How to Start Saving Money

It has been said that the man who never has money enough to pay his debts has too much of something else. That “something else” could be different things for different people, whether it’s too many belongings, too big of a house, or too much credit card debt. If you feel like your savings account is steadily shrinking, there are many simple things you can do to get out of debt and build up your savings again. We split up our tips into three categories: Budget Your Bills, Shop Smart, and Cut Back on Costs.

Budget Your Bills

  • Budget. You can’t plan to save without making a plan. Sit down with your spouse and decide on how much you should spend in each area (food, clothing, utilities, etc.). Monitor how much you are spending each month and adjust your budget goals accordingly. If you spend more on something in a given month, evaluate why this happened and if adjustments are needed.
  • Use your savings. Whether it’s 1% or 20% of your pay-check, make sure you are setting aside a chunk of money each week and putting it into your savings account. This will definitely come in handy in the case of a financial emergency.
  • Pay bills on time. Avoid late fees by paying off credit cards and other bills on time.
  • Compare insurance options. Consider the most cost-effective insurance options and pass on “benefits” that won’t save you money in the long run.

Shop Smart

  • Use coupons and special offers. Are those coupons you get in the mail going straight to the trash? Using coupons and offers to plan your meal menu can save you a lot of money.
  • Make a grocery list. Going to the grocery store without a plan is a sure way to spend more money. Decide what you need to buy ahead of time so you’re not buying whatever looks good in the moment.
  • Cut back on convenience foods. Fast food, restaurants, and microwave meals: a triple threat in debt disaster. Cut back on food costs by making your own food and bringing a packed lunch to school or work.

  • Buy reliable appliances. Appliances that work correctly and efficiently can save you a lot of money in the long run by not needing repairs or replacements. In addition, investing in a good HVAC system can save heating and cooling costs.

Cut Back on Costs

  • Rethink TV and phone bills. Do you really need those extra channels or perks? Decide which costs you actually need and which are sucking away your money.
  • Give up expensive habits. Cigarettes, alcohol and drugs or even more innocent purchases like coffee and soda, can make a big dent in your wallet. Reduce them or cut them out completely.
  • Buy things in bulk. For items you need constantly (toilet paper, diapers, soap, etc.), invest in bulk purchases and save lots of money in the long run.
  • Master the thirty day rule. If there’s a big purchase you really want, let yourself think about it for thirty days. If it doesn’t seem quite as appealing after thirty days, spend the money on something less expensive (and more necessary) instead.

While these tips can help you, we know that day to day living can be difficult. If you are experiencing financial stress, we urge you to meet with us for more debt relief advice. We can help you file a bankruptcy application and explore debt relief options. Call Exelby & Partners Ltd. at 1-800-323-0097 and feel the enormous relief of being debt free.


We care about your financial state, and we will do whatever we can to get you back to financial security, while minimizing your stress levels during a difficult time.