Feel like you’re not saving enough money? You’re not alone.
According to a new CIBC poll, the vast majority (85 per cent) of Canadians agree that they need to set aside more money for savings. But it’s not always easy. The poll also found some of the most common obstacles to saving money include: getting derailed by unexpected or emergency expenses (29 per cent); or, simply struggling to pay everyday bills (24 per cent).
Chances are some of those unexpected expenses or everyday bills that make it difficult to save money involve your car. Owning a car can be expensive. There’s the cost of the vehicle itself, fuel, auto insurance, repairs and maintenance, parking, and licence and registration fees to consider. All in, you’re likely looking at thousands of dollars per year. There are, however, ways to soften the impact on your wallet.
Keep on top of maintenance
Keep your car running at its best by sticking to the maintenance schedule outlined in your owner’s manual. Regular trips to your mechanic can help you avoid larger, more expensive, repairs later on down the road. As an added perk, you’ll spend less on gas too. According to Natural Resources Canada, a poorly maintained vehicle can cost the equivalent of up to 15¢ more per litre on fuel.
Check your tire pressure at least once a month
Now that it’s colder outside, your tires are likely losing pressure. Check your tire pressure at least once a month because driving with just one under-inflated tire increases your fuel consumption and decreases the life of your tires. An under-inflated tire could result in you having to buy two weeks’ worth of extra fuel per year and reducing your tire’s life by six to nine months.
Drive with fuel efficiency in mind
Speeding, in addition to repeated rapid acceleration and hard braking, will directly affect how much you’ll spend at the pumps. According to the U.S. Department of Energy, driving aggressively can lower your gas mileage by roughly 15 to 30 per cent on the highway and 10 to 40 per cent in the city.
Lower your car insurance costs by shopping around
The cost of car insurance can make up for a significant chunk of your regular monthly expenses, but because coverage typically lasts a full year, drivers often only shop around once a year—when their policy is up for renewal.
While it’s true, renewal time is a great time to see if you can find cheaper car insurance, a lot can affect your premiums within the span of a year. It’s at these times when you should spot check your rates to ensure you’re still getting the best deal possible:
- You get married or move in together: The company that gave you the best rate as a single person may not provide you with the best rate as a couple.
- You move: Where you live is factored into how your premium is calculated, and your rate will likely change when you move.
- You buy a new car: Whether it’s brand new or "new-to-you" car, the vehicle you drive is one of the key components that goes into establishing your car insurance rate.
- Your teen gets their driver’s licence: Some insurers are more teen-friendly than others, so if you have a new driver in your household, it’s worth checking to see if other insurers will give you a better rate than your present insurer.
- You get a ticket or are involved in an at-fault accident: Even the best drivers sometimes get into a collision or are issued a ticket, and while this could lead to an increase in your rate, some insurers are more forgiving than others.
- You change jobs or retire: When your daily commute changes, your insurance could change as well.
At InsuranceHotline.com, it only takes a few short minutes to compare quotes from our network of over 30 insurance providers. On average, our customers save $700 after shopping their car insurance rates. Make sure you’re not missing out on ways to cut your car expenses and shop around for your coverage today.