Almost on a daily basis across Canada, we are hearing news reports about how expensive life is becoming. It just seems as if today’s financial news isn’t very positive and it’s hard to know when things will improve. But there are adjustments we can do right now to manage these increases and calm our nerves.
- Take a good look at your expenses. Are there “extras” that you can trim? For example, a $3 coffee every morning on your way to work adds up to $70 per month or more. Consider making your coffee at home and further reduce your electrical bill by opting for a manual drip carafe or a French press coffee maker.
- Review your subscriptions. Have you signed up for a streaming service that you never watch or listen to? Consider cutting these monthly and/or yearly subscriptions to the services. For the ones you love, see if the service provides gift cards, which gives you the option to pay as you go.
- Shop the sales. Make a list. Don’t shop when you’re hungry. These are all solid rules of thumb to save money on groceries. Also consider collecting loyalty points that reward you with free groceries, clipping coupons and buying in bulk.
- Keep an eye on the interest rates. If you’re concerned about the next potential increase in interest rates, you may want to speak to your banker or financial advisor. They can advise you on how to navigate these tricky financial times. If you are close to retirement, consider speaking with one of our dedicated financial Investment and Retirement Managers at Canada Life for tips on how to protect your retirement savings. Their contact information can be found on the CEIRP website here.
- Read Canada Life’s article How you can deal with market volatility here.
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