September 6, 2022

Have you actually sat down and analyzed how much groceries have increased over the last year? When did the regular price of butter increase to almost $7.00? Since when did we think paying $1.45 a litre for gas was a deal? 

Over-bidding on house purchases has become the norm – but over-bidding on a rental property due to low supply and high demand is a new concept for me. On top of the increased cost of living, if you have a line of credit or variable rate mortgage – your monthly debt payments have also increased with the interest rate increases this year.  

A recent report by Equifax states Canadians are using credit to alleviate the current pressures of increased costs of living. Before turning to credit, here are a couple of tips to try and reduce your expenses to live within your means:

  • Contact your cable, internet and phone service providers to eliminate unnecessary services and to inquire if there are any current promotions that can reduce your monthly bill.
  • Check out gasbuddy.com when filling your gas tank to find the cheapest stations in your area. Talk to your co-workers about opportunities to carpool and share gas costs. 
  • Download the app Reebee to compare grocery store flyers and plan your weekly meals around current sales.  
  • Cook larger meals and freeze them in small portions for easy to heat up meals instead of ordering take-out on those busy nights.
  • Turn off lights when not in use and try to do laundry during off-peak rate hours. If you are really struggling with your utility bills, the Low Income Energy Assistance Program (LEAP) offers a once-a-year grant to hydro or Enbridge services in Ontario. 
  • Look for free activities in your area to entertain your family. Check out your city’s website or follow them on social media to stay current on free events.  

Make sure you are adjusting your budget to reflect the increased costs of certain expenses. Two great resources to assist with budgeting and managing your money can be found at: 

If you find you can not make your monthly debt payments due to the increased cost of everyday expenses, we would be happy to review your financial situation and explore debt relief solutions at a free consultation.  

Kathy portraitBy Kathy Lenart – Insolvency Partner, Licensed Insolvency Trustee
CPA, CA, CIRP
Member and Secretary of the Ontario Association of Insolvency
and Restructuring Professionals (OAIRP)
Canadian Association of Insolvency and Restructuring Professionals (CAIRP)