08/18/2017 16:18 EDT | Updated 08/21/2017 08:52 EDT

Smart And Easy Ways To Save Money

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It's often said that a penny saved is a penny earned, but when it comes to saving for the future, cents just won't cut it. Fortunately, there are so many ways you can get smart about your spending habits and help save for your future. For example, cutting down on a coffee habit can help you save money to purchase a Term Life Insurance* policy which can be a great way to help secure your loved ones' finances should something happen to you. It's never too early to start protecting your loved ones' future, so here are just a couple ways to save, sponsored by CIBC Insurance.

Sign up for life insurance when you're young

It's not fun to think about your own mortality, but having life insurance is a security blanket that can help take care of your family and financial affairs in the event of a major health issue or untimely accident causing your death. Getting term life insurance when you're younger and healthy is generally less costly than when you're older. It's ideal to get a head start before any health issues may arise. CIBC Insurance has an easy-to-use, simplified online application that can let you know instantly if you're approved.

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Start streaming your exercise classes

Exercise is an important stress-reliever for many, but cost can put a serious dent in your wallet. If you're the kind of person that takes a daily aerobics class or needs to unwind at the end of the day with a yoga session, consider streaming a class online. Finding a heart-accelerating routine on YouTube may be a cheap alternative to spending some serious cash to sweat it out in public.

Pay down your debt

Credit cards are a handy way to cover costs in a flash, but it's easy to get sidelined with debt. Pay your balance in full whenever possible. Don't spread out your payments if you don't have to, as carrying a monthly balance means paying more in the end.

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Don't buy your lunch every day

Have you considered how much of your paycheck goes towards lunches? Dropping even just a couple of dollars each day for a sandwich can quickly add up. Brown-bagging it may not be as exciting, but packing a sandwich, some fruit, and a thermos of home-brewed java will bring down your costs significantly.

Buy produce when it's in season

To be fair, gorging on a bowl of strawberries is a treat all year long, but picking up a basket of import berries in December is going to cost you an arm and a leg. Buying your fruits and vegetables in season can cut down on additional costs.

Clean out your car, and rideshare

While walking or cycling to work can help you avoid the increasing gas prices, many of us live too far away from the office to make that work. If you're driving, try and arrange a carpool so that others can help pay for gas. Another cost-cutting measure is to clear out your trunk of any unnecessary junk, as lugging around a bunch of dead weight is really messing with your fuel economy. Freeing up that space should help trim your daily travel expenses.

It's never too early to start thinking about your future and protecting your loved ones should something happen to you. Take the step to apply for CIBC Term Life Insurance**.

*You should always discuss your specific needs with a licensed insurance advisor.

**CIBC Term Life Insurance is underwritten by CIBC Life Insurance Company Limited.