While Canada as a whole has been able to weather the global financial crisis effectively, the cost of living may be taking its toll, particularly in Ontario.
In a new survey released by the Royal Bank of Canada, to cut costs approximately 60 percent of Ontarians are comparison shopping, 50 percent are following a budget more closely and 30 percent are driving less frequently. One in five are cutting back on expenses by using their credit card less often.
"Ontario residents have been hit hard by the rising cost of food and fuel and are making changes to deal with this new financial reality," said Vince Isber, regional vice-president for RBC.
Isber went on to say that Ontarians can budget their money by establishing a financial plan, but a majority of locals – 56 percent – don't feel confident in their money management skills. What's more, Ontario residents are carrying on average $13,000 in debt, the RBC poll indicates.
Money can be saved through a variety of methods, one of them being by eliminating spending temptations. For instance, by putting a seasonal vehicle in a storage unit – such as a boat or jet ski – Torontonians will spend less on gas.