by Julie Jaggernath
Have you ever been surprised to find a dust bunny lurking in a corner? While it’s easy any time of year 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.
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’s the first of a 3 part 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. If you’re paying a monthly fee, ask your bank about a low-cost or no-cost bank account. You may qualify for a no-fee chequing account if you’re a student, a youth, a senior receiving the Guaranteed Income Supplement (GIS), or a newcomer to Canada. 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 has fees, going over your overdraft limit has additional charges, and going over the limit on your credit card costs even more. 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 payment (NSF) fees – A pre-authorized payment that bounces works much like an old dishonoured cheque. The good news is that since March 2026, federally regulated banks can’t charge more than $10 per NSF fee, and they can’t charge you at all if you’re short by less than $10. The company you were paying may still add its own returned payment fee, though, so turning on low-balance alerts in your banking app is still one of the easiest ways to avoid these charges.
Compare Bank Accounts with the FCAC Account Comparison Tool
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 you 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 whether they can match or beat it. If you don’t ask, you won’t get.
It’s also easier to switch than it used to be. Providers can no longer charge fees to change or cancel your cell phone or internet plan, and they have to let you know before a promotional rate ends. When that notice arrives, treat it as your cue to compare offers.
Many people now prefer to get their news, entertainment, videos and information from the internet. If you get most of your shows through streaming services, why pay for cable too? Just keep an eye on how many subscriptions you’re adding, since they can creep up to cost as much as the cable bill you cancelled.
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.
How Much Money Should You Spend on Living Expenses?
Cell Phones: How to Save Money on Your 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 prepaid plans have many advantages. People who have always been on a plan often don’t think to change over to prepaid. These plans have more flexibility than ever before and many larger prepaid 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. Kids mostly use data and messaging apps, so pick a plan based on their usage, not yours.
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. Choose a data plan based on what you use, not the biggest one offered. Set data usage alerts on your phone and use Wi-Fi at home to avoid overages.
Small Savings on Bank Fees, Internet and Cell Phone Bills Add Up
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 if your bills feel harder to keep up with than a few fee changes can fix, we’re here to help. Our credit counsellors offer free, confidential, and non-judgmental appointments.
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Last Updated on September 25, 2026
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