Say goodbye to these everyday things to save money
From grocery to gas to going out, everything is a bit too expensive despite the decrease in the inflation rate to 2.8% according to Statistics Canada.
We talked to an expert on how you can save money in Canada. Aaron Guillen from finance non-profit Better Business Bureau, BC and Yukon, weighs in.
Drive less – or not at all
Guillen suggests that keeping your old ride may be more economical than buying a new one. “I would highly recommend people not try to buy new cars at this moment. It’s a volatile market.”
He also recommends that if you are leasing your car, buying it out may be a better option since the price for that car was set before the high inflation set in.
Transiting may be an even better option if you’re punctual.
If you drive less than 5,000 km per year, ICBC offers a 10% low-kilometre discount on Basic, Extension Third Party Liability, and Collision coverages.
Vegetarianism is not only good for your gut but also for your wallets
If you are vegetarian or thinking of turning into a quasi-herbivore for a few nights a week, it may bode well for your piggy bank. Prices of meat and fish have increased dramatically in the last year according to a report from Statistics Canada.
Only go to stores which are worth your money
One way of doing this is to look up a business you want to try on the BBB website to see if they’ve been vetted to avoid scams and frauds.
This can be especially helpful if you’re making big purchases like furniture or appliances.
Plan a budget for yourself
This may look like plugging out your appliances, doing a full load of laundry and giving up smoking and alcohol for some.
Inflation affects everyone differently which means budgeting looks different for everyone as well.
He suggests the 50/30/20 rule in which 50% of your cheque goes to your needs, 30% to your wants, and 20% to your savings.