Canada has been hit hard with rising prices, and knowing how to save during inflation is important.
With the cost of food, gas and utilities continuously climbing, putting away money can seem impossible.
While saving during inflation has become very challenging, there are methods that allow you to put away from of your earnings.
We have put a list of alternative saving solutions together to help you fill your metaphorical piggy bank during this financially demanding time.
Method 1: Side hustle or part-time work
Building a side hustle outside of your 9-5 isn’t new, but it is at the top of our list for helping you save during inflation.
Creating a business for yourself can have many different faces. You could try influencer marketing if you have a large social media presence. Here you can promote other company’s products and receive a portion of the profit.
If you don’t like social media or don’t have a large following, there are plenty of other options to make a passive income and use the earnings to save.
Freelance work is a large pool that nearly anyone can dip into.
Many people provide consultation, writing services, home repair—this list spans into nearly every category of work available and makes saving during inflation attainable.
Another option for alternative income is selling products online.
If you design anything or are an artist, creating an online store and delving into ecommerce is an easy way to make money in your sleep and increase your savings.
Method 2: Negotiating better rates on your current bills
Cutting down your monthly payments is another resourceful way to increase your savings during inflation.
You can call your phone, insurance and utility companies and ask them about the latest promotion or ask them to match another company’s promotion.
If there are no promotions, simply call the company stating that you have been a loyal customer that makes on-time payments and ask for a retention rate. It never hurts to ask.
Any money that you save from the reduction in your monthly bill can go towards your savings.
Method 3: Selling unused items in your home
Have old camera equipment you aren’t using, furniture sitting in your storage, or a guitar you vowed to learn how to play… but still haven’t?
You’d be surprised how many items you have that just lying around unused.
Now is the perfect time to sell these items and put the profit in your savings account!
Method 4: Save while grocery shopping
Our team put together another blog about saving specifically on groceries, check it out!
Method 5: Choose different transportation
You could hop on the bus, carpool with a co-worker or neighbour, or ride your bike to work.
Whatever way you choose is sure to put a few extra dollars in your bank account that you can funnel right back into you savings account!
Even though saving money during inflation is challenging. With some flexibility and creativity, it can be achievable while still living life the way you were before rising costs.
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