Inflation and spending have been hot topics this year. The price of everything, from groceries to gas, is going up. Try these tricks to make your money stretch further.
Create a meal plan to reduce your food budget
Eating out can really burn your budget. When you’re busy, it’s tempting to rely on delivery and restaurants for every meal. But planning and making meals at home even a few times weekly is generally healthier and can save you thousands of dollars per year.
Shop flyers and sales to save on groceries
Even if the average cost of food is going up, there are still weekly specials that can help you save hundreds of dollars annually on groceries. Keep an eye out for discounts on your favourite products and stock up when they come on sale. Buy staple items with longevity like rice and dried legumes, and avoid shopping for food at convenience stores.
Pay less for your smartphone
Canadians pay among the highest rates for telecom in the world. Depending on your provider, it can be worth a phone call every six-to-12 months to take advantage of sales. If that fails, switch providers and always qualify for the new customer discount.
Check your driving habits
Oil and gas prices are a major driver of inflation. We’re seeing this at the pumps. Are you driving a fuel-efficient vehicle? Do you need to take the car every time you go out? Can you carpool? As pump prices rise, adjust your driving habits. Keep an eye on points programs that help you earn free gas! Plus, look into insurance discounts and pay-as-you-drive options.
Get thrifty and buy secondhand
From clothing to cars, when you purchase used goods, you not only save on the ticket price, but also the sales tax. A new car devalues by thousands of dollars the moment you drive it off the lot. People are buying and selling all the time online. Plus, you may just find a treasure that’s not available through traditional channels.
Sell your stuff or regift something
Instead of storing that old bike in the garage, put it up for sale. Leaving items in storage causes them to devalue over time, so why not use the cash now? Not every gift you’ve received is bespoke. Instead of donating or stashing away gifts you don’t like, consider rewrapping them and passing them onto someone who will appreciate it.
Get rid of debt faster
Credit card debt is a huge expense that people often take for granted. Get help to figure out how to consolidate debt or pay down your balance more quickly so you can stop paying hundreds of dollars in interest every year.
Invest your money and save for a rainy day
Investing a little bit of money into a tax-free savings account (TFSA) allows you to earn interest to save faster for things you want and act as a hedge against future inflation. Having money in the bank means you can cover emergencies or top up your pay when your spending is higher than usual.
Contact your SISIP advisor today to review your financial plan and set you on the path to financial health.
The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This article was written, designed and produced by SISIP Financial, for the benefit of SISIP Financial a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.
