.jpg)
Whether your goal is to buy a home, establish an emergency fund, or simply create a stronger financial future, these five practical money hacks can help Canadians boost their savings in 2025 and beyond.
1. Automate Your Savings to Make It Effortless
One of the biggest challenges people face when saving money is consistency. If you’re relying on manually transferring money to your savings account each month, it’s easy to forget or feel tempted to skip a contribution. The solution? Automation.
How it works:
- Set up an automatic transfer from your checking account to a high-interest savings account each time you get paid.
- Use financial apps like KOHO or Wealthsimple that round up your purchases and save the spare change.
- Take advantage of banking features that move a percentage of each deposit into your savings.
By making savings an automatic process, you’ll consistently build your fund without even thinking about it.
Another great approach is setting up multiple savings accounts for different goals. Whether it’s a vacation fund, an emergency savings account, or a down payment for a home, separating your money helps you stay on track.
2. Leverage Cash Back and Rewards Programs
Why spend money without getting something in return? Many people overlook the benefits of cash-back programs, but in 2025, there are more opportunities than ever to earn rewards on everyday purchases.
Smart cash-back strategies:
- Use a cash-back credit card for groceries, gas, and dining out (just be sure to pay it off in full each month).
- Sign up for loyalty programs at major Canadian retailers like PC Optimum, Air Miles, and Scene+ to earn points toward future discounts.
- Take advantage of apps like Rakuten Canada, Ampli, and Checkout 51 to get rebates on online and in-store purchases.
These simple steps can put hundreds of extra dollars back into your savings each year.
3. Slash Hidden Expenses and Negotiate Bills
Many people are overpaying on bills and subscriptions without realizing it. By making a few simple adjustments, you could free up hundreds of dollars each month.
Ways to cut hidden costs:
- Review your subscriptions: Use an app like Butter or Rocket Money to find and cancel services you don’t use.
- Negotiate your bills: Call your internet, insurance, and phone providers (like Rogers, Bell, or Telus) and ask for better rates or switch to competitors offering discounts.
- Reduce impulse spending: Unsubscribe from marketing emails set a 24-hour rule before buying non-essential items, and use browser extensions that find lower prices for online purchases.
- Consider switching to budget-friendly alternatives for phone plans and streaming services. Many Canadians save money by opting for prepaid phone plans or shared family accounts.
4. Invest in Your Future (Even With Small Amounts)
Most people assume investing requires a lot of money, but that’s not true. Even if you’re on a tight budget, you can start investing with as little as $5 per month and watch your wealth grow over time.
Smart investing strategies:
- Use apps like Wealthsimple or Moka that allow you to invest spare change automatically.
- Contribute to your TFSA (Tax-Free Savings Account) or RRSP (Registered Retirement Savings Plan) to grow your wealth tax-free.
- Consider fractional investing to buy shares of major companies without needing thousands of dollars.
- Take advantage of employer-matching programs if your company offers an RRSP or pension plan contribution. It’s essentially free money for your retirement.
The earlier you start investing, the more you’ll benefit from compound growth over time.
5. Use Down Payment Assistance to Buy a Home Sooner
One of the biggest financial goals for many Canadians is homeownership, but saving for a down payment can take years. What if you didn’t have to wait that long?
Tonsto’s Down Payment Accelerator Program is a game-changer for first-time buyers in Canada, providing up to $50,000 (or 2% of the home price) in down payment assistance—and the best part? It’s not a loan! That means:
- No debt, no interest, and no repayment
- Faster access to the housing market without needing to save as much upfront.
- Expert guidance from vetted realtors and mortgage professionals to simplify the buying process.
With Tonsto’s help, you could own a home years sooner without compromising your savings.
Bonus Tip: Increase Your Income Without Overworking
Saving money isn’t just about cutting expenses—it’s also about increasing your income. The good news is that earning extra money in 2025 is easier than ever thanks to flexible side hustles and remote opportunities.
Ways to boost your income:
- Freelancing: Websites like Upwork, Fiverr, and Toptal allow Canadians to monetize their skills in writing, graphic design, programming, and more.
- Online tutoring: If you excel in subjects like math, English, or science, you can teach students through platforms like VIPKid or Preply.
- Rent out assets: Have an extra room? Consider Airbnb. Own a car? Use Turo or Uber to generate passive income.
- Cash in on the gig economy: Food delivery apps like DoorDash or Instacart offer flexible earning opportunities on your schedule.
By adding even a small amount of extra income each month, you can supercharge your savings and reach your financial goals even faster.
Final Thoughts: Start Saving Smarter in 2025
Saving money doesn’t have to be complicated or painful. By making small, strategic changes—like automating your savings, using cash-back rewards, cutting hidden expenses, investing smartly, and leveraging financial assistance programs—you can maximize your savings and reach your goals faster.
Are you planning to buy a home in 2025? Check out Tonsto’s Down Payment Assistance Program and see if you qualify, it could be the key to achieving homeownership sooner than you ever imagined!
What money-saving hacks are you using this year? Let us know in the comments!