Whether it is the price of energy consumption, gas or even your groceries, you may have noticed an increase in the cost of living. Good for you, there are strategies to save and minimize the impact of inflation on your wallet. In this article, we give you 5 tips for fighting inflation among seniors.
A Look at the Cost of Living
In August 2022, the inflation rate was at 7%. Although there was a slight decrease in September, the increase of the cost of living is felt for seniors in Quebec. Food prices also continue to rise, posting an increase of 11.9% between September 2021 and September 2022. In an attempt to ease their financial burden, the re-elected government announced that it will give $2,000 to seniors 70 years old and over. However, these changes can be difficult for seniors to absorb, especially those who stopped working. It is for these reasons that it is important to find ways to spend less and save more.
5 Tips to Save Money
Now you are probably wondering how you can avoid the consequences of rising prices. We thought about you! Here are 5 simple tips to help you reduce your expenses and save more.
1. More Home-Cooked Meals, Fewer Restaurants
One of our biggest expenses is food. Cooking more gives us the luxury of selecting our foods to be healthier, but also at the best possible price. Do the math: how much would a pasta dish cost you at the local restaurant? With this same amount, how many meals could you have cooked at home? Admit that the choice is not difficult (even if it is pleasant to treat yourself once in a while). This does not include home delivery costs which can drive up the bill. The idea is not to stop going out for a quality meal, but to reduce the frequency, for better savings.
2. Use Your Reward Cards
You would be surprised to see your purchasing power in accumulated points! Whether it’s your loyalty points at the grocery store, at the gas pump, or even at the SAQ, you could save big. According to Léger and R3 Marketing, Canadians are members of nearly 14 reward points programs. So, take out your cards and save some money!
3. Make Good Use of Your Tax Credits
In addition to the $2,000 allowance for people aged 70 and over, granted by the Quebec government, you may be eligible for several tax credits. These are applicable to your income and allow you to save on the amount taxed at the end of the year. In short, it allows you to save money. If your loved ones provide you with home help, they could also have access to tax credits for caregivers. Enough to make you and those around you save as well!
4. Reduce Your Energy Consumption
When you were younger, your parents probably kept on telling you, “turn off the light!” in order to save on electricity costs. Well, they were right. Lighting contributes 5% of our energy expenditure behind heating and air conditioning (54%), hot water (20%) and household appliances and electronics (18%). Acquire LED bulbs, program your thermostat to reduce consumption when you are not at home and reduce your hot water consumption. These strategies could help you reduce some expenses.
5. Find a Less Expensive Housing
Whether you are in your family home or in a seniors’ retirement home, it is possible for you to find a living environment better suited to your financial needs. Sometimes the location or the number of rooms can have a big impact on the rental price. Do you still need as many rooms as when your children lived with you? Would you be inclined to move to a less expensive neighbourhood? These choices could save you money throughout the year.
Be Equipped to Find Your New Living Environment
Your living situation has changed and you are now considering moving? Retirement homes have what you need to evolve in a community spirit, warm and rich in activities. Our senior housing specialists are available to help you find the living environment that meets your needs and your budget. The Bonjour Résidences team offers you its services free of charge to assist you in your efforts.
Contact us at 1 844 918-1020 to speak to a member of our team and get more information.
