Immigrants to Canada typically enjoy a much better standard of living than they had in their home country. In addition, many send money home to help their families also have a better life. However, in times of high inflation, when the cost of living is increasing rapidly, it can be harder to afford to send money home.
This article gives some suggestions for how to manage the impacts of rising costs so you can still help your family. It covers ways to increase your income as well as ways to help keep your costs under control.
Ways to increase your income
Find extra part-time work.
If you have some spare hours in your week, such as in the evenings or weekends, you could take on a part-time job in retail, hospitality, or transport. Perhaps work in a restaurant, bar or maybe even offer babysitting services.
Use your skills as a freelancer
If you are good at drawing, design, writing or photography, you could set yourself up as a freelance creative and offer your services to business owners. Sites such as Etsy or Mavenfair allow you to sell your handmade arts and crafts to the public. You can create a free listing and only pay per transaction when you sell.
Rent out your car
If you have a car that’s not used much, you could consider renting it out to others on the days when you don’t need it. You can list your car on Turo or you could use your car to make food deliveries. Be aware, you should check with your car insurance carrier first to see if any restrictions or additional fees apply.
Sell any unwanted possessions online.
There could be lots of possessions that you aren’t using that other people would love to own. Why not sort through your cupboards and attic and use e-Bay to make some money. You can sell second-hand and vintage clothing on website such as Poshmark or ThredUp – it’s surprising how well some branded items can hold their value.
Suggestions for saving money
Keep a tight rein on your spending
Write down everything you spend in a spreadsheet or track it using a mobile app so you know exactly where your money is going each month. This will focus you on the areas where there may be scope for reducing your spending.
Eat out less and use public transport.
One of the easiest ways to reduce your costs is to cut out expensive takeaways, visits to restaurants and cafés and using Uber, Lyft and other similar taxi services. Shop carefully and use public transport, walk or cycle wherever practical. You can even try sharing rides with coworkers who are trying to save money too.
Meal plan and shop at the right times
When you go shopping, have a list, and stick to it. Plan to use certain items as ingredients in multiple meals across the week. By planning your meals in advance for the week, you can ensure that you only need to shop once a week and you don’t buy things that you don’t really need. Don’t go shopping when you are hungry and consider shopping during the mid-late afternoon when stores may begin to discount their fresh food items.
Buy frozen or canned food instead of fresh.
If you are prepared to eat frozen meat, fish and vegetables as well as canned fruits and vegetables, you can save significantly on your grocery bill without compromising on your nutrition. Sometimes stores discount fresh produce considered “ugly” or mis-shaped that’s perfectly fine otherwise.
Move to a cheaper area.
If you are living in an expensive area, you may want to consider how much you could save by moving a bit further out where rents and property is less expensive. Don’t forget to factor in the moving costs, as well as any additional transport costs to make sure that the move is cheaper overall.
Look at your bank & credit card accounts for spending you can cut.
Review all your direct debits and recurring bills to see if there’s scope to trim costs down. If you aren’t really using a subscription much, why not cut it out? If you really miss it, you can always resubscribe. Set a time for this type of review at least twice a year to make cost saving a habit. With everything online, it’s easy to forget what we’re spending money on.
Compare rates on insurance and mobile contracts.
Even when costs are rising, it’s worth shopping around for a better deal on your car, home, travel insurance, mobile contracts, and even entertainment subscriptions. For insurance, try searching on your browser for the most popular and reliable insurance companies in your region, so you can have the main idea of the ones you could reach out to for further information.
By making small changes to your everyday spending habits and taking opportunities to increase your income, you can weather the storm during periods of high inflation and still have some money left over at the end of the month to help support those you love. Western Union’s money transfer app offers competitive exchange rates and transfer fees1 so you can continue to help your family and friends back home.
1 Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice.
