Saving money fast comes down to two things: cutting the costs that free up the most each month, and moving the money you free up somewhere you won’t spend it. A focused savings sprint of 30 to 90 days can rebuild an emergency fund, pay down a bill or give you a head start when saving for a down payment.
The ideas below are grouped by how much they can free up, biggest first, so the larger changes come before the small ones.
The biggest cuts: housing, transportation and food
Housing, transportation and food are large, regular costs in most household budgets, so a change to any of them can free up as much each month as many small cuts put together.
1. Lower your housing cost
- Share the cost. A roommate or renting out a spare room splits rent or mortgage costs.
- Negotiate at renewal. Asking whether a landlord will keep the rent flat, or lock in a longer lease, costs nothing.
- Move or downsize. A smaller unit, or a less expensive neighbourhood, lowers rent and often utilities, though moving has its own costs.
- Rent out what you don’t use, such as a parking spot or storage space.
2. Cut transportation spending
- Drop a vehicle. Selling a second car removes its payment, insurance, gas and maintenance at once.
- Switch some trips to transit, cycling or a carpool.
- Shop your car insurance at renewal, since premiums for the same coverage can differ between insurers.
- Drive more smoothly: gentle acceleration and braking use less fuel.
3. Spend less on food
Food is a large line in most budgets; the average grocery bill in Canada shows typical spending by household size. The quickest savings usually come from:
- Planning meals and batch cooking, so less food goes to waste and fewer meals get bought out
- Eating out less often, since the same meal usually costs less made at home
- Store brands, flyer sales and discount grocers
The full list of grocery strategies is in how to save on groceries, and some stores will price match a competitor’s advertised price.
Bills and subscriptions to cut this week
4. Cancel or pause subscriptions
Streaming services, gym memberships, music, cloud storage, meal kits and app subscriptions renew automatically and add up quietly. Searching your bank and credit card statements for recurring charges, and cancelling anything you haven’t used in the last month, takes an hour or less. Paused services can be restarted later.
5. Switch to a no-fee bank account
A chequing account with a monthly fee costs money every month for the same services a no-fee account provides. The best no-fee chequing accounts compares current options.
6. Move savings to a high-interest account
Money in a standard savings account at a big bank often earns very little. A high-interest savings account pays more on the same balance; current rates are in the savings account and HISA rate table.
7. Negotiate your bills
Internet, phone and insurance providers often have lower-priced plans or retention offers for customers who ask, especially customers who mention a competitor’s price.
Script: “I’ve been a customer for [X years]. I’ve seen [competitor] offering [price]. Can you match or beat that to keep my business?”
For a phone plan, a prepaid or flanker-brand plan can cost less than a plan from one of the large carriers; the best prepaid phone plans compares them, and cheapest internet plans does the same for home internet. A card’s annual fee is sometimes waived or reduced on request, too.
8. Use cashback apps and rewards
Cashback apps and store loyalty programs return a small share of what you already spend; the best cashback apps compares them, and the PC Optimum guide covers the loyalty program at Loblaw-owned stores and Shoppers Drug Mart. A cashback credit card does the same on card spending, as long as the balance is paid in full each month; see the best cashback credit cards.
Quick wins
9. Bring lunch and make coffee at home
A $5 coffee bought on each of 20 workdays comes to $100 a month. A lunch bought out every workday adds up the same way. Bringing either from home turns most of that into savings.
10. Use the library
Libraries lend books, ebooks and audiobooks (many through the Libby app), magazines, video games and, in some cities, museum or attraction passes, all free with a library card.
11. Turn the thermostat down
Lowering the temperature at night and while no one is home reduces heating costs, and a programmable or smart thermostat does it automatically. More ways to bring down hydro, heating and water bills are in how to save on utilities.
12. Cancel unused memberships
Warehouse clubs, professional associations and gyms you no longer use are easy to forget because they renew once a year. A no-spend month is another way to find spending you won’t miss.
Earn more alongside the cuts
Cutting costs has a floor; extra income doesn’t. Common ways to add income quickly include selling things you no longer use on Facebook Marketplace or Kijiji, freelancing, tutoring, delivery driving, seasonal or part-time work, and renting out a room. What each pays, and what it takes to start, is covered in the best side hustles in Canada and the best gig economy apps.
A 30-day plan
| Week | Actions |
|---|---|
| Week 1 | Cancel unused subscriptions, switch to a no-fee bank account, call to negotiate one bill |
| Week 2 | Plan the month’s meals, pack lunches, make coffee at home |
| Week 3 | Set up cashback apps, list unused items for sale, compare phone and internet plans |
| Week 4 | Set up an automatic transfer of what you’ve freed up to a savings account |
How to keep the momentum going
- Automate your savings. A recurring transfer on payday to a savings account or a TFSA savings account moves the money before it can be spent; that is the idea behind paying yourself first.
- Track your spending. Seeing where money goes keeps the cuts in place; how to track your spending covers spreadsheets, bank tools and apps. The best budgeting apps in Canada compares the options, including YNAB and Monarch Money, and YNAB vs Monarch Money sets the two side by side.
- Set a specific goal. “Save $5,000 by September” is easier to act on than “save more money”, and the savings goal calculator shows how long a monthly amount takes to reach it.
- Use a 24-hour rule. Waiting a day before any non-essential purchase over $50 filters out many impulse buys.
- Review monthly. Fifteen minutes at the end of each month to check subscriptions, bills and progress keeps the plan on track.
How much you can save in 3, 6 and 12 months
| Monthly savings | 3 months | 6 months | 12 months |
|---|---|---|---|
| $500 | $1,500 | $3,000 | $6,000 |
| $1,000 | $3,000 | $6,000 | $12,000 |
| $1,500 | $4,500 | $9,000 | $18,000 |
| $2,000 | $6,000 | $12,000 | $24,000 |
Deposits only; interest in a savings account adds a little more.
For a longer plan, how to save $10,000 in a year breaks a larger target into months, and the budgeting guides cover building a budget that keeps the savings going.