Andrea Orr, licensed insolvency trustee in Windsor, joins us to talk about finances and shares some tips to help you save if you are stressed about money.

Click the image below to listen to the interview on AM800.

Why are Canadians stressed out about finances?

There are three main reasons:

1. The cost of fuel
2. The cost of food
3. Interest rates are higher

Tips on fighting the increased cost of living:

Fuel – gas prices are high, so here are a few tips to keep your fuel budget at a minimum:

• Take the bus if possible
• Rideshare with a buddy or co-worker
• Carpool for kid’s activities
• Don’t accelerate quickly, maintain a steady speed and coast when you need to slow down
• Use a points card to get extra benefits
• Download the GasBuddy App or use Google to help you price-compare stations near you

Food – we have to buy it, so here are some ideas to help make your money go further:

• Don’t shop hungry
• Avoid the snack aisles
• Check ahead to see what’s on sale – make a list and take coupons
• Set a budget and use your phone’s calculator to keep track of your total
• Shop in big stores that have ‘reduced/clearance’ areas
• Stock up on non-perishable essentials when they are on sale
• Make your own meals – be creative with lower-cost items (ie eggs and tuna)
• Grow your own food where possible

It’s not easy to make changes, but once you do, it will become a habit and your wallet will thank you!

Interest rates are on the rise – the cost of borrowing is higher.  This means your variable loans and credit card interest payments are up.   You might even find yourself borrowing from one loan to make a payment on another loan.  This means you need some help.

 We can help!

Contact us for a free telephone consultation. We will walk you through your options.  Whether it’s debt consolidation or a consumer proposal that allows you to roll everything into one payment, or even a bankruptcy, we will make sure you know all of your options so you can choose the best for you.