We asked readers of CTV.ca and CanadaAM.ctv.ca to share their tips for saving money during tough economic times. And you came through! Here are some of the submissions we received from tighwads and skinflints alike.
Steve from Bowmanville, Ontario:
Sometimes things are cheap because they are being made in China for wages in the realm of pennies an hour. I pay more attention to where something is made than I do on pure price. If something is a little more expensive but manufactured in Canada instead of China then I know that someone is being paid a fair wage to make that product, they aren't being paid cents per hour of labour.
This is an important concept to support the equitable distribution of wealth in this country. People complain how much unionized workers make then they turn around and buy something made in China at Wal-Mart instead of supporting the people that manufacture products for $10/hr in our own country. Buy Canadian so Canadians won't lose their jobs and companies can afford to pay better wages instead of supporting the unethical slave labour behaviors in countries like China.
Stevie:
If people never got themselves into so much debt in the first place, none of this would be happening!
jonwiggens via Twitter:
Tracking my expenses with Quicken Online has been a HUGE help in the past few weeks. Tightwad? No. Frugal? Absolutely.
sarniagerry via Twitter:
Plan all shopping trips. Put several people in the car too. Don't fill the tank every time. The price could drop any second.
moonslark via Twitter:
Tip for saving money during the recession - avoid buying $5 lattes! Make your own or switch to tea!
zigginet via Twitter:
I have taken a round or pot roast cut it against the grain...marinated it and served it as you would steak.
Kit from Calgary:
For years I have lived below my means and saved at least 25 per cent of my salary. This means buying a cheaper house than I could afford and paying it off as quickly as possible, replacing shopping with walking, and eliminating most credit cards.
If I can't pay the balance in full at the end of the month, it is taken out of my wallet until I do.
I do not hang out with money oriented people - as I do not have the self control to not spend money when I'm with them.
As long as consumers live within their means they will have no serious problems with credit cards, mortgages etc!!
Retired soldier in Kingston, Ontario:
As a professional soldier I was susceptible to mandated moves to every province in Canada every three years. Therefore, my wife and I had to become adaptable, frugal and thrifty to survive military pay freezes during the 90s and different provincial income tax rates which could really impact your budget!
Not to mention spousal unemployment once the military moved us to a new location!
A good way to "increase" your hard-earned take home pay is to wait till desired items go on sale at stores. Ensure you wait till items are priced at least 20 -25 per cent off! And if you don't need it, don't buy it!
Also, research tax breaks for the latest tax year and scour your yearly income tax form for possible deductions. Claim everything you legally can! Also, if you can afford it, contribute to a personal RRSP to reduce tax payable to Revenue Canada.
And, get rid of expensive cell phones whose exorbitant plans make your phone company rich. Also avoid eating out to excess by learning to cook at home!
Finally, arrange trips in such a way that multiple errands are completed in one trip, thereby avoiding numerous costly fillups at the pumps!
And remember to treat yourself to dinner once a month at a decent restaurant to break the monotony! Remember, those savings can go toward paying off the mortgage, previously unaffordable cruises, that new spring coat, etc. etc.
