This last winter was a brutal one for the prairies, but while there may still be snow in nooks and crannies, the sunny season is here, and although we’re still coming out of pandemic isolation, perhaps it’s time to start saving for that destination trip when things are safe to do so!
Here are our top 10 tips for saving money this spring!
#1 Switch to a Bank Account that Works for You
Depending on where you go and what kind of account you have, your banking may actually be charging you fees for unnecessary services. At Encompass Credit Union, our eChoice Accounts have zero monthly fees and unlimited online transactions! Pick one that works best for you.
#2 Start Paying Off Credit Cards and Debt
Paying off your credit cards may not sound like a strategy to save money, but the idea here is focused on long-term savings rather than short-term gains. The more you pay off now, the less you’ll have to pay in interest fees over the next months or years.
#3 Contribute to Your RRSPs and TFSAs
RRSPs and TFSAs are the main ways for Canadians to save for retirement, but they are also a great way to make more of your money tax-free. Putting money in these accounts may mean less money for you right away, but you will see dramatic savings come tax season.
#4 Eat More Homecooked Meals
Heading out to different restaurants may open your tastebuds to different cuisines, but it will also open your wallet to expensive bills. Studies show that cooking at home can save the average person $16 per meal compared to eating out, and that can mean more money for traveling to these locales. Of course we all want to support our local restaurants, once everything opens up after COVID-19, but do so keeping your budget in mind.
#5 Spend More Time Enjoying the Outdoors
With all the different streaming services available, it can be easy to come home from work and spend all evening in front of Netflix. However, spring is the time to enjoy the outdoors, and a hike or stroll with friends can provide more joy for less than the recurring cost of streaming services, at least until there’s another Tiger King…
#6 Maintain Your Air Conditioner
Air Conditioning systems can be a big expense for homeowners, but those costs are even worse if your AC is not properly maintained. AC filters that are not changed regularly can lead to systems working harder to create cool air, and that can mean higher bills for you. Since most Albertans don’t have air conditioners, this should also be used to think about your furnace, since we both know that at some point in the spring and summer, you’ll have to turn it back on…
#7 Walk Wherever You Can
Spring is the time to enjoy the outdoors, but that doesn’t just have to be for trips to the park or country. Try walking or biking when running errands or meeting your friends, as this will save you money on gas as well as show you the hidden gems in your neighbourhood. Walking trails around our communities are a great way to spend an afternoon.
Looking to travel this spring and make it a memorable season for years to come? Call Encompass Credit Union today at (780) 842-3391 and find out how our team of financial experts can help you save for wherever you want to go!
