By Carla Hindman, Director of Financial Education, Visa Canada
Fall is officially here. With the new season comes new reasons to spend money, including increased utility bills, winter wardrobes and upcoming holiday purchases. Here are some tips to help you fall into savings this season.
Winter proof your home: A little TLC during the fall season can go a long way towards saving on winter utility bills. Improve your home’s insulation factor by caulking or using weather-stripping on windows and doors, and consider cleaning out your gutters to help with drainage. Cleaning or changing your furnace filter and checking into any needed roof repairs are two frugal, essential habits to help prepare for the winter months. Looking for other cost-effective alternatives? Switch to energy efficient lightbulbs. They may cost more initially, but they’ll save you money in the long run.
Save on Appliances: Keep your eye out for household appliances that are in need of replacing. Stores often put items on sale during the fall season to make room for the latest models and new inventory. Don’t forget to ask about floor models for further discounts and savings.
Fall Clean Up: If your closets and storage spaces are stuffed to the brim, fall is a great time to clear them out and make some extra cash while you’re at it. Consider hosting a garage sale with neighbours or posting items on buy and sell websites. Clothing swaps are a fun idea and will give you the opportunity to get a new fall-fashion wardrobe without spending a dime.
Build a Budget: If you were a little lavish with your spending over the summer, the fall is a great occasion to get back to basics with your budget. Go over all of your expenses and look at where you can cut back. With the holidays coming up, the extra cash you save now will come in handy. Need help creating a budget? Budgeting calculators can help track your expenses and support you in saving for a goal.
Get Crafty: Spending money on autumn accessories or Halloween decor? Fall is a great time for DIY projects and can be a fun, cost-effective activity to enjoy with the kids. You can also get a head start on crafty holiday gifts.
Bottom Line: Finding ways to be frugal this season can help you save money, while allowing you to enjoy everything the fall season has to offer.
Article used with permission from Practical Money Skills Canada
This article is intended to provide general information and should not be considered legal, tax or financial advice. It’s always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.
References: Canada Revenue Agency