Are you prioritizing saving more money in 2025? You’re not alone. Many Canadians recognized the need to tighten their budgets well before setting their New Year’s Resolutions. According to a June 2024 Ipsos report, over 75% of Canadians have already adjusted their spending habits due to the rising cost of living. Despite a strong desire to splurge, most people found it increasingly difficult to save, with 74% reporting challenges in setting money aside. So, how can you save more when inflation is raising the cost of nearly everything? The answer lies in adopting a savings mindset and sticking to it year-round. Read below for a guide on how you can begin your 2025 savings challenge.
The 28-Day Savings Challenge: Build Better Financial Habits
Sun Life introduced a 28-day challenge designed to help you change your financial habits, one day at a time. These small steps can lead to big savings if you maintain them long-term. Here’s how to get started:
Day 1: Track Every Expense Use an app or notebook to record your daily spending. This will help you identify unnecessary expenses.
Day 2: Prioritize Paying Off Debt Focus on clearing debts with the highest interest rates first. Limit credit card usage to essentials to avoid piling on more debt.
Day 3: Download a Budgeting App Gain control of your finances by tracking your income and expenses. Check out money.ca for top budgeting apps for Canadians.
Day 4: Learn to Say “No” Before making a purchase, ask yourself if it’s necessary. This simple question can help you save more.
Day 5: Set Up Automatic Savings Start small with $50 weekly automatic deposits into a savings account. By the end of the year, you could have $2,600!
Day 6: Adopt Money-Saving Habits Simple changes, like lowering your thermostat or using LED lights, can add up to significant savings.
Day 7: Share Your Goals Talking about your savings goals with friends can keep you motivated and accountable.
Day 8: Compare Insurance Rates Shop around for better insurance rates. A financial advisor can guide you through the options.
Day 9: Reevaluate Your Cell Phone Plan Make sure you’re not paying for services you don’t need. Explore cheaper alternatives.
Day 10: Ask for a Raise As Cliff Wiegers says, “If you don’t A.S.K., you won’t G.E.T.” Don’t hesitate to request a raise!
Day 11: Plan Free Activities There are plenty of no-cost activities in your city. For instance, Saskatoon offers a range of free options listed on Trip Advisor and the City of Saskatoon’s website.
Day 12: Use Gift Cards Don’t let gift cards go to waste—use them to offset expenses.
Day 13: Cook at Home Home-cooked meals can save you a significant amount compared to dining out.
Day 14: Pack Your Lunch Prepare larger meals at home and pack leftovers for lunch. It’s a time and money saver.
Day 15: Cancel Unused Subscriptions Review your monthly subscriptions and cancel those you don’t need.
Day 16: Get Advice from Others Ask friends and family for their best money-saving tips or follow personal finance influencers online.
Day 17: Buy Second-Hand Opt for pre-owned items instead of new ones. Sell unused items to declutter and make some extra cash.
Day 18: Shop for Gifts Early Avoid last-minute shopping to take advantage of sales. Shopping local can also offer unique and budget-friendly options.
Day 19: Use Up What You Have Before buying more groceries, commit to using what’s already in your pantry.
Day 20: Choose Budget-Friendly Meals Search for affordable, delicious recipes online and plan your weekly meals around them.
Day 21: Plan Your Grocery Shopping Take advantage of weekly grocery store deals and stick to your shopping list.
Day 22: Freeze Leftovers Save leftover meals for future use. It’s a convenient way to avoid food waste.
Day 23: Pay Bills on Time Avoid late fees and interest by paying bills on time. Set up automatic payments for added security.
Day 24: Consider Shared Living If you’re open to it, living with a roommate can significantly reduce your housing costs.
Day 25: Have a No-Spend Day Challenge yourself to go 24 hours without spending anything. You’ll be surprised at how much you save.
Day 26: Resist Impulse Purchases If tempted to make an impulse buy, wait 30 days. Chances are, you’ll realize you didn’t need it.
Day 27: Consult a Financial Advisor A financial advisor can help you develop a personalized savings strategy. Consider reaching out to the experts at Wiegers Financial & Benefits.
Day 28: Enjoy the Rewards As you see your savings grow, you’ll find that saving money can be just as satisfying as spending it.
Save More, Worry Less
Inflation may make saving harder, but by adopting these financial habits and sticking to them, you’ll be better prepared for the future. And if you ever need guidance, your financial advisor is just a call away. Happy saving!
High inflation makes saving money more challenging but by changing your financial habits, and sticking with them over the long-term, you can come out ahead – and more easily than you might have thought. Any time you are feeling uncertain or need reassurance, you can reach out to your advisor for help. Happy saving!
Insurance Representative, Wiegers Financial and Insurance Planning Services Ltd.
Financial Planner, Manulife Wealth Inc.
The opinions expressed are those of the author and may not necessarily reflect those of Manulife Wealth Inc.
The Advisor and Manulife Wealth Inc. (“Manulife Wealth”) do not make any representation that the information in any linked site is accurate and will not accept any responsibility or liability for any inaccuracies in the information not maintained by them, such as linked sites. Any opinion or advice expressed in a linked site should not be construed as the opinion or advice of the advisor or Manulife Wealth. The information in this communication is subject to change without notice.