Feeling the effects of inflation? Check out our money-saving tips.
Rising prices, supply chain issues – they’re buzzwords as much as they’re a reality. And these days, you can’t refer to the two without talking about inflation.
What’s inflation?
Save the helium for your next birthday party. According to the Bank of Canada, “inflation is the persistent rise in the average level of prices over time.” Basically, stuff keeps getting more and more expensive.
If you’re feeling the effects of inflation on your wallet, there are some things you can do right now that might help soften the impact.
Negotiate when you can.
Cutting back on spending isn’t always possible, especially if the majority of your income has already been allocated to essential categories like utilities, rent, groceries, well-being, etc. But you may be able to uncover opportunities to free up funds in your existing budget. For example, you could try to negotiate lower costs for your gym membership, along with things like your cable, internet and data services. Start by reviewing current promotions. Do your gym’s competitors have better rates? Does your data provider offer competitive introductory promotions to new customers? Give them a call! Many businesses want to keep you as a client and may be open to negotiations, so doing your research could save you a few bucks in the long run. Another area you could explore is your income, depending on your job. Experts say that now may be the perfect time to negotiate a raise due to the high cost of living. Consider making a case and having a chat with your boss. You might end up with a little extra cash on your paycheque.
Dig for deals in the grocery aisle.
Grocery deals can have one of the most immediate impacts on your budget. Set some time aside every week to review local flyers through one of the many coupon apps available. If you have some extra room in your monthly grocery budget, it may be a good idea to stock up on items like toilet paper or canned goods when they’re on sale. Plus, some grocery stores offer price matching, so if you notice that an item is priced lower at a competing store, it may be worth asking a grocery employee about their price matching policy to take advantage of additional savings.
Delay big ticket purchases.
High periods of inflation may not be the best time to invest in pricey, nonessential items, even if you’ve come across a good deal. Instead, build a budget, and consider putting some money aside for your wants so that you can treat yourself in the future. When you’ve saved up enough cash, make sure you keep your eyes open for deals. It’s always a good idea to avoid paying full price if you don’t have to.
Our next blog about inflation will dig deeper into what's causing prices to rise.
Living on a single-income? We’ve got some other great money-saving tips for you!