Along with a high inflation rate, Canadians are also contending with a loonie that's dropping in value. Personal finance columnist Christopher Liew explains the impact this will have on your personal finances, and tips to make your money go further.
This, combined with the falling value of the loonie, could have some negative effects on the everyday finances of Canadians.If you’ve visited your local grocery store recently, then you’ve surely noticed that the cost of food and other essentials has increased due to inflation. As the value of the loonie drops, buying power also decreases, which could result in spending more money on groceries. Be sure to budget accordingly to accommodate for this.
Additionally, as a small business, you’ll likely find that your daily operating costs are increasing as office supplies and other essential business items become more expensive as well.Now that you have a better idea of how the falling loonie could affect your finances, here are some practical tips that can help you stay on top of your money.If you have a loan or a credit card balance with a variable interest rate, then you should focus on paying down your debt as quickly as possible.
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