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Save on Cable Bills, Cell Phones & Bank Fees, Spring Clean Finances

Start With Bank Account, Cable, Internet and Cell Phone Fees, Plans, Bundles & Charges – Easy Ways to Clean Up Your Finances This Spring

by Julie Jaggernath

Have you ever been surprised to find a dust bunny lurking in a corner? While it’s easy to clean them up once we spot them, we don’t look into the corners often enough to keep them at bay. The same can be said of our finances, including our fees, plans and charges for bank accounts, cable and internet packages, and cell phone bills. Give your money habits a clean sweep this Spring!

What areas of your finances could use a little more attention? Where are you spending extra money, and what can you do to clean house, financially speaking?

Here is the first of a 3 part information series, highlighting how to clean up three of the services you pay for and cash in on some savings right away. In Part 2, we look at what it costs to pay with plastic (credit cards) and how to save at the grocery store. And then Part 3 shows you how to save with gas prices and what it can cost to store your stuff.

Bank Account Fees – How to Save Money on Common Charges

Choose the right bank account service package for your needs and change packages as your needs change. Then be careful to avoid additional fees, such as:

Cash withdrawals – you know about the fee for using another bank’s ATM, but there’s an added fee for using a convenience cash machine with a private label. A $20 withdrawal can end up costing you an extra $4 – $5 when you add up the ATM fee plus your bank’s fee.

Over limit fees – Overdrawing your bank account costs $5, going over your overdraft limit costs more, and going over the limit on your credit card costs around $30. Plan your spending better so that you can stick to your budget and avoid the extra fees and penalties because they really add up.

Returned preauthorized payment fee – Think back to the non-sufficient funds fee (NSF) that was applied to dishonoured cheques. While most people write far less cheques now, a pre-authorized payment from your account is much the same. Many banks now charge as much as $30 – $40 per dishonoured payment, not to mention what the other end may charge for a failed payment. Add these up over the course of a month and you may have enough to gas-up your car, go out for dinner, or pay your cell phone bill.

Communications Bundles – How to Save Money on Phone, Internet & Cable TV Bills

Bundling your home phone, internet, cable and wireless access together might have seemed like a good idea at the time, but when’s the last time your reviewed how you use these services and if your needs have changed?

Once a year it’s time to see what you’re using and what better offers are available. Then make changes to your plans or packages accordingly. By seeing what competitors are offering, you can call the company you’re using and ask them to sharpen their pencil. If you don’t ask, you won’t get.

Many people now prefer to get their news, entertainment, videos and information from the internet. If you’re one of these people, why pay for cable too? Free or low cost TV is available online, e.g. Netflix, and all TV stations stream many shows for free.

Locking into long-term contracts reduces your flexibility if your circumstances change. Look for service providers where you have options to sign up without a contract.

Cell Phones – Ideas for How to Save Money on Plan & Add-On Costs

Review your cell phone statement and your family’s statements to make sure you have the right package, plan or phone.

Pay-as-you-go and pre-paid have many advantages. People who have always been on a plan often don’t think to change over to pre-paid. These plans have more flexibility than ever before and many larger pre-paid amounts don’t expire for a whole year. Base your decision on usage, not on what you’ve always done.

If your kids need a phone, first discuss what they will use it for and who will pay what part of the bill. Then to keep costs down, get a plan based on their usage not yours. Kids text more than talk, so an economical text plan is more important than a cheap phone calling plan.

How to Choose a Cell Phone Plan

These days you might also end up paying for services someone else uses “for you,” so block services you don’t need or want. When someone sends you a premium or multi-media text message you could have to pay extra. Contact your service provider to block receiving and being charged for what you don’t want.

If you don’t need your phone for online access, skip the additional cost. A small browsing package or add-on might seem like just a small fee, but the small packages really just get you to the door of wherever you want to go, virtually speaking. Then you’ll need to pay more to browse and find what you’re actually looking for. With the average webpage today weighing in at 1.3 MB it’s easy to burn through your data plan fast and pay more than you planned to. Use Wi-Fi instead and save yourself some cash.

The Bottom Line on Bank Account, Cable, Internet and Cell Phone Fees, Plans & Charges?

Every little bit counts. Rather than looking for one big way to save a ton of money, look at your bank account, cable, internet and cell phone fees, plans, charges and bundles to save in lots of small ways and set yourself up for success.

What tip can you add? Leave your suggestion or comment below.

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How Tariffs Could Increase Your Costs

Tariffs on goods don’t just affect businesses—they can trickle down to your wallet, too. For example, if the cost of importing agricultural products like fruits or meat goes up, grocery stores may pass those higher costs on to you. Similarly, tariffs on steel or electronics could make big-ticket items more expensive. The result? Your everyday expenses could climb, leaving less room in your budget for savings or debt repayment.

With over 70% of Canada’s trade tied to the States, tariffs can lead to higher prices for imported goods. Specific industries, like the automotive sector (Canada exports $50 billion in vehicles and parts to the U.S. annually), are likely to be affected, potentially increasing the cost of cars and repairs. To stay ahead of rising costs, look for ways to save money on groceries, by using budgeting apps or trackers. Consider switching to locally produced products or generic brands where you can also find savings on groceries.

8 Low Cost Home Improvements You Can Do In One Weekend

Budgeting and Building an Emergency Fund for Rising Costs

If rising costs are stressing you out, you may require adjustments to your budget to keep essentials covered. With $20 billion in agricultural products imported from the U.S., tariffs could drive up food prices making your budget unbalanced. Making the required adjustments to cover your essentials and building an emergency fund can help you stay on track.

Start by reviewing your budget and identifying areas where you can lower expenses. Even small changes can free up cash for essentials. At the same time, consider a financial reset, including allocating what you can to an emergency fund, no matter how small the amount. Over time, these contributions can add up, giving you a financial cushion when you need it most during uncertain times. If you receive a windfall, like a tax refund or bonus, consider using it to boost your emergency savings.

Debt Management Strategies in Uncertain Times

Tariffs and economic uncertainty may make debt repayment more challenging due to higher interest rates or reduced income. Prioritizing debt can help reduce financial stress and free up cash flow, ensuring you stay on top of your obligations. Focus on paying down high-interest debt first, such as credit cards or payday loans, as these cost you the most over time. Resist looking for information about bankruptcy chapters because those are American. If you’re struggling or unsure where to start, contact one of our Credit Counsellor for a free and confidential session to answer your questions and explore options like debt consolidation or a debt management program.

Common Questions and FAQ about Bankruptcy in Canada

Planning for Irregular Income

Tariffs may lead to job instability or reduced hours, especially in industries tied to U.S. trade. Keeping a flexible budget can help you manage fluctuating cash flow and ensure you can cover essential expenses, even when facing reduced income. Start by creating a variable income budget that lists essential expenses and prioritizes them. If you have high-earning months, set aside a percentage of those pay cheques to cover low-earning months. You might also want to explore side hustles or gig opportunities to supplement your income. Taking steps before reduced income happens can prevent a lot of stress if you do see a dip.

What to Do If You’re Laid Off

With 2 million Canadian jobs tied to U.S. trade, job loss is a possibility during economic uncertainty. Having a plan can help you stay afloat while you search for new opportunities. Government programs and community resources can provide temporary support during this challenging time.

If you’re laid off, apply for Employment Insurance (EI) benefits as soon as possible to access temporary financial support. Next, prioritize essential expenses and cut non-essentials, such as entertainment or subscriptions. Finally, update your resume, network, and explore temporary work or retraining opportunities to get back on your feet.

How to Manage Money During a Strike or Lay-Off With Drastically Reduced Income

Long-Term Financial Planning Amid Uncertainty

Tariffs and economic shifts can disrupt long-term goals, but staying flexible can help you adapt. Regularly revising your financial plan ensures you stay on track, even when circumstances change. Reassess your savings goals, such as homeownership, retirement, or education, and adjust timelines as needed. If rising costs are making it harder to save, consider extending your timeline or reducing your monthly contributions temporarily. Additionally, diversify investments to reduce risk during economic volatility.

How to Decide If Downsizing Your Home to Pay Off Debt Is Worth It

Staying Financially Resilient During Stressful Times

Financial stress can take a toll on mental health, but staying proactive can help you feel more in control. Small, consistent actions can build resilience over time, ensuring you’re prepared for whatever comes your way. Try to avoid impulse spending or borrowing during stressful periods, as these can make your financial situation worse in the long run. Instead, focus on small, consistent actions, like sticking to your budget or setting aside a little money each week. If you’re feeling overwhelmed, seek support from a financial advisor, Credit Counsellor, or mental health professional as needed.

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The Impact of Tariffs on Canadians and What You Can Do to Prepare

Tariffs may be out of your control, but how you respond to their impact on your finances is not. By staying informed, adjusting your budget, and focusing on your long-term goals, you can navigate these challenges with confidence. Whether you’re dealing with rising costs, irregular income, or the fear of a layoff, the key is to act now—so you’re prepared for whatever comes next.

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