The majority of Canadians are already making tough decisions on finances, and the story is no different in Halifax. A soaring homelessness rate has been reflected in huge demand for survival kits, according to Global News, which is considered a symptom of tightening household budgets. With the spectre of losing the family property on the horizon due to the cost of living crisis, it’s important that even comfortable households look to rebudget and reassess their finances for the future.
There is an increasing reliance on credit cards across Canada, Halifax included. According to CityNews Everywhere, balances are increasing in Nova Scotia, and this provides a good prompt to reassess your own rates within the household. Many people may be paying too much interest, or there may be
be superior products out there; certain cards are designed for certain products. Search around the major providers and banks, look for alternatives to current cards, and ensure you’re getting a fair deal. If there are maxed accounts in the household, look to transfer credit to minimise interest payments.
According to PolicyMe, Canadians are wasting significant amounts of money on unused subscriptions, overly expensive plans for insurance and other utilities, and are wasting more money by not checking ahead of time. Rectifying all of this, and taking a frank look at household subscriptions, is important. It can be stressful to have to ring and negotiate with providers, but even saving a few dollars a month will be impactful.
Use new schemes
According to the government of Canada, there will be a raft of affordability measures put into place through 2023 to directly benefit Halifax. This includes millions of dollars for families with young families and grocery rebates for single families. In the press release, the government noted that the wider Canadian economic recovery had been strong since 2020; with that as a given, it’s reasonable to believe support will continue and be there for support in the coming years.
Making these hard decisions now and tightening the family budget will ensure that there is less chance of pain down the road. Too many Canadians have been taken by surprise by the ramping up and severity of financial pressures. Families can stop themselves from falling foul by undertaking a few simple steps, and really should – it’s worth peace of mind in the future.