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Money Saving Tips on 3 Daily Expenses

Updated on Tuesday, October 29, 2019

Saving money ideas

The Price Tag on These Everyday Expenses May Surprise You

If you're like most of us, you typically drink coffee, eat a few meals and need transportation every single day. Usually we don't stop to think about these costs because they tend to be small increments here and there. But when we start evaluating what we might be unwisely spending our money on, we may start to realize that there are hundreds or even thousands of dollars we could be saving every year. Keep reading for money saving tips on some everyday expenses to help you be a savvier spender.

1. Meals

One of the most basic principles of life is that we all need to consume nutrients to fuel our bodies. But how much we spend is completely up to us. Many of us know that cooking at home takes time. Time to plan out meals, time to shop for ingredients, time to prepare the food, and then more time to clean up the mess. Getting food from a restaurant - whether it's a sit down meal, drive thru or takeout - is certainly the easier option. But what if we told you that by cooking homemade meals every night, you could save on average $12 per person per meal? Typically, a meal made from outside the house costs $20 per person (not including tipping the waitstaff!), while a meal made at home usually only costs around $8 per person -not to mention savings from bulk buying, shopping sales or using coupons! A great way to continually save on meal expenses is to make larger quantities so there are leftovers that can be taken for lunches, eaten as a snack or even reheated the following evening for another meal. The prep, clean up and cook time will be significantly reduced when you start utilizing leftovers to their full potential! Not a leftovers person? If you have extra food, don't throw it out! Search online for ways to repurpose the leftovers for a new meal.

2. Transportation

We all need a way to get around either to go to work, run errands, visit family or generally just get from place to place. For some this may mean a bike or walking, and for others this may mean owning a vehicle. If you own a vehicle or are thinking about purchasing one, there may be some things to reconsider before you do. Something like opting for public transportation over your vehicle may be a great way to save some expenses. Taking public transit will most likely be ten times cheaper than owning your own vehicle. According to globalnews.ca, on average, it costs a little over $900 a year for adult public transportation passes in Canada. That is a fraction of the cost when you look at purchase costs, interest on a loan, maintenance, insurance, parking fees and gas that come with owning your own vehicle. Plus, many areas are adopting extremely easy-to-navigate public transportation systems with wonderful online websites or mobile apps to easily store e-tickets, schedules and view routes, making this significantly cheaper option even more appealing.

We recognize that taking public transportation isn't feasible for everyone due to the area they live in or how far they need to travel. Don't fret! We still have money saving tips for vehicle owners. Consider carpooling with someone that lives in your area or works near you. You can split gas or, if they also have a car, alternate which days you take which vehicle. This can reduce the wear and tear on your vehicle, or at the very least, save a little money at the pump.

3. Coffee

We all love a steaming hot cup of Joe, right? Well, have you ever thought how much money you may be spending just by running to your favorite coffee shop a few times week (or in some cases, a few times a day, don't worry, your secret is safe with us). According to Statista.com, specialty coffee shops charge an average of $5.25 a cup. This comes out to a little over $26 a work week, $105 a month, and almost $1,300 a year. And that's just 1 cup a day, woah! By brewing your coffee at home, you could significantly cut down your coffee spending. Pick up a coffee machine at your favorite home goods store, select your favorite coffee beans, and get to brewing! If plain coffee isn't your thing, many grocers carry quality add-ins to give your caffeine-boost that extra something. Another great money saving tip for coffee is to take advantage of coffee at your workplace! They are providing a huge savings, potentially upwards off $1,200 worth.

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The information provided on our blog is for general informational purposes only. All information is provided in good faith, however we make no representation of any kind, express or implied, and should not be considered professional financial investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

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