Get a free, no obligation personal loan quote with rates as low as 6.99%
Get Started You can apply with no effect to your credit score

Each season has its own set of money wasting temptations, in the warmer months the temptations are usually much more obvious like summer parties and tropical vacations. It’s pretty easy to waste money all year long but during the winter money wasting mistakes typically camouflage themselves as cold weather comforts and necessities. The best thing to do, to avoid wasting money this winter is to figure out what money mistakes you’re making. Once you know what they are you’ll be able to implement changes to stop the waste. Recognizing unnecessary costs will not only save you money but will allow you to use that money to save up for important purchases and fun winter activities. To give you a head start and help you figure out what your winter money mistakes are we’ve compiled a list of the 6 most common money wasting mistakes that people make during the cold months.

1. Ordering in Several Times a Week

When it hasn’t stop snowing for days and the temperature is so low you’re afraid to even look at the thermometer it can be extremely tempting to just order food in, a lot. Nothing beats staying inside wrapped under a cozy blanket on a particularity cold night and having someone bring you your favourite comfort food straight to your door. But guess what? The frequency of your delivery addiction could be the reason why you have trouble making rent every month or the reason why you’re the only one out of all your friends that doesn’t have an emergency fund or saving account. Sure delivery is great, especially on the weekends or for a special occasion but if you start making the call more than a couple times a month you’re basically through away this year’s savings.

Start making grocery lists and planning out a few of your meals each week, this way you’ll be able to pick up all the ingredients to make your favourite meals and won’t be as tempted to pick up the phone and order in.

2. Checking Your Bags Every Time You Travel

There always seems to be more places to travel to during the winter, whether it’s home to visit your family or to a tropical destination to escape the cold. Airline fees and baggage costs can start to add up, especially if your bag is overstuffed with presents for your family or big bulky winter clothing. If you’re constantly being hit with overweight luggage fees then you should start keeping track of all the money you’re wasting, you’ll be surprised.

3. Turning up the Heat to Keep Warm

Heat during the winter is obviously important but sometimes you can overdo it, keeping warm while it’s cold outside shouldn’t be costing you an arm and a leg. There are plenty of ways to cut the cost of heating this winter, including buying thermostat that you can program to keep your home at a comfortable temperature. If you find yourself constantly walking over to the thermostat to turn up the temperature then try to distract yourself by putting on a sweater or a pair of slippers. Changing a few small details about how you heat your home will save you a significant amount of money by the end of the winter.

4. Hanging on to That Gym Membership

Almost everyone’s New Year’s Resolutions involve something to do with health or fitness, but just because you said you wanted to get fit doesn’t mean you should be throwing away your money every month. If you have a gym membership and you take advantage of it on a regular basis then you’re making a great investment in yourself and your health. If you signed up because of guilt or because there was a special offer and you haven’t gone once, you’re wasting your money. Cancel your membership and if you ever decide you want to work out choose a free option like running around your neighborhood.

5. Expensive Winter Activities and Trips

Winter is a great time to get away and there are endless cold weather activities to choose from but most of these activities come with an expensive price tag. No one wants to stay inside and sulk when they could be on a fancy ski trip or at a nice ski lodge with their friends. Instead of shelling out for these expensive activities look for less expensive alternatives and invite your friends along. Most cities have free outdoor skating rinks and you could always invite everyone back to your place for a BYOB or potluck after party.

6. Losing or Forgetting About Your Christmas Gift Cards

If you’re anything like the majority of the population then you received at least one gift card over the holiday season, do you remember what you did with it or where you put it? Every year millions of gift cards go unused, this year make it priority to use your gift cards to buy things that you would spend your own money on that way you’ll actually be saving your own money.

Everything seems like it takes more effort in the winter, but if you do take the time and put in the effort to change a few bad habits and start some new good ones you’ll start to see a difference in your bank account before you even realize it.

Caitlin Wood, BA avatar on Loans Canada
Caitlin Wood, BA

Caitlin Wood is the Editor-in-Chief at Loans Canada and specializes in personal finance. She is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. Caitlin has covered various subjects such as debt, credit, and loans. Her work has been published on Zoocasa, GoDaddy, and deBanked. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security.

More From This Author

Special Offers

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2023/09/GlobeMailTopCompanies2023-1.png
Loans Canada places No. 228 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies.

By Caitlin Wood, BA
Published on September 29, 2023

Loans Canada is excited to announce it has made it onto the Globe and Mail’s Top Growing Companies list for the second year in a row.

https://loanscanada.ca/wp-content/uploads/2023/09/Finder-Awards.png
Finder Awards Finalists: Personal Loans Customer Satisfaction Awards 2023

By Priyanka Correia, BComm

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category.

https://loanscanada.ca/wp-content/uploads/2016/12/caution-1.jpg
Beware of Fraudulent Lenders Impersonating Loans Canada

By Caitlin Wood, BA

A note to our clients about fraudulent lending practices and illegal upfront fees.

https://loanscanada.ca/wp-content/uploads/2022/10/How-To-Pay-Your-Taxes-With-A-Credit-Card-Through.png
How To Pay Your Income Taxes With A Credit Card

By Lisa Rennie

If you’d like to pay your taxes using a credit card, you’ll need to use a third-party service provider like Plastiq or PaySimply.

https://loanscanada.ca/wp-content/uploads/2021/08/Climate-Action-Incentive-CAI-1.png
What Is The Canada Carbon Rebate (CCR)?

By Bryan Daly

The Climate Action Incentive Payment (CAIP), or Carbon Tax Rebate, is quarterly benefit paid to eligible Canadians in

https://loanscanada.ca/wp-content/uploads/2021/03/Canada-Workers-Benefit-CWB.png
Can You Claim The Canada Workers Benefit (CWB) In 2024?

By Bryan Daly

The Canada Workers Benefit is a refundable tax credit for individuals earning a low taxable income of $3,000 - $24,112.

https://loanscanada.ca/wp-content/uploads/2020/12/Student-Tax-Credits-and-Deductions.png
Student Tax Credits In Canada

By Chrissy Kapralos

Similar to how there are specific tax credits and deductions for businesses, seniors, and parents, there are student tax credits in Canada.

https://loanscanada.ca/wp-content/uploads/2021/04/Pay-Less-Taxes-Canada.png
How To Pay Fewer Taxes In Canada

By Bryan Daly

People are always trying to figure out how to save money on taxes in Canada. We present the best ways to legally pay less tax in Canada.

Recognized As One Of Canada's Top Growing Companies

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card