Economic experts offer tips on how to combat inflation

Click to play video: 'Money experts offer their tips to combat inflation'
Money experts offer their tips to combat inflation
WATCH: With inflation a hot topic of discussion as we near the end of 2021 — into 2022 — experts say there are some tips people can follow to help combat the rising cost of overall life across Canada – Dec 12, 2021

Grocery, gasoline and home heating costs have all increased throughout the year, with all signs pointing to inflation having an effect on all aspects of life across Saskatchewan.

One recent study says families could be spending around $966 more on groceries in 2022 due to inflation.

But experts say there are ways to stretch your money out further, especially tracking all your spending.

Click to play video: 'How inflation could impact the housing market in 2022'
How inflation could impact the housing market in 2022

University of Regina associate economics professor Jason Childs told Global News being smart with your money for the near future and possibly beyond will be key to combating inflation.

Story continues below advertisement

“If you don’t manage it, if you don’t observe it you can’t manage it,” said Childs. “You need to know about what your budget is after taxes and where it’s going.”

Childs says not eating out and choosing wisely in terms of groceries are ways one can save money and allocate it elsewhere.

University of Saskatchewan (USask) College of Agriculture and Bioresources associate professor Stuart Smyth says being more careful and selective with what you buy can also help you get more bang for your buck, especially in the grocery aisle, by staying clear of products that have been endorsed by third parties.

“Food without those labels is just as safe and as nutritious,” said Smyth. “So, a simple way would be to avoid those third-party labels completed in the grocery store. One doesn’t need to be five to 20 per cent more in some cases for those items.”

Smyth says shopping local at stores and with owners and producers you know can also help. Even splitting the cost of a roast or some slabs of meat can cut down costs over extended periods of time.

“Get together with some family or friends and buy half a beef or whole beef. That will last a long time, a couple of months. That will reduce the overall amount of money spent.”

Story continues below advertisement

Childs says another option for some who can fit it into their schedules is increasing your income by finding other sources of income. That, of course, depends on time, family commitments, other full-time or part-time jobs, etc.

“One of the ways to make your budget less binding is to get more of it, meaning finding another means of income.”

Experts say it will be different for everyone, but there are ways to help combat the rising cost of living, one that doesn’t show signs of dropping any time 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 should fall back to their comfort zone of between one and three per cent.

By the end of next year, the bank is forecasting the annual inflation rate to fall to 2.1 per cent.

Sponsored content