Saving money can feel like a daunting and nearly impossible task. Even the word “budget” alone can give some nightmares about complicated spreadsheets, intense penny-pinching and sad desk lunches. While it’s easy to become overwhelmed by the task of saving money, sometimes the hardest part is getting started. Luckily, there are plenty of ways for you to cut costs and hold on to those extra dollars without ever feeling like you’re in a financial bind.

Here are some simple yet effective tips that will help make saving money practically painless. You may be surprised at just how much you can save in a short amount of time!

1. Use Budget Apps to Track Your Spending
You’ve heard this one before, and for good reason: creating and following a budget is one of the best ways to save money. This doesn’t mean giving up on fun but rather it will allow you to get a better picture of where your money is going each month so that you can effectively allocate your funds wisely between savings, bills, necessities and entertainment. It is also a good idea to use cash instead of credit cards whenever possible. This will help you keep track of your spending and prevent you from overspending. Free apps like Mint, PocketGuard and Wally allow you to securely sync all your bank accounts and investments, giving you a monthly overview of incoming and outgoing funds.

2. Save Money by Eating Out Less
Eating out can be a treat but if you do it nearly every day, the costs are likely putting a dent in your wallet – especially if you have kids or a large family. Establishing a routine featuring home-cooked meals can help you save more money than you think. Take the time to plan a menu and even taking those leftovers to work for lunch the next day can increase your savings substantially. While you’re at it, consider cutting back on frequent trips to the coffee shop and choose to brew your java yourself.

3. Do Comparative Price Checks
You should always do comparative price checks when you go shopping, especially when you’re purchasing big ticket items. With the convenience of technology, it is easier than ever to look up the prices of just about any product online. You may even find better deals online or free shipping options. It is also a good idea to keep an eye out for seasonal sales and discount offers as these can provide opportunities to get what you need for less.

4. Cut Excessive Spending and Review/Cut Cable
Take a good look at your cable television package and decide if there are any channels that you can do without. Most of us are paying for channels we never use, and the options for cord-cutting are rapidly increasing. There are plenty of online streaming services that offer access to your must-see shows for much less than what you might be paying for a traditional cable package.

5. Assess your Spending in Saving, Chequing, and Credit Card Accounts
From monthly service charges to withdrawal fees to charges for transfers, your accounts’ recurring fees can really add up. To avoid all the hefty fees that come along with many banking accounts, explore other options, such as Moya’s No-fee Chequing Account. This account gives you the freedom to manage your day-to-day transactions, pay bills and handle your money as you see fit – fee-free. More money in your account means more savings for you.