Bank of Canada made their rate hike today which was a little less than the expected 0.75 percentage point. The reason explained was that the growth has showed at 0% for this quarter and the next couple quarters. What this will do is allow supply to catch up to demand ultimately decreasing price pressure.
As a result, this will absolutely impact the average Canadian just trying to get by. Households already are tight.
Here are a few tips you can do to help ease the blow and financial pressure:
- Cut everything that is not serving you or your household
- Cut small things like stopping for coffee on the way to work. Opt to make coffee at home. Those little expenses add up
- Contact your financial institution to see if there are any options for your mortgages or lines of credit etc
- Last but not least, STAY positive. We will get through this!
What are your thoughts on the latest interest rate hike?