We’ve all noticed it at the grocery store, the gas station, and the mall. It seems like the price of everything has skyrocketed in the last year. In 2020, Canadians faced the perfect economic storm as the global pandemic halted goods and services production, generated an influx of economic relief, and increased consumer demand with limited supply, giving birth to the highest rate of inflation Canadians have seen in 30 years. In these challenging times, adopting the right financial habits could help you ease your financial stress and take charge of your financial future.
Keep on Saving
With the cost of everyday items increasing, these larger price tags could make reaching your savings goals seem like a tall task. However, no matter your income level, developing a regular savings habit is the key to putting you on the path to financial freedom. Start by setting aside as little as $10 per paycheck (or as much as your finances allow) into a savings account to help you reach your financial goals. Consider putting these funds into a high-interest savings account and take advantage of favourable interest rates, so you can keep building your wealth even in financially uncertain times.
Be a More Diligent Shopper
Before the pandemic, many of us may not have paid as close attention to the cost of everyday items, such as groceries. But as prices on these items take a sharp turn, shopping more carefully could have a big payoff. Before heading out on your next grocery trip, be sure to check out any coupons or flyers for the stores you plan to visit to find the best price for the items on your list. If you have a smartphone, there are several apps that give you access to thousands of digital flyers and coupons, so you can save more on your next trip to the store.
Pick Up Your Take-Out
For many of us, ordering our favourite restaurant meals for delivery has become a much-deserved treat after a long work week. As well, we were all encouraged to support our local restaurants when we were in lockdown. Ordering takeout can be a nice treat on occasion, but with the rising cost of delivery and food prices, getting dinner delivered could cost you more than you think. Now, rather than give up your takeout, consider switching from food delivery to picking up your takeout instead. By not using a third-party service, you not only spend less on your order, but your money also goes directly to supporting the local eateries you enjoy. That’s a win-win!
Get the Advice You Need
If your mortgage is up for renewal, or you are looking at purchasing your first home, you might be concerned about what will happen to your monthly mortgage payment. Speak to your Kindred branch for expert advice that is tailored to your unique financial goals. There are a variety of options available that you might not be aware of.
We can all agree that this current wave of inflation continues to be a real financial challenge for most Canadians. Good spending and saving habits, along with the helpful advice of Kindred experts, will go a long way in helping you navigate these turbulent times.