The Money Edit is for women who are passionate about personal finance and financial independence.

This is a place to change your mind about spending, saving and living your best life.

Where are you leaving money on the table?

Where are you leaving money on the table?

There are so many ways to accumulate more money: increase your income, be thoughtful with your savings and figure out where you’re leaving money on the table! Here are 8 great ways to find the money you don’t know you have…

Manage your bills

Your phone and internet bill are both negotiable. Do a quick online search or ask your friends how much they pay. Next, get in touch with your current provider and ask for a significant discount. You may have to be willing to switch, but ya gotta do what ya gotta do to reduce you monthly fixed costs.

Regarding TV, maybe it’s time to ditch the cable bill in favour of Netflix! For all of the sports fans out there, I see you. Perhaps it’s cheaper to subscribe to your favourite sports channel online as opposed to paying for the whole cable package. Every year in July I subscribe to Sportsnet for $24 to watch the tour de france, and then promptly cancel my subscription after the 3 week event. And I bet its even cheaper in America!

When’s the last time you looked into your home energy use? Check out your electricity, water and gas bills and think of some easy ways to cut back. Some cities give you a discount if you run appliances after a certain time. Lots of people use lights or turn on the heat when they could just pop on a sweater. I’m not suggesting you freeze in the dark (don’t be dramatic!) but a penny saved is a penny earned my friends. Save the earth & turn off the lights.

Claim your money!

Insurance claims

On a recent trip, my husband scratched the bumper on our rental car. To be honest, it didn’t really seem like a big deal until we received a bill for $1150 a month and a half later! I looked through my credit card insurance policy and personal autoplan policy. Both would cover the damage but using your regular car insurance for a minor damage claim can be very costly in the long run. When I contacted my credit card insurance company, they told me exactly which documents to send and processed the claim right away. This does not effect future coverage or the cost of my credit card. And I got the reimbursement cheque before our credit card bill was due!

All of this to say, make sure you think about all of your insurance and cash flow options before submitting a claim.

Health insurance claims

So many of us have additional health insurance through work and we should be maxing out our coverage. Yes, keeping on top of paperwork can be annoying but it’s very important! If you’re having trouble with the insurance company’s online platform, call the help number and sort it out. Don’t let the massive insurance companies off the hook! Get all of the money that you’re entitled to. Check out my article on how I use my agenda to keep track of health claims, bills, etc.

Expense claims

This is fairly self explanatory. You are not in the business of spending your own money for your company’s benefit. You work there & they pay you. If they want you to spend money, you have to be diligent about getting it back. Keep an envelope of receipts and claim your expenses at least once a month. Don’t fall behind, or you are floating your company. It’s your money!

Passive income

It would be a lot easier not to think about what you can sell or rent to access more money. But the fact of the matter is that we, as a brave community of money editors, are here to live our best lives. The closer to financial freedom, the better! Consider reducing your rent or mortgage by subletting a room or leasing your basement suite. You can find many more money making ideas in my article, 8 ways to increase your income.

Take one more look before you pull out your card and pay

Before you make that next purchase, think about what you’re about to spend on. How can you get to the same result in a different way? For example, we’re renovating our basement so that we can rent it out. I’ve stopped myself from spending too much money a few times already.

  • I snagged a free mini fridge rather than spending $159 on a new one

  • I bought a kitchen cart from Ikea ($139) rather than paying a carpenter to install cabinets (estimate was $1600)

  • I used an old gift card to buy a couple of awesome chairs for the kitchen area

  • I used an old gift card to buy 3 matching frames and had pictures printed to use for art

Your thoughts

What are some other great ways to find more money? I read all of the comments! :)

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