VANCOUVER (NEWS 1130) – The price of gas is down, but the cost of your groceries is up. So, does that balance out your household spending?
With no clear end in sight in the downturn of the economy, what can you do to keep your spending in check?
It comes down to things like bringing lunch from home and not going over your data limit so you won’t get changed by your cell phone provider.
“One of my friends realized that he was spending $500 a month on coffee. Do you know how much money that adds up to at the end of the year? That’s a lot of money!” says Sean Millington with TD.
“That’s something that’s fully under his control. When he took that money back into his own bank account, it made a big difference.”
Millington points out this financial instability is catching people off guard.
“These swings really hit home because if we’re playing right at the edge and the price of your grocery bill goes up, that’s going to put you over and create a problem for you. If you’ve got some space to maneouver, it’s a lot easier to absorb these sort of challenges.”
He adds you shouldn’t let the idea of saving on gas making up for your grocery bill affect how much you spend.
Millington thinks it could take anywhere from six months to a year for things to get back to normal.