Good habits we've gained from the recession

Good habits we’ve gained from the recession

Posted on October 14, 2009 by Flyerland

Throughout the recent economic meltdown many people started cutting back on their spending and living on less. The Canadian economy is moving toward recovery, but it still pays to be frugal, especially when you’re saving for the things you really want. Maintaining your recession shopper savings strategies—even in good times—can help you keep more cash in your pocket.

Here are just a few of the valuable lessons learned through the recent financial crisis that we should keep in mind no matter how the economy is doing.

• Review your spending habits. Do you know where your money is going each week? One tried and true trick is to track every purchase for a week or two. Write down everything from the grocery bill to the cost of your morning latte. You will likely see spending patterns emerge and places where you can cut back and save.
  
• Use a shopping list. More people are using—and sticking to—lists to plan shopping trips. This helps to avoid over-spending or purchasing items you don’t need. And, why not try shopping for things like groceries online, where there might be less impulse buys if you can’t see and smell the goods.
  
• Shop the sales. Who doesn’t like buying stuff on sale? Check out Flyerland.ca for the latest flyers—not only for deals on groceries but clothing, electronics, furniture, home improvement and much more!
  
• Buy in bulk. When you find a great deal on the items you use every day—food staples and non-perishables, cleaning supplies, laundry detergent or dog food—stock up and save.
  
• Try other stores. If you shop at the same supermarket you could be missing out on super savings. Flyerland.ca posts flyers for all the major stores, making it easy to compare prices.
  
• Use points cards. When your favourite products are on sale or can earn you bonus points, buy a bunch. The points add up and can save you money on future purchases. Take a few minutes to register for the points program at your local stores. Shopping at Sobey’s, Loblaws, Metro and Shopper’s Drug Mart can earn you points, and that adds up to savings. The caveat is to make sure that you are buying things that you need or use often.
  
• Invest your savings. People are budgeting smarter and planning better. And with all the money you’re saving there are ways to invest. Contribute to an RESP for your children, or open a Tax-free Savings Account and save up to $5,000 each year without paying tax on the interest. You can also use your savings to pay down your mortgage or up your RRSP contribution—your financial planner can recommend the strategy that’s best for you.
  

By Debbie Frye, General Manager, Flyerland.ca