Known and effective ideas to counter inflation
Preparing your coffee at home, rather than buying it in a store, is one of the suggestions to reduce the impact of inflation.
To lessen the impact of inflation on personal finances as the phenomenon reaches proportions not seen in decades, the simplest solutions could prove to be the best, says the x27;lawyer Sylvie De Bellefeuille, who is also a budget and legal advisor at Option consommateurs.
A visit to Midi Info, on the airwaves of ICI Première, Me De Bellefeuille suggests going back to basics, just to be able to counter rising prices, succeed in arriving, or even pay the rent.
On also gets a lot of low-income families. For these families, any price increase has an even greater impact on their budget, because there is usually not a lot of fat in the budget, added the lawyer, referring to little room for maneuver when prices rise.
Financial problems do not only affect unemployed people, but also households whose adults work, but who nevertheless cannot make ends meet.
What we can see, too, is on the side of new buyers; over the past two years, there are a lot of people who have bought [a property]… Prices have gone up a lot, and so have interest rates. Those who have a variable rate will see their rate increase again. This will also have an impact, continues Me De Bellefeuille.
This rise in rates, further indicates the lawyer, may come at a very bad time for buyers who would have gotten their hands on a property priced at or above the upper limit of what they can afford.
Me De Bellefeuilles suggestions for avoiding unpleasant financial surprises are nothing new: prepare a budget, list your expenses and try to reduce them.
The idea is to really break down all of our income and expenses that we make. And it is not uncommon for people to find, when they go through the exercise, that their budget is in deficit from the start, a situation that is not sustainable in the long term.
From there, there may be things that can be applied, adds the lawyer.
Among the various options, the latter refers to reducing the number of subscriptions to video or music streaming services, such as Netflix or Spotify. It's also about making your own coffee at home and taking it to the office, rather than regularly going to the coffee shop around the corner.
AAnother suggestion: reduce the number of trips by car for errands, by combining purchases or trips to be made in one trip.
Me De Bellefeuille recommends also to better shop for packages for telecommunications services, such as television, Internet or cellular telephony. Suppliers thus sometimes tend not to indicate that new prices are available to their existing customers, she recalls.
Same thing for insurers, further specifies the x27;lawyer, who invites to renegotiate rates when contracts expire.