While Canadians may not have direct control over inflation there are some strategies that could help lessen its impact.
Prioritizing Budgets: Reviewing a household budget to identify areas where spending could be reduced. For example, you need to budget to cover essential needs first and reduce or remove expenses for items that are not essential.
Identify where your money comes from and where it goes with our TD Personal Cash Flow Calculator.
Diversifying Investments: Over time inflation can have an impact on investments. Diversifying your investment portfolio can be a useful tool to help reduce inflationary risk on your long-term investments.
Seeking Alternatives or Purchasing on sale: When faced with price increases, consumers can try to find better deals or explore alternative brands or products that may be on sale.
Reduce or Consolidate Debt: Debt consolidation of your outstanding loans, including any credit card debt, could permit you to negotiate a lower interest rate than what you are currently paying for each of these debt items. This could help decrease the overall amount you are paying. Speak to a TD advisor about debt management.