How to manage and save money without a budget


Look at how you bank

Look at the banking services available to you—these are designed to help you manage your money, as well as save more money.

Check out promotional offers

As the financial services industry has become increasingly competitive, banks have begun to offer promotions designed to attract new clients. And some are incredibly lucrative. Take, for example, the current HSBC offer where you can earn up to $1,500 in value back when you open an account. You’ll get a bonus for opening an account with them (up to $350 when you apply online), plus additional incentives for setting up payroll or pre-authorized debit, making online bill payments, sending foreign exchange wires and more.

Bundle your banking services

Just like cable, phone and insurance companies, banks let you save money by bundling services and products. Financial bundles come in different combinations, such as premium accounts that include many features and products for a set monthly fee. And family bundles allow you and your family members to enjoy rewards with a multi-member account. With HSBC’s current promo for a chequing account bundled with the HSBC World Elite Mastercard, you can earn up to 100,000 points and the annual fee for the primary cardholder is waived for the first year.

Opt for no-fee banking services

You can cut banking fees entirely by choosing a no-fee account. There are numerous banks and other financial institutions offering accounts with no fees for everyday banking, like Interac e-Transfer transactions, bill payments, point-of-purchase payments and more. For example, HSBC has a portfolio of chequing accounts which waive monthly fees for those who meet eligibility requirements. This can add up to hundreds of dollars in savings each year.

Personalize your bank account

Even if you decide not to make any changes to your bank or accounts, you can still trim your expenses. Most banks charge for paper transactions, so you can save money simply by opting for e-statements instead. If you’re a student or a senior, ask your bank about specialized accounts as there are often low- or no-fee alternatives for these groups.

Look at how you pay your bills

Bills, bills, bills. Everyone’s got them, but not everyone knows how to manage them. Read on for strategies to keep your expenses down.

Ask about annual payments

Some service providers offer a discount when you pay your annual fees in a lump sum. If you’re able to make a single payment, it’s worth asking for details.

Set up auto-payments to avoid late fees

If you’ve ever slipped up and forgot to pay a bill, you know how easy it can be. Paperless statements can compound the problem, particularly for those who are used to tracking when bills are due with hard copies. You can avoid the hassle and expense of a missed bill payment by setting up auto-payments through your account.

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