Budget and Money-Saving Tips

Saving $0.50 to $1.00 per day per person is something that most of us are able to do no problem. Even so, I have come across some really great tips that I hope will be helpful. Although I haven't revealed much about the vacation yet, the best time to start saving is now. I will have additional tips and ideas (including ones specifically for kids) once more is revealed about the vacation.

• Open a savings account at your bank exclusively for vacation savings. This is a very important step! At the end of each month, deposit all vacation savings into the savings account. This way you'll not only be less tempted to spend the money, but that money will earn interest while in the account. Doing this will require very little time and effort, but it will add up to huge savings.
  
• (On a related note, if you have credit card debt, it is more financially efficient to put these savings towards paying off that debt than putting it into a savings account. Once credit card debt is paid down, switch over to the savings account.)
  

• Find a container that you can use as your vacation jar.
  
• For families, one idea is to have dedicated piggy banks for each of the kids. Just before bed, for example, give each of the children a loonie to put in their vacation piggy bank. If you can afford to, add an additional loonie to the "family" vacation jar.
  
• At the end of each week, empty out all of the change in your wallet/purse/pocket into the vacation jar (picking out the toonies first is fine ;).
  
• (To take the last tip a bit further, never spend your quarters (or loonies even); save them for the vacation jar at the end of the week.)
  
• If you buy coffee on a regular basis, resolve to make the coffee at home and put it in a travel mug, then deposit the savings into your vacation jar. By skipping one large Tim Horton's coffee each day, you'll be saving over $500 per year.
  
• If you eat out a lot, calculate how much money you would save by cutting back by even once a week. By skipping just one fast-food meal a week, you can save $200-$300 per year.
  
• Have a garage sale (or a virtual sale on eBay.ca or Kijiji.ca), and deposit the earnings into the vacation savings account.
  
• If your bank will accept unrolled coins without charging extra, great! Otherwise, either roll them manually or consider using a CoinStar machine (we have one in our local Superstore). If using a CoinStar machine, only put in pennies, nickels, and dimes. The machines take a hefty chunk of 9% out of whatever you put in, so pick out the quarters and loonies (and toonies) first, and roll them separately.
  
• If you have no pressing financial needs (ha!), deposit your tax return into your vacation account. Or even half of it.
  
• If you have a credit card that earns cash back, deposit your cash-back cheques into your vacation savings account.
  
• Shop around for home and car insurance once a year. I recommend PC Financial Insurance (multiple cars will receive a discount, as will adding home insurance).
  

• And finally, resolve to not spend your vacation savings on anything else.