut Cell Phone Bills

Use a second-hand cell phone to save some bucks on your cell phone bills. The bring-your-own-device (BYOD) cell phone plan is considerably cheaper than getting a new device with a new line. Asking for discounts on your regular plan is also an effective way to cut costs.

Check your usage to determine whether you’re maximizing your plan to the fullest. Choose a cheaper option if it meets your requirements. Otherwise, you can always change your carrier. Many low-price phone plans are available. Explore your options to find the right one.

3. Lower Your Rent

Rent takes up a big chunk of your monthly income and can put you in a tight spot if you’re not careful. Moving from a three-bedroom condo to a two-bedroom apartment can save you hundreds of dollars every month. 

If switching isn’t an option, try finding a roommate to share your place. This will divide the rent and if negotiated correctly, the utilities between two people. 

Lastly, if you’re not up for moving or sharing, negotiate the rent with the landlord. Let them know you’ll extend your lease or even do repairs to persuade them.

4. Bundle Up

One of the best ways to save money is to bundle up your cell, cable, and network service providers. Many offer an internet+TV+cell phone plan combo, which is great if you want to pay less for more services. 

5. Travel Smartly

With a surge in gas prices, transportation costs have automatically gone up. Here are some clever ways to save money while commuting.

Carpool

While it may not be an option for everyone, sharing a ride with other commuters beats paying hundreds of dollars in car insurance every month. Besides, you end up paying only a fraction of what you’ll have to pay when travelling in your vehicle. Join a ride-hailing service and pick up people when you leave for work to save money on fuel. 

Compare Vehicles

Before you make a down payment, compare different types of vehicles. For example, you can save a lot of money by going electric or hybrid. While the upfront costs may be high, either option can save you money in the long run.

Slow Down

Driving just under the speed limit is not only safe, but also cheaper. It allows you to reduce fuel consumption, stay in control, and, above all, avoid costly tickets. 

Image source: Pexels

6. Bring Down Food Costs

Grocery prices have skyrocketed all across Canada after the pandemic. What used to cost a loonie before 2020 now costs at least a toonie. Here are some ways to control your food costs:

Eat Before You Shop

Buyers tend to make more impulse purchases when grocery shopping on an empty stomach than after eating. Therefore, have your fill of food before leaving home to shop. It can help you save that extra cash.

Make a List

Whether you’re buying paper towels, toilet paper, or looking for something big, such as a new water heater, always make a list. Things can quickly get out of hand at the counter if you don’t plan the grocery trip. 

Compare Prices

Download the Flipp app to compare prices whenever you’re buying groceries. It’s a great money-saving application that lets you check product prices and big deals in your area. For stores that allow price matching, you can always show them lower prices to get a discount. 

Dine Out Wisely

One of the cleverest ways to save money when dining out is to order an appetizer instead of an entree. Doing so shaves at least $5 to $10 off your bill, depending on the type of establishment you choose. 

Another way to lower the food total is to look out for specials. Deals like buy-one-get-one and Taco Tuesdays are perfect for couples dining out on a budget. Batch cooking is another excellent way to save time and money, especially when working double shifts. 

Image source: Pexels

7. Assess Your Requirements

Don’t spend money on what you don’t need. Getting carried away while shopping can hurt your savings plan more than the actual purchases. Here’s how to be smarter with your money:

Consider Thrifting

Shopping for sandals from your favourite brand might put your heart at ease, but it can also put a big dent in your savings. Whenever you want to buy things you don’t need, check out your local thrift store or Facebook Marketplace, they are excellent options to score brands for less. 

Keep Track of Your Money

Track your monthly cash inflow and outflow to meet your savings goal. Credit card debt and mortgage payments can be crippling, especially for someone who’s already in a tight financial spot. 

Avoid making purchases with high interest rates, and explore financial products with your financial institution that can bring down your existing bills. Don’t forget to cancel any streaming services or subscriptions you don’t use.

Setup an Emergency Fund

Your dream vacation can wait. For now, focus on building up at least six months’ worth of emergency funds in a savings account. Only use that money for emergencies, nothing else. It might not be enough for your retirement plan, but as the saying goes, when the going gets tough, the tough gets going.

8. Steer Clear of Impulse Buying

Impulse spending is one of the biggest contributors to mounting debt and constant stress. Always sleep on a purchase whenever you want to buy something. Changing your spending habits can help reduce unnecessary expenses. 

9. Trade Goals

Trade your short-term goals for long-term goals by making smarter choices. For example, buy a used car that gets you from A to B instead of financing one that sets you back thousands of dollars each month. That flashy vehicle may turn heads, but it’s not a smart move if you’re rethinking your spending limits.

10. Optimize Household Expenses

Managing household expenses smartly can mean saving on bills for the long term. Here are some practical ways to cut household expenses:

• Use cold water for laundry—Heating water consumes more electricity.
• Turn off unused appliances—Unplug devices like microwaves, TVs, washing machines, or other systems when unused.
• Program your thermostat—Set it to adjust temperatures when you’re away to save on heating and cooling costs.
• Opt for a dual-fuel heating system—This improves energy efficiency year-round.
• Choose store brands—They often offer the same quality at lower prices.
• Extend your clothes’ lifespan—Proper care reduces the need for frequent replacements
• Shop for clothes only when necessary—Avoid impulse shopping to keep spending in check