Money management: How to save money on a tight budget

This episode, "Smart Money: Budgeting and Savings for Canadians," offers practical advice on managing personal finances within Canada. It emphasizes the importance of creating a budget as a foundational step, highlighting that many Canadians lack a financial plan despite feeling optimistic about their future. The source introduces the 50/30/20 budgeting rule as a straightforward method for allocating income to needs, wants, and savings/debt repayment. Furthermore, it suggests identifying and eliminating "money leaks" like unused subscriptions or daily coffees, and provides tips for saving on food and finding low-cost entertainment. Finally, the text encourages the establishment of an emergency fund, even through small, consistent contributions, to build financial security.