Food, gas and home heating costs have risen throughout the year, and all signs point to inflation having an effect on all aspects of life in Saskatchewan.
A recent study says that families could spend about $ 966 more on groceries in 2022 due to inflation.
But experts say there are ways to stretch your money even more, especially by keeping track of all your expenses.
University of Regina associate professor of economics Jason Childs told Global News that being smart with your money in the near future and possibly beyond will be key to fighting inflation.
“If you don’t manage it, if you don’t watch it, you can’t manage it,” Childs said. “You need to know what your after-tax budget is and where it is going.”
Childs says that not eating out and choosing wisely in terms of food are ways one can save money and allocate it elsewhere.
Stuart Smyth, Associate Professor in the College of Agriculture and Biological Resources at the University of Saskatchewan (USA) endorsed by third parties.
“Foods without those labels are just as safe and nutritious,” Smyth said. “So a simple way would be to avoid those third-party labels filled out at the grocery store. In some cases, you don’t need to have five to 20 percent more for those items. “
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Smyth says buying local produce in stores and with owners and producers you know can help, too. Even splitting the cost of a roast or a few pieces of meat can cut costs over long periods of time.
“Get together with some family or friends and buy half meat or whole meat. That will last a long time, a couple of months. That will reduce the total amount of money spent. “
Childs says another option for some who may fit it into their schedules is to increase their income by finding other sources of income. That, of course, depends on time, family commitments, other full or part-time jobs, etc.
“One of the ways to make your budget less binding is to get more, that is, to find another means of income.”
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Experts say it will be different for everyone, but there are ways to help combat the rising cost of living, one that shows no signs of abating anytime soon.
The Bank of Canada says high inflation rates will continue through the first half of next year, but by the second half of 2022 they should return to their comfort zone of between one and three percent.
By the end of next year, the bank expects the annual inflation rate to drop to 2.1%.
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Reference-globalnews.ca