Calgary Money Saving Tips

Even the brightest minds can let stupid and avoidable costs creep into their finances. You may focus on stretching every last penny, but if you are racking up costs that are avoidable, you’ll end up sabotaging yourself. Let’s discuss some simple money saving tips on the common expenses that you can avoid to improve your personal finances.

Traffic Tickets

One likely scenario is that you’re in a hurry and driving too fast or you just missed a “No Parking” sign. Consequences are that a police officer writes you a ticket worth $200 or worst case scenario, your car gets towed. You can easily avoid traffic tickets, and it’s to your advantage to do so. Apart from the fines that you’re charged with, traffic tickets also increase your car insurance rates and raise your long-term expenses. Besides, driving too fast will waste fuel and raise the risk of an accident.

Bank Fees

Banks charge their customers in many ways, whether it’s through ATM fees or overdraft penalties. The truth is that you can avoid most such fees if you simply pay a bit more attention to your bank statements.  Look for bank accounts that offer free checking and savings accounts or the ones that are paying interest on your balance. Leaving a small cushion in your accounts to prevent any overdrafts is also helpful. Try to avoid ATM charges by anticipating your future cash needs in advance so that you don’t end up turning to the closest ATM every time you’re running low on money.

Late Payments

Forgetting a bill is easy, and it happens mostly if you’re disorganized or if you have a bad memory. However, poor organization or bad memory are not legit excuses for paying late fees or higher interest rates. You can avoid late payments if you pay all the bills together each month on a specific day. You can also arrange a setup so that your bank automatically pays the bills as soon as they are issued.

Automatically Renewed Subscriptions

People often sign up for subscriptions or memberships that automatically renew every month, and this is done with the best of intentions. At the time, it may seem convenient that your gym membership will renew every month because you plan on working out regularly, but that doesn’t always work out as planned. Instead, you end up not using these services but pay for them anyway. Consider renewing these subscriptions and memberships on a regular basis and if you haven’t been using them, it’s time to say goodbye.

Negotiations and Untapped Discounts

Even if haggling isn’t common in your culture, there are several situations where you can get a better price if only you try to negotiate. A good example is buying a car; some people prefer to negotiate to get a better deal, while others just pay the listed price. If you’re not a fan of haggling or bargaining, you can get a friend to help you with it.