Election promises won’t save your finances. You will

Have you seen your grocery bill lately? Or the sale prices of homes in your neighbourhood?

It is darn expensive to live in Canada right now.

Affordability is the number one issue in this election. How the parties plan to address affordability varies, but one thing is clear — Canadians have to do everything they can to protect their precious resources and not rely on party promises. The latter can take time to reach fruition; they’re not even always honoured!

Here are a few ways to take care of your finances yourself, while we all wait to see what the economy does, and what the government delivers.

Meal plan like you mean it

Meal planners save an average of $100 per month! These folks skip the food waste by ensuring they have a plan for everything they buy.

To get started, you can download a meal planning template for free, or make one yourself. Simply map out the meals you’ll make for the week ahead, and create a list of the required ingredients.

When you shop, stick to your list, and don’t go on an empty stomach! Hungry grocery shoppers overspend by up to 10 per cent! And don’t take your kids to the store either. They have a way of ratcheting up your bill.

Supercharge this strategy by planning to make 90 per cent or more of your meals at home. Save takeout for days when you want to reward yourself, and when you have a coupon!

Get the proper budgeting motivation through saving

If you’re feeling unmotivated to budget, it’s almost certainly because you’re not seeing better results, namely having a bit more money to show for it.

Try this super easy technique I use with my students, called daily saving. It’s where you e-transfer a small amount to your savings account every day first thing in the morning, before you get distracted. It could be $1 or $25 per day. Pick a number that makes sense for you.

The act of saving daily immediately gets you results — money to show for your efforts — and helps break through limiting beliefs around your ability to budget and save.

Using a free budget template, work this daily number into your budget before allocating dollars towards other expenses. This is the art of what financial types call paying yourself first. Try it!

Make tough choices

The only way you’ll be able to live within your means in this economy, is to become ruthless in protecting your precious resources. Because money is finite, you have to force yourself to choose. And, that is a core skill required if you want to get better at money.

Before you buy anything, ask yourself how that purchase will serve you and your goals. If it’s just willy-nilly spending, cut it out. The same goes with selling items that no longer serve you. It’s called purging, and you might just have to make the tough decision to get rid of that second car, sell that lawn furniture, post your gaming console for sale online, and so on.

If you’re thinking of buying a home, seriously consider the total costs, which might mean downsizing your expectations. Renting is also an option that shouldn’t scare you. It could save money, and allow you more time to build up a bigger down payment.

My other pro tip here is to do everything in your power to trim down ALL recurring monthly payments, including TV, internet, car payments, and insurance. All of it needs to be negotiated and reduced. This will help you beat inflation, by reducing your costs while your income isn’t growing at the same pace.

And for heaven’s sake, don’t take on any unnecessary debt right now. We continue to be in uncertain financial times, and debt is risky.

If you can make more, you should

Are extra hours available to you? Would switching jobs net you a higher salary? Can you turn your hobby into a side hustle? If you, or your spouse, have been off work, can you head back? Now is the right time to amplify your income if that option is available to you.

I’m hopeful Canadians will see some relief with costs, but until that is a reality, I have to take care of myself. So should you.

This article was originally published in The Star. Lesley-Anne Scorgie is a Toronto-based personal finance columnist and a freelance contributing columnist for the Star.