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According to a recent Bank of Montreal survey, eight in 10 Canadians plan to cut back on just about everything as costs continue to increase.
Speaking with Gormley on Monday, Gayle Ramsay — BMO’s head of “Everyday Banking” — says that includes spending on groceries and fuel.
“Fifty-two per cent of Canadians are changing how they shop for groceries. That includes opting for cheaper items or avoiding brand names and also in terms of only buying the essentials,” she said.
“We also have about half the population that are either dining out less or consciously spending less when they dine out.”
On top of that, 34 per cent of those surveyed are driving less than they used to. The price of gas per litre at some stations in Regina and Saskatoon has now risen to $2.07 per litre, an all-time record.
Around 30 per cent of respondents are also either scaling down their vacations or cancelling them altogether.
“Also, people (are looking) at their other day-to-day spending. So 23 per cent are taking measures such as cancelling subscriptions to their gym or cable to be able to manage rising costs,” Ramsay added.
In order to try and further manage costs, Ramsay suggests families review their budgets to account for the rising costs.
“That’s the first step, is (to) be able to understand your budget and make the adjustments there,” she explained.
Cutting things like streaming services or certain subscriptions or postponing big-ticket purchases if they’re not needed right away are other steps.
Finally, Ramsay suggested taking a look at your home, car or phone payments to see if you’re getting the services you need for the money you’re paying.
