Canadians’ debt loads shocked at $1.8 trillion in the fourth quarter of 2017, according to a report by credit rating agency Equifax. Increases were reported in various divisions of lending such as a 10.3% increase in installment loans, 6.5% in auto loans, and 6.2% in mortgages, resulting in the average Canadian owing $22,837.
Although more than less Canadians are managing their debt well, 37% are sinking even further into the quicksands of debt. With the economy scheduled to slow this year, according to a recent RBC forecast, the lives of 37% of Canadians will consist of counting pennies and trying to make ends meet.
While a risky debt situation seems to bear little hope, there are in fact many ways to save oneself from excessive debt. Following the establishment of money-saving practices that really only require some discipline, cutting monthly costs will ultimately cut yearly costs and in the long run, save one from the quicksands of debt.
Applicable Money-saving Practices
Taking note of why your money is leaving your pocket. Write down all your expenses for one month, and just see where your hard-earned money is actually going. By keeping records, you’re making yourself aware, and by making yourself aware, you can improve.
Cutting out the takeaway coffees. Buy a flask and make your own coffee. This will save you at least $80 a month.
Cycling/walking to work. Even if you need to go 10km to get to work, it’s doable by bike. You’re also getting fitter, so it’s a win-win.
Take your own lunch to work. It will cost you a couple precious minutes of your evening but save you a precious $100 bill a month.
Keeping a penny/cent collection. Just throw your loose change into a jar, and it’ll add up over time.
Making gifts for people rather than buying them. Plus, they’ll always remember it because the gift of time effortlessly outweighs the gift of money.
Simplifying your beauty regime. All the fancy creams can be tempting, but all your skin needs is a good diet, plenty of water, and hydration. If anything, coconut/almond oil will work wonders and is a lot cheaper.
Working out at home. You don’t need a gym membership, just some discipline. You don’t need to pay to be fit.
Taking care of your teeth. Brushing twice a day and flossing will save you expensive dental bills in the future.
Being grateful for the money you have. A change of attitude goes a long way and helps to manifest more money in your life.
M8TRIX5 can help you save even more!
To find out how we are helping others cut cost, contact us today.
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