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in si de ha lto n. co m O ak vi lle B ea ve r | T hu rs da y, A ug us t 4, 20 22 | 22 PICK YOUR FAVOURITE VOTING NOW OPEN It's in your hands. The Readers' Choice Awards were created for you to tell us which local businesses and service providers are the best at what they do! The nominations have been submitted and now the top 10 nominees have been shortlisted and are ready for your VOTE! VOTE TODAY to help make your favourite local business become a Readers' Choice Winner. insidehalton.com AWARDS 2022AWARDS 2022 The cost of living is through the roof, and even some with de- cent incomes are finding it hard to get by. Inflation rose to a 39-year high at 8.1 per cent in June. While the dramatic surge con- tinues, wages aren't keeping pace, making daily life more un- affordable for many individuals. Savings, amid all of this, might seem like a far-off dream. Experts believe a single solu- tion won't help you save, but a combination of small steps might. "The idea is not to disrupt your day-to-day life ... but to get you to be more mindful of your spending," said Marvin Ryder, a marketing professor at McMas- ter University. Four experts and a Hamilton household speak about how to make ends meet and save during high inflation. KNOW YOUR DEALS Bailey Plouffe, a stay-at- home mom to a two-year-old, said she takes advantage of PC Optimum points, a customer re- wards program that "can really amount to a lot if you pay atten- tion." She also tracks items that go on sale every few weeks, and price matches at No Frills. "I was scoping to buy meat next Thursday because it will be marked down by half. It's left- over from the last week's sale," she said. Plouffe then freezes the meals for the future. She said the family of three goes meatless twice a week to cut down on expensive meals, and they go on a "free date night" to a restaurant every two months that accepts Scotiabank Scene points. Plouffe said she buys gas "on- ly at night" from a Husky gas sta- tion, noting they drop their pric- es at night, or uses Optimum points at Esso for discounts. Having a single household car also helps reduce expenses. Plouffe noted she looks out for Facebook Marketplace deals for diapers, wipes and baby for- mula for her son. REDUCE CREDIT CARD USE Ryder of McMaster suggested three tips: Don't use your credit card for all your purchases; look at your habitual spending, and ask yourself if you could delay buying that item. He suggested paying by cash or using a debit card for small purchases so you're aware of how much money you have in your pocket. "Putting it on credit satisfies your demand this min- ute, then the bill (comes) and you go, 'Oh my gosh, how am I gonna pay my credit card bill?'" he said. Using credit points wherever possible also helps. Ryder shared he collects Air Miles, and uses them for his purchases. The second tip is to break the cycle of habitual spending, like buying clothes, coffees, or snacks, which compounds to larger amounts of money spent over time. "That couple of dol- lars doesn't seem like very much, but if you do it every sin- gle day, it adds up to hundreds of dollars," he said. Lastly, "ask yourself, do you have to buy that today?'" Ryder said. He noted the Bank of Cana- da is not trying to stop you from buying a cup of coffee, "but to get you to think about your need for a new car, or an addition in your house." He noted "inflation is going to come down" in a few months, and big expenses should be held off. TRACK YOUR EXPENSES Danielle Scott, a Hamilton credit counsellor with the Credit Counselling Society, suggested realistically tracking expenses and income. "It will be easy to find holes in your pocket," she said. Some of her tips include hav- ing a budget for expenses -- gro- ceries, shopping, subscriptions, gas -- and sticking to it. Plan- ning ahead for meals, and not bulk-buying would also help you have money in your pocket in- stead of items sitting in the pan- try. "Thinking about feelings" while shopping also affects what you're buying, Scott said. Keep your emotions out, if possible. "Creating a budget gives you a decent plan," she said, whether it's for personal care like hair- cuts, grooming, makeup or gen- eral shopping urges. CALL YOUR BANK Zandile Chiwanza, a Toronto- based journalist who reports on personal finances and financial wellness, said the first step is to take a step back and look at in- flation "as something that is out of your control," and steer your focus to things that can be con- trolled. "Look at your income and your expenses, and scrutinize where you can cut," she said. For bigger expenses, Chiwan- za said, "Call your lender and ask for different rates. It's not a fixed rate." She noted that she negotiated a lower interest rate with her bank for her credit line, adding, "don't be afraid to reach out to your bank." Chiwanza's tip was also to put aside as little as $10 every pay- cheque to build a habit, and check out social media challeng- es for saving money. GROW YOUR OWN, BE RATIONAL WITH FOOD Atif Kubursi, an economics professor at McMaster Universi- ty, noted three strategies to save -- look out for items that are costly, and lower your consump- tion -- for example, gas. Find a substitute for that item, and grow your fruits and vegetables, if possible. "Economizing doesn't mean you have to cut a food item, but within the food group, finding an alternative with similar nutri- tion for a lower price," Kubursi said. NEWS HERE'S HOW YOU CAN BE SMART ABOUT MONEY AMID HIGH INFLATION Hamilton resident Bailey Plouffe says she only buys gas at night, when the station drops its price. Toronto Star file photo RITIKA DUBEY rdubey@thespec.com