Five ways to feel in control of your spending on Blue Monday, and for the rest of 2023

With high inflation, climbing interest rates and a potential recession in 2023, many Canadians are starting the new year financially stressed. Here are some ways to save money and take control of your finances.sorrapong/iStockPhoto / Getty Images

If you haven’t done so already, you should probably look at your credit card statement. January can be a financially difficult time when the magic of the holidays has worn off and you’re confronted with reality, also known as December’s bills. And with Blue Monday’s arrival – supposedly the most depressing day of the year – it’s a good reminder that not having your finances in order can be a drain on your mental health.

You might also have made ambitious New Year’s resolutions, such as putting a down payment on a home, finally travelling to a country that’s on your bucket list, paying off your student debt or simply saving more.

But what’s a person making an honest living to do when interest rates continue to climb and Canada’s household net worth is falling, undermining their capacity to meet their needs and maybe have a little extra left for splurges?

Here are five ways to take control of your finances and start saving money right now.

Save on groceries

Food inflation is out of control, and Canada’s Food Price Report says the cost of groceries will increase by 5 per cent to 7 per cent in 2023, adding to last year’s record-high food prices that saw them climb 10.3 per cent between November, 2021, and September, 2022.

So what can you do in addition to buying items in bulk and switching from higher-priced foods, such as meat and dairy, to more cost-effective groceries, such as vegetables and legumes? Ensure that you’re consuming everything you buy each week and not letting food spoil at the back of the fridge. To cut down on food waste, consider

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