Squeezing more into your savings

Let’s face it, just about all of us are feeling the effects of rising inflation. Some of us are even having to dip into our savings just to get by.

Here are ways you can find some extra money and keep building your savings for the future.

Be a coupon clipper

There’s no shame in using coupons. In fact, they’re a great way to lower your bill every time you shop or treat yourself to a takeout meal. Look for coupons in the mail and your local newspapers or check out flyers for deals to stock up on staple items. Sign up for your favourite grocery chains’ loyalty programs to get bonus discounts or even free groceries.

Set a budget and stick with it

The only way to truly understand where your money is going is to create a budget that tracks all of your income and all of your expenses. At the end of the month, if you don’t have any money left to put aside - or are falling into debt - you can analyze your budget to find areas where you can cut back.

Pay off high-interest loans

Credit cards are handy, but the interest rates they charge can be exorbitant. In addition to interest, missed payments for bills can incur penalties.

You should always pay off your debts with the highest interest rate first. If you’re really struggling to pay the bills, contact your lender(s) for assistance. They might be able to offer you a lower interest rate or combine your debts into one manageable payment.

Check for deposits

The Climate Action Incentive payment is a government payment meant to help offset the cost of federal pollution pricing for residents of where it applies – currently Alberta, Saskatchewan, Manitoba and Ontario. However, households in Newfoundland and Labrador, Nova Scotia and PEI will also begin receiv - ing payments in July.

The incentive consists of a base amount, with supplements for residents of small and rural communities. While these payments used to be cred - its toward your income tax return, they’re now issued as quarterly taxfree payments. Look for a cheque in the mail or direct deposit payment in your bank account.

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