Thursday, October 13, 2022
Discover practical ways to save money on groceries and fight the affordability crisis. Learn budgeting tips, smart shopping strategies, and simple ways save more money.
Prices are climbing faster than many of us can keep up. Groceries, housing, gas, and a variety of other things seem to be taking a bigger bite out of our wallets every month. Tariffs have pushed the price of some goods even higher. About half of Canadians are now living paycheck-to-paycheck.
It can leave you making tough spending choices.
There are ways to take control of your finances and fight back, though. With some simple changes you can spend less and limit the impact of high prices.
Canadians have the highest debt-to-GDP ratio of any G7 country; this is partly driven by high housing costs.
The problem is only getting worse, with consumer debt in Canada now over $2.5 trillion, according to Equifax.
Equifax also noted that even if you exclude mortgages, Canadians are carrying around $22,147 in debt, driven mainly by rising costs for vehicles, groceries and rent.
While The Bank of Canada did lower interest rates in 2025 as inflation slowed, that did not stop prices from rising.
Once prices rise during a period of high inflation, they rarely ever fall back to where they started from.
Inflation appears to be slowing down now, but even slowing inflation still means that prices are going up, because inflation tracks how quickly costs rise, not whether they go down. So, while inflation is cooling now, the cost of food, housing, and everyday essentials is still much higher than it was a few years ago.
Tariffs are also adding costs. The Canadian government has a long list of items it has placed tariffs on in response to the ongoing trade dispute with the United States.
These tariffs are a tax on specific products that are imported from the USA, which means importers must pay extra to bring these goods into Canada.
Retailers usually pass that cost on to the consumer, meaning everyday Canadians. This means that if you buy an item the government has placed a tariff on, it will cost more.
The Canadian government’s tariffs are meant to protect Canadian industries by making imported goods from the States more expensive and encouraging consumers to buy more locally.
The issues listed above can make it harder for you to cover your everyday expenses and save money. There are some simple steps for you to ease the strain though.
Here are some easy ways for you to fight affordability issues.
Anytime you’re having affordability challenges, a budget is your best friend.
Start building your budget by listing all your monthly income sources.
Next, note the cost of every regular expense. This means rent/mortgage payments, a car loan, your phone and internet bill, and entertainment subscriptions. Also look at how much you spend on average each time you go to the grocery store or on gas.
You should then look to categorize your spending into wants versus needs.
Look for opportunities to reduce the cost of your wants without sacrificing quality of life. This may mean ordering food in less.
There are probably even ways for you to save on some of your regular expenses as well. This may mean switching to generic brands, cancelling less used subscriptions, or switching your phone and internet provider to a cheaper alternative.
This is just one way to do a budget. There are a variety of others you can find here.
Finding ways to save on groceries is something we’re all trying to do. There are some strategic approaches you can use to cut your grocery bill without sacrificing quality.
First, plan your meals around what’s on sale. The best way to do this is to use flyer apps like Flipp, which allows you to see what’s on sale each week at the grocery stores in your area. This way you’ll know what’s on sale before heading to the store.
You’ll then be able to plan meals that cost less than if you already decided what to eat without knowing what was on sale.
Another advantage of using a flyer app is that it helps you find the grocery store with the best deals each week near you. You can then choose which store has the most things on sale that you want to buy.
Create a list before you head to the store to ensure you get what you need and avoid improvising your shop.
That’s not the only thing you can do; you can find ways to save once you’ve arrived at the store.
One of the best things to do is to check the unit prices instead of package prices. The unit price is often in small writing on the same piece of paper as the listed price on the shelf.
You’ll often find that a larger container may cost more overall but less per unit.
Imagine two packages of frozen broccoli. The small one costs $4.50 and is 500 grams; the large one costs $10 and is 1.75 kg.
This means the small one costs 90 cents per 100 grams, and the large one costs 57 cents per gram.
So, while you pay more at the time for the large one, it costs you less in the long run than buying the small one each time.
There’s even a way to save on food once you’re home from the grocery store.
Canadians throw out a lot of food, as much as $1,300 each year per household, according to a 2022 study.
When you throw food out, you’re also throwing your money away.
Meal planning, using up leftovers creatively, and buying only what you need for a week are all great ways to reduce your food waste and save you money in the long run.
Buying canned food is another great way to reduce how much you need to throw away. Ensure you’re properly storing food and put food that can be saved for later in the freezer to extend its life.
We’ve written a whole article about ways to reduce your overall food waste here for you to read.
Did you know sometimes you can lower your bills simply by asking? Many phone and internet companies would rather lower your bill than lose a customer.
So, if you get a price hike from your internet provider, picking up the phone to complain about the it may get them to reduce the bill.
Phone and internet companies often rely on you not wanting to go through the process of switching providers.
If you do some research before calling and tell them you found a better deal elsewhere though, they may offer to not only lower your bill but even upgrade your service. Slightly increasing the amount of data on your phone plan, for example.
Being proactive on this can help you save money that regularly comes out of your bank account each month.
We know this won’t be an option for everyone. Taking on a side hustle is something that requires you to have the time to commit to it. Not everyone has the time or ability to take on a second job.
For those who are able, though, it’s a great way to earn extra cash and overcome affordability challenges.
You may think of doing some sort of gig work; perhaps driving for a rideshare or delivering food are the most commonly thought of ideas.
There are many more options, though. It might mean tutoring some of your friends' kids, perhaps offering music lessons if you play an instrument, or walking dogs once or twice a week.
The opportunities are endless. Even just earning $50 extra a week can go a long way toward helping your grocery bill.
If you’re struggling to control your finances or falling behind on bills, one of our Licensed Insolvency Trustees can help. Our Trustees provide professional guidance to help you explore solutions for managing debt and can even negotiate with your creditors to lower your payments.
They offer a judgment-free environment, so you can speak openly about your situation without feeling embarrassed or criticized.
The first consultation is free, giving you the opportunity to understand your options and take the first step toward regaining control of your finances.
Thursday, October 13, 2022
Discover practical ways to save money on groceries and fight the affordability crisis. Learn budgeting tips, smart shopping strategies, and simple ways save more money.
