Sep 6, 2025
Whether you're saving for a specific goal or need to save money fast, here are eight tips designed to help you save money fast.
1. Drink more tap water
Want to jump-start your savings? Start by skipping sugary drinks. Turns out non-alcoholic beverages — any drink that isn’t water or alcohol — cost Canadian households an average of $2,150 per year (1)!
By replacing your pop, sport-drink or non-alcoholic beverage with tap water you save approximately $2.50 per day — about $912 per person, per year. As a couple saving up for a car or house, that’s an annual savings of almost $1,825 per year. For a family of four, that’s annual savings of $3,650.
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- Per-person Savings: $912/year
- Family of four Savings: $3,650/year
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2. Pack your lunch
According to Statistics Canada (2) Canadians spend an average of $12 per day eating out, which works out to roughly $240 per month. By making lunches at home — assuming an average food cost of $5 per lunch — you could save $140 per month, or $1,680 per year. While you end up saving money, you also get the added health benefits of choosing healthier food options, such as low-sodium and less processed food products.
- Per-person Savings: $1,680/year
- Family of four Savings: $6,720/year
3. Choose store brands
Generic grocery store brands cost on average 29% less than name brands — and often taste the same as name brand products! . Given that the average Canadian household spent $16,834 on groceries, in 2025, according to a report from Dalhousie University, opting for name brands could help reduce food costs.
For instance, if you opted to replace name brands with store brands for one-third of your grocery items, a family of four could save approximately $1,625 per year on groceries.
- Per-person Savings: $406/year
- Family of four Savings: $1,625/year
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4. Seal air leaks and reduce energy costs
According to the Huffington Post, the average Canadian household’s air leaks would sum to the size of a basketball; that’s a big hole! Sealing up holes in your home can save you as much as 30% on your energy bill. With average annual residential energy costs now more than $4,300 per year, even a modest 10% reduction from sealing leaks could save you $430 per year.
- Per-person Savings: $430/year
- Family of four Savings: $430/year
5. Skip paid gym memberships
Gym memberships in Canada now average between $37 and $72 per month for mid-range facilities, according to Fitness Avenue. Budget gyms cost, on average, between $10 and $30 per month, according to Fitness World. For a family of four, each with a mid-range gym membership that’s an annual cost of approximately $1,788.
By switching to body-weight exercises and cheaper community options, your family could save almost $1,800 per year.
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- Per-person Savings: $447/year
- Family of four Savings: $1,788/year
6. Cut the landline
Most Canadian households no longer rely on landlines. Eliminating one can save around $500 per year, especially if your cell plan covers everything and 911 access is available without a service plan.
- Per-person Savings: $500/year
- Family of four Savings: $500/year
7. Transfer high-interest credit balances
The average Canadian credit debt is around $4,415, according to a 2025 TransUnion report. . If you're carrying a credit card balance on a card with an annual interest rate of 19% or higher, consider consolidating this debt into a lower-interest loan. Your best options are to get a lower-interest personal loan — often called a debt-consolidation loan — or to use a low-interest credit card with a balance transfer promotion.
For instance, if you switched to a promotional low-rate card you could save around $300 to $400 per year in interest, depending on the size of your debt. Use those savings to pay off debt and you can further reduce the amount you spend on interest — and get out of debt sooner. [a
- Per-person Savings: $350/year
- Family of four Savings: $350/year
What is the best credit card in Canada? Compare more than 140 cards in just 5 seconds.
8. Make your coffee at home
Buying a medium coffee every day at a cost-competitive location, such as Tim Hortons, will cost you between $1.55 and $2.35 per day — about $566 to $858 per year. Buy that same medium coffee at a more expensive location, such as Starbucks, and you’ll spend approximately $1,278 to $1,460 per year on your daily coffee habit.
To save money, consider brewing your coffee at home. Even if you slash your Tim Hortons or Starbucks habit by half, you could still save a few hundred dollars per year.
- Per-person Savings: $283 to $1,460/year
- Family of four Savings: $1,132 to $5,840/year
Bottom line
By following these tips, a single person can easily save more than $5,000 per year, while a family of four could save more than $20,900 in a year. To keep these savings habits going, consider ways to track your spending and look for local budgeting tools or apps to help you find additional savings. Another option is to explore cashback programs and loyalty programs. By integrating these smart changes, every Canadian can save $5,000 or more per year with minimal lifestyle disruption.
Article sources
Statistics Canada (1); Household spending, Canada, regions and provinces (2)
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Romana King is the Senior Editor at Money.ca. She writes for various publications, and her book -- House Poor No More: 9 Steps That Grow the Value of Your Home and Net Worth -- continues to be an Amazon bestseller. Since its publication in November 2021, this book has won five awards, including the New York CPA Society's Excellence in Financial Journalism (EFJ) Book Award in 2022.
