10 Ways to Make the Most of a Tight Budget

In 2013, Statistics Canada released findings from a 2011 National Household Survey at around the same time the U.S.-based Tax Policy Centre released findings from a study of their own. The latter revealed that where the population on the whole would earn a whopping 64 percent of their income from a regular paycheck, the top 1 percent of earners would earn only 39 percent of theirs from the same paycheck; they saw 29 percent of their income come from investments. In Canada, the survey found that just a third of earners reported investment income; but of those who did, the largest proportion of investors fell into the top ten percentile of highest earners - and it accounted for 56.7 percent of all income earned in this bracket.

So, in short, invest your funds and see if you can’t watch it grow over time.

Save yourself money in the long run by stocking up on that toilet paper that just went on sale this weekend. Seriously. This, like, never happens. It’s so cheap! Flip through the local flyers (save the paper and comparison shop flyers online at sites like) and find what other household goods you can stock up on now. Take the time to understand the average costs of items you buy regularly (bananas, cereal, paper towels - you get it) so you'll be confident in knowing a good deal when you see one. Your future self and wallet will thank you.

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Devote a whole day to finding coupons for things you might not have even thought you’d need. Or - just know which coupons count. Some stores give out regular coupon deals (a certain bulk store we know has a weekly $3 discount coupon) that you'll be able to count on for your budget. We've talked a lot about reward points in the past - treat those like coupons if they're a store you frequent often. And never (repeat: never) buy anything online without Googling for an online coupon code first - that's, like, just so wrong.

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And since you’re in the spirit anyway, you may as well go ahead and look for discounts on social outings via Groupon. Heck, why not even shoot for FREE events by keeping up with your local Meetup groups, radio station and/or tourism board. For one, it will help you reduce your entertainment bill for the month. For another, you will be the queen of planning things to do with your friends. Just call me Your Majesty, you’ll say, waving gracefully to your awestruck onlookers.

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Keep more of your money in your pocket by paying off high-interest bad debts. Unlike good debts, such as student loans and mortgages, bad debts such as credit card balances and car loans should be nipped in the bud right away - or avoided altogether - before they have a chance to wreak havoc with their interest rates.

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Assuming you have no more bad debts to eliminate, try putting up a down payment on a good debt, like a mortgage (it may seem like a struggle, but we got your back).

Even if you only start with $50, you can use a little bit of money from today to reduce the taxes you’ll owe tomorrow (tomorrow, next year - ta-may-toe, ta-mah-toe). Put money into an RRSP or TFSA, or talk to your financial advisor or accountant about the best way to be tax smart.

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Self-explanatory, but here goes anyway: Challenge yourself to brown-bag (or mason jar) your lunch to work every day this month. If you're spending even $10 a day on takeout, that's a serious cash sandwich you're saving for yourself.

Because, hey - why not? Hmmm… perhaps we’ll disregard that last tip (it wouldn’t be the most sanitary activity). Otherwise, short of rolling around in it, being cunning with your money can indeed help you make your budget behave like it’s twice its size.

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Ultimately, it boils down to one objective: Save yourself. Stretch a dollar instead. You might also like: how to boost your salary without getting a raise