Three Easy Tips for Saving During Tough Economic Times

When we find ourselves dealing with tough and unprecedented economic challenges, it’s helpful to adjust how we spend and save to ensure the best financial outcomes for us and our families.

For some of us, this can be easier said than done. Sometimes finding opportunities to save money can seem more realistic in theory than in practice. But rest assured, there are some quick and easy ways to save during tough economic times.

Here are a few easy tips:

Plan your meals in advance

Meal planning for a set period (whether for a week or a month) can be an incredibly effective way of saving money. Not only does it help you decrease the amount you spend on dining-out, food delivery or expensive meal kits, but it also helps you create, and stick to, a set budgeted amount of groceries.

Consider paying cash where you can

The less you use your credit card, the less you have to worry about incurring high-interest rate expenses. Also, by bringing cash with you when you leave the house and committing to only spending what you have, you avoid spending over budget or making expensive impulse buys.

Review recurring charges

By reviewing the membership fees and subscriptions that are automatically debited from your account, you can ensure that you are not allocating funds for a product or service that you don’t use. Also, it’s important to review recurring charges regularly as some may renew automatically.

As you adjust your spending habits, know that by contributing to the PSPP you are saving money for your future retirement.

If you need advice on making informed decisions around your pension, contact our Client Care Centre or book a one-on-one meeting with a Client Service Advisor by logging into e-services(opens in a new tab).