Canada’s annual inflation rate has a big influence over managing debt and controlling finances. Recently, the country’s inflation rate has increased gradually over the first few months of 2018. In January, the inflation rate stood at 1.7%, increasing to 2.2% in February and then 2.4% in March.
The increase in Canada’s inflation rate is partially explained by the boost in prices for gasoline and airplane tickets. In addition, another contributor to the inflation rate increase would be the rise in minimum wage.
The Bank of Canada predicted that based on current economic trends, the inflation rate should remain consistent at 2.3% for 2018. This means that in comparison to 2017, there is an additional $0.023 for every dollar spent in 2018.
Tips on Managing your Finances
When dealing with external factors that affect your finances, extra caution should be taken before making any weekly purchases. Common weekly purchase can include groceries, toiletries, convenience items or clothing. In making these purchases, some considerations should include:
Creating a list: before shopping can prevent you from making any unplanned purchases. Keep in mind this will only work if you stick to the list. In addition, by comparing prices of various retailers before making any purchases, you can be sure you are getting the best price.
Preparing your food in advance: can save time and money, but also be healthy as well. By prepping your food in advance, you are preventing your self from paying a premium for the convenience of eating fast food. You are also preventing your self from eating the unhealthy ingredients that make up the fast food.
Consistent clothing maintenance: Take care to follow the instructions and cleaning symbols provided on clothing tags. By following these instructions and symbols, you can increase the longevity of your clothing.
What to do if your Debt is Substantial
This information can only help prevent you from getting into debt. For those that carry a significant debt, it is in your best interest to seek a finance professional for help.
We are Licensed Insolvency Trustees with the knowledge and experience in addressing the financial issues mentioned above. Our expertise can address any financial challenges you may face, including managing credit and most importantly finding a way to reduce or eliminate overwhelming debt.
If you need help, contact us by emailing email@example.com or call us at 416 736 4357 (HELP). You can also book a free consultation with no obligations by filling out the contact form on our home page.
Make an appointment today for a custom-tailored solution specific to your situation. We look forward to assisting you.