There are many reasons why inflation occurs. Food and fuel prices are often considered the biggest culprits, but the average consumer’s spending habits can play a big role as well. Inflation is inevitable and there’s no way to stop it, but that doesn’t mean you have to spend more money than you need to just because prices go up over time. It’s important to be prepared for inflation as best you can so that it doesn’t hurt your budget too much or even worse, put you into debt!
- Being prepared: The most important thing you can do is to draw up a budget and plan for the future. As inflation creeps in, you want to make sure that your income keeps pace with it and doesn’t lag behind. This means planning ahead so that you can save more money when things are good, but also being flexible enough so that when things go awry (as they inevitably will), there’s still some cash flow left over each month.
- Saving enough money: If your income is steady, then saving is easy—just set aside what’s left at the end of each month for savings or investments and keep doing it until it becomes habit! However, if your income varies from month-to-month or week-to-week (sometimes even day-to-day), then saving may be more difficult because sometimes there won’t be any money left over after covering expenses like rent/mortgage payments or groceries; this is where having an emergency fund comes in handy!
Look at your mortgage
If you have a fixed-rate mortgage, consider refinancing if rates drop. The longer the term of your mortgage, the better it is to refinance at lower rates. If you’re already in a variable rate, look into getting a fixed or capped rate that matches your current mortgage if rates drop.
Get ahead of things
Inflation is a tricky beast. It can sneak up on you without you even realizing it, and before you know it your budget is in shambles. It’s important to stay on top of inflation so that your financial situation doesn’t fall apart!
- Look at your budget: If you’ve done a good job of tracking where your money goes each month, then this may be a breeze for you. If not, we recommend using an app like Mint or Quicken to track expenses for at least two months to get a better idea of how much money comes in versus how much goes out. Once that’s complete, create categories where appropriate and try to come up with some creative solutions if there are any red flags (for example: “Eating Out” might be too high).
- Look at other areas of spending: Are there any areas where we could cut back? Where are our priorities? Is there anything else we could eliminate completely? This step will likely take some time—and possibly some tears—but setting aside personal luxuries means that when inflation hits hard again next year (or sooner), we’ll still have enough saved up for those rainy days.*
Save on food
If you are looking to save on food, there are some easy ways that you can do this. The first option is to buy in bulk. This will allow you to get a lot of the same product at once and then store it for later use. It may also be more cost effective than buying smaller quantities throughout the month or week.
Another good way to save money is by looking for sales and coupons from various stores that sell similar products, particularly grocery stores and supermarkets. You can also look for cheaper alternatives like lower quality items or cheaper brands than what you normally buy as well as cheaper stores and meal options like eating out less often or cooking your meals at home instead of ordering out on nights when possible (which will save even more money).
Buy cheaper brands
There are many ways of lowering your grocery bill without sacrificing quality. Some options are as simple as buying generic brands, while others might require some planning and preparation. Here’s a list of tips to keep in mind when shopping for groceries:
- Buy store brands instead of name-brand products
- Buy in bulk when possible (e.g., at Costco)
- Buy in season or on sale
- Buy on Amazon (if you have a Prime membership)
Coupons are one of the easiest ways to save money on your groceries, and they’re also a great way to save money on other items you purchase. You can find coupons in newspapers, magazines, online and in stores. Coupons typically allow you to buy an item at a lower cost than normal price; however some coupons may even include free products!
The following are some examples of how you can use coupons:
- Use them as currency for trading within your community (e.g., swapping clothes with friends).
- Give them away as gifts for birthdays or holidays.* Don’t throw away expired ones! They still have value!
Cut back on eating out
Eating out is a luxury, so you should cut back on it when times are tough. The best way to do this is to eat at home more often and only eat out less often. If you do decide to go out, try eating at cheaper restaurants or even fast food chains like McDonald’s or Burger King. You’ll save yourself some money and get some good value for your buck.
Buy generic brands
- Generic brands are usually cheaper
- Generic brands are usually the same quality as brand names
- Generic brands are usually available at the same stores as brand names
Take stock of your bills
To start, list all of the monthly bills you pay. These include things like rent or mortgage payments, car insurance and gas costs, grocery bills and utility bills (water/electricity). Next, figure out how much money you spend on each bill per month, per year and even per week/day/hour if possible.
Now that you have a clear picture of how much money is going out every month, we can begin to identify potential areas where we can cut back on spending.
One of the first things you should do as a budgeter is to look at your utility bills. Look for anything that can be done to lower your cost, whether it’s changing providers, using less electricity or water, or switching from heating oil to natural gas. If you find yourself driving long distances every day for work and need to cut back on gas usage, consider taking public transportation instead of driving yourself (or maybe even getting rid of one car altogether).
Inflation is inevitable, but that doesn’t mean you can’t plan ahead.
Inflation is a natural process that occurs when the supply of money grows faster than the demand for it. When this happens, prices rise and the purchasing power of your money decreases.
Inflation does not happen overnight; it takes time for inflation to increase from 0% to 2%. And it’s important to remember that inflation is not just something that affects you and me as consumers in our day-to-day lives, but also affects businesses who need to adjust their prices accordingly in order to stay competitive in the market place.
However—just because we know what causes inflation doesn’t mean we have control over how much it will occur or when! Inflation can be very unpredictable so we all have a role here: stay informed about current economic news so you can plan ahead accordingly!
With inflation being a fact of life, it’s important that you take steps to plan for it. By being prepared and looking at ways in which you can cut back on spending when prices go up, you can avoid getting caught off guard when your grocery bill suddenly goes up or electricity rates increase without warning.
If you’re struggling with debt, there are a lot of options out there for getting help. But which one is right for you? This article will help answer that question and walk you through how to choose the best debt help provider.
Choose the best debt help provider for you
It is important to choose a debt help provider that is accredited, independent, and transparent.
- Accredited: The first thing to look for when choosing a debt help provider is whether or not it’s accredited by the government. This can be found on the website of your chosen provider. If you don’t see any accreditation information on their site, that’s probably a red flag and you should look elsewhere for help with your debts.
- Independent: You want to make sure that your debt management company doesn’t have any ties with other financial institutions (e.g., banks). This means they are not owned or affiliated with any banks or credit card companies and cannot offer products like loans through them either because it could compromise their independence as an unbiased third party in between you and those who owe you money such as credit card companies or lenders whose loans haven’t been paid off yet due to insufficient funds being available at the time when payment was due.”
Consumer proposals are a negotiated settlement—but this one happens outside the courtroom and is legally binding, so once it’s agreed upon by all parties (including you), it must be followed through on. However, while this can be helpful in getting out of debt, it does require approval from creditors and approval from courts. These types of negotiations generally tend to result in better repayment terms.
How to choose the right debt help provider
- Look for a provider that is accredited.
- Consider a local provider.
- Make sure the provider has ample experience in debt relief.
- Choose an affordable company with transparent pricing.
- Beware of companies that are not flexible or supportive when you have questions or concerns about your debt relief plan (or anything else).
Don’t settle for something that doesn’t help.
It is important to know that it is not always necessary to settle for the first debt help provider you come across. Take some time and do your research before signing up with any company or person offering their services as a debt consolidator, credit counselor or debt management plan provider.
You don’t want to sign up with someone who doesn’t have your best interests in mind, nor should you sign up with them if they don’t meet all of your needs and/or budget requirements.
We hope the information here has helped you to decide which debt help provider is best for your situation. Remember, there are many out there so do your research before making a decision and don’t settle for something that doesn’t help you achieve your goals! To find out more feel free to reach out to us.
Debt is a very common problem in Canada. It has become an epidemic that many people are dealing with on a daily basis. There are many ways to deal with your debt and we will help you decide which one works best for your situation.
Debt consolidation is a great way to lower your monthly payments and get a lower interest rate. You can consolidate all your loans into one loan, which will help you pay off the debt faster. It’s important that you consolidate the right debts: personal loans, credit cards, and lines of credit should be consolidated into a low-interest card or line of credit because these are high-interest debts.
If you want to pay off your debt faster, then it may make sense for you to use debt consolidation as part of your strategy.
Bankruptcy is a legal process that allows you to get rid of your debts. It’s the last resort and should only be considered if other options have failed.
- What are the benefits of bankruptcy? It can relieve you from most or all of your debts.
- What are the drawbacks? It can have a negative impact on your credit score for up to 10 years after completing it. Additionally, during bankruptcy proceedings, creditors may try to recover money owed before they release any claims against you. This may mean additional costs and fees before the process is complete (and even afterwards). Finally, while bankruptcy itself doesn’t take very long—usually between 3-6 months—there will be some administrative steps required by both yourself and any creditors involved in order for everything to go smoothly (just like filing taxes).
If you’re in a financial bind, credit counselling can help. Credit counsellors are trained professionals who can help you understand your options and make the best decisions for your personal financial situation. They’ll also provide advice on how to avoid future debt problems.
Credit counsellors are not:
- Debt management programs (DMPs). DMPs typically involve paying a company monthly fees in exchange for them negotiating with creditors on your behalf. While this may seem like a good way to deal with debt, it has its drawbacks—the most notable being that many DMPs charge extremely high fees and take 40% or more of what they collect from each creditor as commission, which means there’s less money left over for you after all the bills are paid off. In addition, by using one of these companies instead of negotiating directly with creditors yourself, chances increase that they won’t be able to get favourable terms—which could lead to further stress down the road when something goes wrong (like missed payments) because there’s no real relationship between you and your debt collector! Credit counselling is free; don’t waste money on unreliable services!
- Bankruptcy. If things get truly dire and bankruptcy seems like the only option left open before filing Chapter 7 or Chapter 13 bankruptcy papers then see our article What Is Bankruptcy? You might be surprised at how much better off financially speaking starting fresh under another name will pay off long term compared
A consumer proposal is a legal agreement between a debtor and their creditors. The debtor agrees to pay the creditors a fixed amount over a period of time, while the creditors agree to accept that payment and not pursue other legal action against you.
The proposal is filed with the courts, where it’s reviewed by an independent trustee who decides whether or not it should be accepted. If your proposal is accepted, interest on your debt will be reduced to 0%. The Balance owing is also reduced in most cases by up to 70%!
If you’re looking for a debt relief option that will help to improve your financial situation, coaching may be the right choice. Coaching programs offer support and guidance as you work towards getting out of debt by changing your spending habits, managing your money and making better choices with regard to purchases. These programs can also provide accountability, since coaches will often check in with their clients on a regular basis via phone calls or meetings.
Coaching is based on the idea that if you have someone to guide you through the process of achieving your goals, then it’s more likely to happen quickly and efficiently than if you were trying to do it alone. A coach can provide motivation when necessary and help keep things like motivation levels high by encouraging clients in their efforts towards reaching these goals. It also gives people who need extra encouragement or motivation an outlet for this sort of support without having to think about where else they might get it from (such as family members).
5 different services to help resolve debt issues, each one different in it’s own way. Please pick the one that is right for you.
We offer 5 different services to help resolve debt issues, each one different in it’s own way. Please pick the one that is right for you.
- Debt Consolidation: Debt consolidation is a process where multiple debts are combined into a single payment that is paid off over time. This process can be used with your current creditors or new ones (if they will accept), and can help lower the amount of interest you pay per month on your existing debts. It will not reduce the amount owed to creditors however, which means they will still require repayment even after this process has been completed successfully.
- Bankruptcy: Bankruptcy has been around as long as money itself but many people do not know what it actually entails so we have written an article explaining everything there is to know about filing bankruptcy in Canada if this option interests you! In short though, filing for bankruptcy allows individuals who are insolvent due to their inability to pay back debts due their financial situation with reasonable effort over a reasonable period of time (3 years) obtain relief from those obligations under certain circumstances such as unemployment or disability; financial hardship caused by illness; unforeseen life events such as divorce/separation etc…
We hope this article has helped you understand the different debt relief options available in Canada. If you have any questions or would like to talk about your personal situation, please contact our office at (888) 354-4706. If you are not ready to talk on the phone or in person Chat with Jennie at www.ccdr.ca We are here to help!