How to Save Money as a Newcomer: Budgeting & Smart Spending

Moving to Canada can be expensive, but smart money habits will help you stay financially secure.

Step 1: Track Your Expenses & Make a Budget

📊 Apps like Mint or YNAB help track spending, or you can also get in touch with a personal accountant to help set up your finances.

🏦 Divide income into essentials (50%), savings (20%), and personal spending (30%).

Step 2: Reduce Daily Costs

🛒 Groceries – Shop at No Frills, Walmart, or Costco for lower prices.

🚆 Transportation – Monthly transit passes are cheaper than daily fares.

💰Promotions - Keep an eye out for deals and coupons through Social Media and Direct Mail

Step 3: Build Credit & Save Smart

💳 Get a secured credit card to start building credit (important for renting & loans).

📈 Start an RRSP or TFSA to save for the future tax-free. (More info here: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/registered-retirement-savings-plan-rrsp.html)

Saving money starts with small, smart choices. The more you plan, the more financial freedom you’ll have! If you need support, check out some of the resources posted in the Maple Connect Group or reach out to me!