Looking to beat inflation and increasing debt? Here are some expert tips
CBC
A high unemployment rate during a time of peak inflation means many Windsorites might be struggling to make ends meet.
For most of last year, Windsor remained one of the big Canadian cities with the highest unemployment rate, and December was no different.
Based on the latest data from Statistics Canada, Windsor's unemployment rate for the month of December was 8.2 per cent. While it dropped from the previous month by 0.4 percentage points, it still remains above the national rate of 5.0 per cent and it's higher compared to other large Canadian cities.
And that number remains high at a time when inflation continues to bump up the cost of food and rent.
Mike Braga, senior vice-president and partner with BDO Canada, told CBC News that there has been high rates of bankruptcy across the country and specifically in Windsor.
"We're anticipating and the government is anticipating that bankruptcies will continue to increase ... just because Canadians are continuing to carry debt," he said.
Braga said he looks at the debt-to-income ratio and that, right now, that ratio shows that for every dollar Canadians earn, they're spending about $1.83.
He said a year ago it was about $1.70.
"We're seeing that number continue to increase. Some of that has to do with inflation, some of that has to do with rising interest rates, but the issue is not only are we adding to our debt, the debt we are carrying is becoming more and more expensive to cover with the interest rates continuing to increase," he said.
1) Budget
Braga said that half of Canadians don't keep a regular budget.
He said people need to start budgeting by tracking their expenses for at least one month.
"Figure out where your dollars are going and then asking ourselves the question, 'can we really afford to be living the lifestyle that we are right now or where can we cut back?'" he said.
2) Consider a side hustle
The Rachel Notley government's consumer carbon tax wound up becoming a weapon the UCP wielded to drum the Alberta NDP out of office. But that levy-and-repayment program, and the wide-ranging "climate leadership plan" around it, also stood as the NDP's boldest, provincial-reputation-altering move in their single-term tenure.