Top of main content

Free Up Funds

Sometimes we may not earn enough money to cover our expenses.

And we may have to borrow money to pay the bills. For others, even if we are living within our means, finding the capacity to start saving for a healthier financial future can be a challenge. If this sounds familiar, consider the following creative ideas to free up some funds:

Reduce your expenses

Identify ways to reduce your expenses or costs. You will find this a lot easier if you talk about it with a partner or loved ones. If your friends, family and those close to you are aware of the changes that you are trying to make, there’s a much better chance that you will see them through. Could you cut the number of times you go out each month? How about your impulse buying and online shopping? How much could you save each month by cutting back on a few luxuries? What are some fun activities or hobbies you could do for free instead?

If these changes don’t make enough of a difference, take a look at your other expenses. Could you reduce your grocery bill by better meal planning or shopping at a discount supermarket? Have you compared car or home insurance rates recently to see if you could be paying less?

Change your habits

If you can be flexible with your daily or weekly schedule, then you can often find plenty of ways to free up funds. How about going to the movies at a less popular time, when ticket prices are cheaper? Consider making your lunch, rather than buying it at work? 

Sell discarded items

Selling items that you don't need, or no longer use, can be a very effective way to free up funds (and it also can help you to reduce unwanted clutter). Consider selling them online or have a garage sale. There are buyers out there for CDs, DVDs, games and consoles, and there’s a strong market for good quality clothes that you no longer wear. You’d be surprised at the money you could earn.

Go cash-only for a week

Credit and debit cards make payments easy, and contactless payments are easier still. But you can only use them if you have them with you. Try leaving them at home for a day or two and stick to cash for every purchase that you make.

Cutting your expenses can feel hard, especially if your spending habits have formed over many years. It takes constant repetition to form a new habit, so stick at it. Remember those small sacrifices that you make may bring big rewards in years to come.

Financial wellbeing

Find out how to recognize excessive borrowing so you’re better prepared to avoid it in the future with the help of HSBC Canada.
Read HSBC Canada's top tips to help you take control of and minimize your debt so you can improve your financial wellbeing.
Use HSBC Canada's help to make sure you’re prepared for life after work by determining how much you’ll need to save to maintain your current lifestyle.