Oct. 15: Spend Less

October 15, 2026

Spending less – the key to freeing up money to save

We’ve all been there – once the groceries are put away, the car is gassed up, the rent’s paid and the credit cards fed, there’s often very little left for the piggy bank.

Save with SPP decided to scour the Interweb for some ideas on how to address the chief cause of not saving – spending. What do people think we can do to spend less, and ideally, leave more for longer-term saving?

Let’s kick things off with the Be More With Less blog, who offer up a couple of dozen ideas on the topic.

Consider, the blog begins, “going car-free or car lite.”

Even if you have no car loan, keeping a vehicle on the road is not cheap, the blog contends. “Our car cost roughly $300 per month. Expenses like insurance, gas, depreciation, and parking fees add up fast,” the blog notes. So, the authors suggest, walk, take the bus, carpool, or even go down to one car from two.

Another idea suggested by the blog is a shopping ban. Say what?

“Try a month of no online shopping, or no Amazon shopping. These small changes will make a big difference,” the blog suggests.

Another one we’ve tried recently – join your local library.

“Before I joined the library, I spent roughly $150 on books each month. Joining the library has saved me a lot of money and has provided me with quality entertainment! I still buy books; just less often. Also, I like donating used books and money to my local library,” the blog notes.

Finly Wealth has some additional ideas.

Build a budget, the blog suggests.

“To effectively cut back on unnecessary expenses, you need to build a budget,” the blog begins. “Jot down which portion of your monthly income covers necessities like rent, bills, groceries, and gas, then see what’s leftover. These leftovers can be converted into savings or investments.”

There’s even a formula for this, the blog adds:

• “Designate 50 per cent of your income to needs (rent/mortgage, bills, groceries)
• Use 30 per cent of your income to cover wants (dining out, new jeans, home decor)
• Then, the last 20 per cent of your income should be contributed to your savings”

Once you have freed up money, via budgeting, for savings, make those savings automatic so you aren’t tempted to spend the money before it even gets to your savings account, the blog suggests.

“If you’re a procrastinator (which, let’s face it, many of us are), then you can help yourself out by setting up automatic transfers from your chequing account to your savings account once or twice a month – or as often as you get paid,” the blog recommends.

A final tip – use cash instead of credit.

“The physical transaction of cash and the feeling of emptying your wallet is enough to keep you budget-conscious. When you shop with cash, not only do you have a physical and strict budget to stick to, but you’re also watching your balance shrink in real time,” the blog advises.

“It’s a completely different story when you use a credit card, not only can you spend more money than you actually have, but it’s also much easier to get `tap-happy’ and continuously tap, swipe, or insert your card without noticing much consequence,” the blog concludes.

The Spergel website provides a few more ideas.

“Embrace meal planning,” the site suggests. “Food is one of the largest household expenses in Canada.” The site suggests you can save by:

• “Planning weekly meals around grocery store sales.
• Buying in bulk for non-perishable items.
• Cooking at home instead of eating out.”

Buy things second hand, rather than brand-new, by going to thrift stores, yard sales, and online via sites like Kijiji, the site continues.

Review any subscriptions you have and cut the ones you aren’t using, the site concludes.

“Streaming services, gym memberships, and magazine subscriptions can add up. Cancel those you don’t use regularly and explore free alternatives,” the blog notes.

The money you “find” from keeping a closer eye on your spending can find a great home in your long-term savings. If you’re saving on your own for retirement, the Saskatchewan Pension Plan is a great resource.

You provide the savings – any amount up to your annual registered retirement savings plan limit – and SPP will invest them in our professionally managed, low-cost, diversified pooled funds.

You can automate your contributions (PAC-PCC-application.pdf) from your chequing account or credit card or can set SPP as a “bill” via online banking. It might be the only bill that pays you back one day.

Once work is done, you can contact SPP to collect your savings as retirement income. Options include a lifetime monthly annuity payment or the flexible income via our Variable Benefit.

Check out SPP today!

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Be More With Less, Finly Wealth, Spergel

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