11 FREE Things You re Probably Paying For

In a world where expenses seem to multiply with every passing day. And here, continually multiplying. Finding ways to save money has become more crucial than ever. I didn't take a bath today and I may not take one tomorrow. Surprisingly, many of the things we pay for can actually be obtained for free. So if you wanna cut costs and stretch your budget even further, make sure you watch this video till the end. Number one, bank fees. Check-in accounts range from $4 to $30, but typically Canadians pay around $17 per month, which adds up to $204 a year. And even if you have a $4 check-in account, if you go over the transaction limit of 12, you'll be paying $1.25 per transaction and may pay $1.50 per e-transfer. Additionally, you'll also have fees with savings accounts. They may offer one free transaction, but additional transactions can cost up to $5 per. Another fee you may run into is an ATM fee. Depending on the ATM you use, you may be paying two fees, the ATM provider fee and another fee from your bank. The good news is that all of these fees can be avoided with online-only banks. And nowadays, there's plenty of options. Some of the most notable include Tangerine, Simply, EQBank, ModusBank, Wealthsimple, and Neo. These are all no-fee check-in accounts or no-fee spend accounts with unlimited transactions and unlimited e-transfers. The biggest difference is that there is no physical location but it's 2024 and there's no need for a physical location as all your banking needs can be completed online, on an ATM, or on the phone. And as for savings accounts, these same banks don't charge fees for transactions and offer much higher interest rates. As for me, I do have accounts with all these options but mainly use Simply and Tangerine. Number two, media and entertainment. There's many ways to receive all of this for free. The first way is through your local library. Books, e-books, audio books, magazines, DVDs, CDs, board games, video games, musical instruments, training and courses, reading clubs, computer and video game access, and passes to museums or parks. Your province or town may also offer things for free like museums, parks, galleries, camping, concerts, festivals, event rooms, and more. Furthermore, you can find a lot of digital media for free online. If you search hard enough, you can find all kinds of e-books, audio books, music, movies, shows, et cetera. Number three, credit card annual fees. Credit card annual fees are typically $120 a year but maybe lower and some are much higher like this Platinum Amex card for $7.99. But is an annual fee credit card actually worth it? And are you better off with a no annual fee card? It's likely your first credit card is from the same bank you have your checking account. And you probably just took whatever they offered you and they eventually upsold you on a premium credit card. If you have a travel rewards card, you probably got sold on a sign up bonus. And although the rate of points is good, it's actually not worth it unless you take advantage of their other benefits every year. As for cash back cards with annual fees, it's possible to get the same cash back rates with no annual fees. You just might need multiple cards to do so. As for me, I have nine open credit card accounts and currently use five most of the time. The Simply Cash Back card, the Tangerine Money Back card, the Triangle World Elite, the Rogers World Elite and the Brim Mastercard, which is getting replaced soon. All these cards have no annual fee and provide me with over $1,000 a year in cash back. Number four, education, training and courses. This type of formal learning can be quite expensive, but there is a hope that it will pay off and it would be totally worth it. But many Canadians find themselves pursuing a career completely unrelated to the degree, which makes the degree essentially worthless. Now, there are ways to get education for free. This includes scholarships, government grants and funding programs, which can cover the total cost of tuition. You'll need to check with your federal and provisional government to see what you can qualify for. Also, you may be able to receive free training or increase your education from your employer or offered for free by a school. If you're just looking to learn a new skill, you might consider paying for a course. But like I already mentioned, there's many free resources on the internet, like accredited universities offering free online courses or finding everything you need to know from a YouTube channel. But if you're interested in a paid course. Oh, here we go. I can't help you. I learned everything I know about finances for free so it doesn't feel right to sell it. Benefits your credit card may offer. Most credit cards fee or no fee will likely come with extended warranty and purchase protection. So if you're paying for an extended warranty for something that might've been a waste of money and you might have bought something twice because it was lost, stolen or damaged. Next time, see if purchase protection will replace it for free. As for credit cards, I get mobile device insurance, a roadside assistance plan, car rental insurance, discounted airport lounge access, emergency medical insurance, trip cancellation or interruption insurance, buy and go Wi-Fi and more, all for free. Number six, free credit report and score. In Canada, there are two main credit bureaus, Equifax and TransUnion. If you want unlimited access to your credit report, TransUnion and Equifax will charge you 24.95 per month. But what if I told you you can get your credit score for free? Well, you can, thanks to Credit Karma and BorrowWell. Credit Karma will give you a score and report based on the TransUnion scoring model and BorrowWell will give you a score based on the Equifax scoring model. It's important to review your credit report regularly to check for any errors or fraudulent activity and checking your score can see where you stand and where you can improve and find out when you're ready to apply for new credit. Number seven, filing your taxes. The cost of filing your taxes can range from $25 to several hundred dollars depending on how you go about it. You can buy tax software and do it yourself, which will be on the cheaper end or you can get a tax prepper or tax expert, which can range from 50 to a couple hundred dollars depending on how many forms you'll need. Or you can get an accountant to do your taxes, which will typically cost a bit more. Or the most costly way, the instant refund from places like H&R Block. This will usually be a percent of your total income earned. So the more you make, the more they charge. Now, what if I told you you can do your taxes yourself for free? And I don't mean the free paper and pen method. I mean online with free software. This includes Wealthsimple, CloudTax, H&R Block, TurboTax, and Ufile. I personally have been using Wealthsimple tax for the last four years and use SimpleTax before that. I have a more complex tax situation with capital gains, self-employment, income and expenses, RRSP deductions, home buyer's plan, and more. And with all these forms, I'm still able to do my taxes for free with Wealthsimple. Number eight, software. There's a lot of expensive software online that could eat up your budget. Antivirus protection for $6 a month, VPN for $4 a month, Microsoft Office for $8 a month, or Photoshop for $30 a month. If you have a small business, you can cut overhead costs with free software. Examples include bookkeeping software, invoicing software, website building software, timesheet software, and more. As for me and my YouTube business, I use video editing software, photo editing software, and invoicing software all for free. Number nine, benefits your employer offers. It's possible your employer or your union offers benefits that you may be paying for or you don't realize you have. This includes RRSP matching, pension plans, life insurance, prescription drugs, medical treatments like seeing a massage therapist, chiropractor, or psychologist. Also vision care, dental, out-of-country medical insurance, employee assistance programs, and even things like childcare, gym memberships, and discounts at retailers. A lot of these benefits would cost you a fortune without employer benefits. So it's best to take advantage as many of these as possible. And if your spouse also has the same benefits, you may be able to combine them and pay even less for things like dental or prescription drugs. As a member of the Ironworkers Local 764, I'm entitled to many of the benefits mentioned above. I didn't really use any of the benefits when I first joined the union, but I definitely get my money's worth now. Number 10, free stock trades. Back in the 60s, if you wanted to buy a stock, you would need to call a stock broker and may end up paying 2% to 3% in fees of the total amount. So if you bought $1,000 worth of stock, it would cost you $20 to $30. Nowadays, even with the convenience of online brokerages, most people are still paying $5 to $10 a trade. But yes, there are commission-free stock trades. The most notable brokerage is Wealthsimple, but there are other ones like National Bank and Desjardins. That being said, there are many other brokerages that offer something for free, like free buying and selling of certain ETFs, or free buying of ETFs, but pay commissions when selling. Personally, I use Wealthsimple for the majority of my stock portfolio. They make investing simple and easy and offer a full range of great products. If you're interested in a signup bonus with Wealthsimple, check out my link in the video description below. Number 11, water. The cost of water can vary depending on where you live and how you acquire it. You can spend a small fortune buying water at a gas station or a convenience store and spend even more at places like a movie theater or a concert. For cheaper water, you'll want to buy bottles in bulk, like at Costco, or buy five-gallon water jugs for a water dispenser. For even cheaper water, just drink filtered tap water. Now, as for free water, unfiltered tap water. Now, depending on where you live, you may have a fixed price for water to your house, so drinking additional water won't cost you more. Furthermore, you may be renting with utilities included, so tap water usage doesn't increase your rent. And you may have a property with a well. Once again, free water. Other sources of free water include public water fountains, restaurants and cafes, and natural sources like a stream or a spring. As for me, I get my water from the tap and pay a fixed annual water bill. I also get water from a spring that's only 10 minutes down the road. And I also buy bottled water from Costco for emergencies and convenience. Leveraging these free resources and alternatives can not only save you a significant amount of money each month, but also gives you additional cash flow for building wealth and enhancing your financial wellbeing. If you want to continue learning about more ways to save, check out one of the videos on the right of the screen.