With gas prices and inflation at record highs, Canadians are trying to find more ways to make their paycheques last a little longer. According to a poll done by Angus Reid, inflation has been taking a toll on Canadian’s bank accounts with 47 percent of Canadians not able to save over the last month and 68 percent planning to cut back on major purchases, education, or activities this year. Two-thirds of Canadians (67 percent) believe inflation will be worse a year from now, that number raises to three-in-four in the Prairies and Atlantic Canada.
Financial literacy has never been more crucial with many looking for budgeting tips to reduce sacrificing things like travel, dining out, shopping, etc. In the hopes to aid Canadians, financial expert Jessica Moorhouse created the following key budgeting tips.
Track your spending
In the words of Jessica Moorhouse, “Tracking your spending and making it your monthly ritual is the best way to get your finances in control.” Jessica feels that the best approach is to create a customized spreadsheet to help Canadians get a better sense of their expenses, though there are apps that can aid you in this.
Change your mindset about cutting your spending
Cutting expenses does not always need to be a drastic step. To Jessica, it is about becoming more intentional with what Canadians buy. “Instead of blindly following some cliché savings tip, do this instead. Take a look at your spending and cut out anything that does not align with your personal values or does not bring you joy.”
Make a shopping list and save in advance
Shopping lists are great for the grocery store but creating lists before shopping in person or online could help Canadians from making needless purchases.
Have a wallet reminder
This is a tip that gives you a couple of extra seconds to think about your purchases before purchasing. According to Jessica, the tip works like this, “You may have never heard of this little trick before, but it is so simple and so effective. Put a card-sized piece of paper in your wallet, in the windowed space where you had normally put your driver’s license. On that piece of paper, write down, your top savings goals to keep you accountable, or a piece of advice that will help you close up that wallet and walk away from the checkout counter or close your Internet browser.”
Shop online and find cash back options
With prices soaring higher and higher, earning Cash Back on all purchases will give Canadians a bit more to spend with. [Check out the options.]
For more information on Jessica’s tips and recommendations go to her website at https://jessicamoorhouse.com/how-to-save-money-with-rising-costs/
To learn more about the polls done by Angus Reid go to https://angusreid.org/inflation-rate-bank-of-canada-june-2022/
