10 tips to beat inflation

3 min.

High inflation will likely be here for a while. Here are some concrete and simple actions you can put into practice to face it worry free.

The word “inflation” is everywhere; we’re facing a hike in the Bank of Canada’s key interest rate and gas prices have risen—not to mention your grocery bill and, for some, your mortgage costs. So, here are some tips to help you better counter this inflation that you’re probably feeling in all areas of your life.

  1. Prepare a budget: Break down all your sources of income and expenses. It is not uncommon for people to find that their budget is in deficit from the start. It’s a tedious but effective exercise.
  2. Set up an emergency fund: Preparing for the future as best as possible and reducing your debt will prevent you from having to resort to high interest loans.
  3. Save smart: By moving some of the cash from your chequing account to a high interest savings account, you instantly increase the return from 0.10% to 3%, while maintaining access to your money at all times with no withdrawal or management fees!
  4. Consume better: Reduce your frequency of consumption where possible; for instance, your means of transport, gas and electricity. By the way, Hydro Québec provides tips on how to be a better consumer.
  5. Keep away from all temptations: Contributing to your RRSP/TFSA will force you to cut back on non-essentials for a few months. In addition to a possible tax refund, you will stop feeding inflation and you will be proud that you protected what’s important to you!
  6. Be consistent! Research shows that systematic investing is by far the best investment approach and yields long-term results.
  7. Don’t make decisions based on emotions: When you’re feeling overwhelmed by feelings of worry or anxiety, it’s essential to take a step back from the situation and avoid making impulsive decisions.
  8. Identify non-essential expenses: Discretionary spending, outings, leisure activities and restaurants necessarily represent expenses we can cut quickly. And to the extent that you want to indulge, it is better to go to the restaurant than spend money on expensive home delivery services.
  9. Find out more: Finance is like a big piece of cake. It’s easier to take one bite at a time! Take the time to fully understand and implement good financial practices.
  10. Seek the services of a professional: Working with a financial security advisor rather than going it alone has repeatedly demonstrated superior results in terms of savings accumulation.

To help you stay the course

Many tools are available, such as podcasts and videos, to help you learn more about the most important economic news and how inflation impacts your personal finances.


Find an advisor

Contact a financial advisor near you. Our advisor profiles will help you make an informed choice and find someone who inspires you.

Advantages of working with an advisorarrow_forward>


Advice Zone and economic news

Whatever product you’re interested in, the following tools will give you an idea of how much to invest, which you can then discuss with your advisor.

Financial compassarrow_forward

Retirement Calculatorarrow_forward

RESP Calculatorarrow_forward

TFSA Calculatorarrow_forward

RRSP Calculatorarrow_forward

RRSP Loan Calculatorarrow_forward

Discover Economic Newsarrow_forward