Many Canadian investors are facing high levels of inflation during 2022, which may hinder their ability to maximize their savings and stay on track with their investment plans. That has some investors looking for creative ways to save money on everyday expenses. In this webinar, Gord Stein, author of Cashflow Cookbook, shares five suggestions that Canadians can consider to potentially lower their monthly expenses—without adding effort or complexity to their daily lives. He’ll also explain how these savings, if used to invest, can compound over time and help grow a portfolio.

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LEARN ABOUT: Investing During Inflation

REVEALED: Best Investment During Inflation

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High inflation can be a challenging time for anyone trying to save money. When prices keep rising, it becomes hard to keep up with expenses, let alone save for long-term goals. However, there are several strategies you can use to supercharge your savings during inflationary times. Here are five ways you can do it.

1. Cut unnecessary expenses

When prices rise, it’s essential to cut back on unnecessary expenses. Take a look at your budget and see where you can trim some fat. For instance, reduce dining out or cut subscriptions you no longer use. You can also review your utility bills and see where you can save on energy costs through simple changes like turning off the lights when leaving a room or using energy-efficient appliances.

2. Invest in high-yield savings accounts

High-yield savings accounts offer higher interest rates than traditional savings accounts, which means you can earn more money on your savings. This type of account often requires you to keep a minimum balance, and the interest rate might be variable or fixed. Consider several different institutions to find the best high-yield savings account.

3. Invest in inflation-protected securities

Inflation-protected securities, also known as Treasury Inflation-Protected Securities (TIPS), are bonds issued by the government to help investors hedge against inflation. With TIPS, the principal amount you invest is adjusted for inflation, which means your returns remain steady while the value of the dollar decreases. TIPS can be an excellent way to invest during inflationary times since they protect your money and provide a steady income over time.

4. Invest in stocks

Investing in stocks can be a great way to beat inflation. Stocks represent ownership in a company, and historically, they have had higher returns than other investments like bonds or savings accounts. It’s essential to remember that stock prices fluctuate based on market conditions, so it’s essential to do thorough research and invest in companies that have a proven track record and offer good dividend yields.

5. Consider investing in real estate

Real estate can be an excellent way to protect your savings against inflation. Historically, property values have risen faster than inflation, making them an attractive investment option. However, it’s essential to remember that real estate requires a significant amount of capital upfront, and there are costs associated with owning property, such as taxes and maintenance.

In conclusion, high inflation can be a challenging time to save, but there are strategies you can use to supercharge your savings. By cutting unnecessary expenses, investing in high-yield savings accounts, inflation-protected securities, stocks, and real estate, you can help ensure that your money grows and remains protected against inflation over time.