{"id":84077,"date":"2024-02-02T09:58:11","date_gmt":"2024-02-02T14:58:11","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&p=84077"},"modified":"2026-07-09T15:20:00","modified_gmt":"2026-07-09T19:20:00","slug":"10-money-hacks-fight-inflation-and-keep-more-in-your-pocket","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/smart-saving\/10-money-hacks-fight-inflation-and-keep-more-in-your-pocket\/","title":{"rendered":"10 Money Hacks: Fight Inflation and Keep More in Your Pocket"},"content":{"rendered":"\n
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If you\u2019re finding costs are growing but your wallet isn\u2019t, check out these tips and tricks to hack your budget.<\/strong><\/p>\n\n\n\n

When you want to talk money, who do you turn to? Maybe it\u2019s friends, family, an advisor or your online peeps. Maybe it\u2019s a combination of all. We like to turn to our money-savvy colleagues \u2013 analysts, number crunchers and data geniuses \u2013 who are always quick to share their personal money-management ideas<\/a>. This time around, with inflation still concerning, we asked for their best money hacks to combat high costs. Here\u2019s a collection of some of their best tips from previous conversations and our recent chats<\/p>\n\n\n\n

1. Audit your bills<\/h2>\n\n\n\n

It may sound tedious and obvious, but our digital content lead swears by scrutinizing expenses line by line. With a demanding career, three kids and a dog, it can be hard to keep track of costs. Combing through phone bills, vet receipts, car lease agreements and the like has proven to her time and again that hidden fees do crop up, promotions can expire unannounced, clerical errors may occur, and so much more.<\/p>\n\n\n\n

2. Reward yourself for spending<\/h2>\n\n\n\n

We can\u2019t cut out all spending. So when we do, one digital manager suggests we rack up points doing it. She uses her rewards card to pay for everything, even her public transit trips. She also pays attention to points offers, making sure that she takes advantage of retailers that offer extra points, or extra points days when she shops.<\/p>\n\n\n\n

3. Consolidate debts<\/h2>\n\n\n\n

While we love our rewards cards, the colleagues we spoke with don\u2019t usually carry a balance and rack up interest. But if they do find themselves in a situation where they don\u2019t have the cash in hand to pay off their credit card when the bill comes, they try to consolidate by clearing the balance using a lower interest option, like a line of credit.<\/p>\n\n\n\n

4. Delay your gratification<\/h2>\n\n\n\n

Your brain might not identify an impulse buy until it\u2019s too late and the money is spent. One communications executive has imposed a so-called delay switch when online shopping. \u201cI put items in my cart but they have to stay there for 24 hours before going to checkout,\u201d she says. \u201cMost still proceed to checkout the next day, but some end up being removed.\u201d<\/p>\n\n\n\n

5. Reduce those impulse grocery buys<\/h2>\n\n\n\n

One marketing manager suggests that grocery delivery or pick-up might not just be convenient, but may actually prevent you from the impulse buys that can happen at the grocery store \u2013 especially if you tend to grocery shop when you are hungry. The key is finding a grocery store that offers in-store pricing to online shoppers, so that you aren\u2019t paying a markup. It may help you to buy only what you need, while saving time too. And you know the saying\u2026time is money!<\/p>\n\n\n\n

6. Round it down<\/h2>\n\n\n\n

One digital guru keeps tabs on his cash using his mobile banking app. He’s made a habit of rounding his chequing account balance down to the nearest $5 and moving the rest to his savings account. He says it’s a fun and easy way to save, and those dollars and cents have steadily accumulated.<\/p>\n\n\n\n

7. Put your diet on a spending diet<\/h2>\n\n\n\n

Many of us spend more money on dining out than we’d like to admit. To cut back, one of our colleagues deleted all five of the food delivery apps from her phone. \u201cI’ve easily saved $500 a month as a result,\u201d she says. Another co-worker only orders food when she’s eating with another person. That means no store-bought coffee at work unless she’s meeting a colleague, and no takeout on Friday evenings unless she’s having a date night with her partner. Another co-worker is more committed to buying in bulk for her big family.<\/p>\n\n\n\n

8. Spend consciously<\/h2>\n\n\n\n

Before our client experience specialist makes a purchase, be it a cup of coffee or a family vacation, he thinks of the planet. Often, he decides not to buy. \u201cConsidering the impact of what I buy on the climate has amounted to a more sustainable way of bringing up my kids,\u201d he says. Sticking to your values may help you curb your spending \u2013 and minimize your environmental footprint, too.<\/p>\n\n\n\n

9. Make sure sales are really sales<\/h2>\n\n\n\n

Retailers employ many tactics to encourage us to buy. One widely used strategy is using the word \u201csale\u201d to help convince us that an item is a good deal. So, when planning a purchase, it\u2019s always a good idea to do a little research into whether the item you are buying is indeed a deal. One executive swears by apps that will track sales over years, to help determine if a sale is actually a sale. \u201cIt has saved me a lot of money over the years,\u201d he says.<\/p>\n\n\n\n

10. Talk about it<\/h2>\n\n\n\n

We have definitely learned the value of discussing finances with others. It\u2019s a muscle worth flexing! Even if you don’t have a banker on speed dial, you likely have financially savvy people in your network. Pick their brains. Your bank accounts may thank you.<\/p>\n<\/div>\n<\/section>\n\n\n\n

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