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How to stretch your dollar when everything costs more

If you’re feeling extra pressure these days to sort out your finances and manage your debts, mortgage specialist Lisa Gryba says you’re not alone.

“It’s difficult, isn’t it? It’s hard for people to plan with things that are beyond our control,” says Gryba.

Results from a recent Leger poll show four-fifths of respondents had started or plan to buy cheaper items at the grocery store to save on food bills and plan to reduce the amount of food they throw away to stretch every dollar.

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Gryba says financial planning is essential, especially in these times of rising costs for things like fuel and food.

“It’s all easy. It’s not rocket science,” she says. “It’s very easy, it’s just planning. At first, it might be a job to put that plan in place, but after that, it kind of becomes second nature.

After a plan is in place, Gryba stresses the need to stick to the plan and go over the details to ensure they remain relevant. She suggests breaking out income and expenses in a bi-weekly plan, to know your cost of living and schedule smaller but more frequent payments.

“I encourage people to create sub-accounts with the lender they are with. And every two weeks, you can ask the lender to automatically transfer to these sub-accounts. »

Another option is to perform these transfers manually. Gryba says some people choose to follow this type of format using cash and envelopes, to more easily see how much money is available for each budget category.

You can listen to the podcast with Carly Koop and Lisa Gryba as they discuss how to know what it’s costing you to live, rationalize debt, structure payment, create a plan and how to stick to it.

“We want to rationalize all your debts,” says Gryba. “We want to streamline your budget, so that every two weeks we can plan accordingly. And we usually boost our budget a little bit so that we have a surplus in all of these sub-accounts, so that when the price of fuel goes up , we kind of budgeted for that.

Although the planning may seem a bit daunting at first, Gryba is convinced that it can really bring peace of mind when looking at the breakdown of every dollar.

“When you have your eye on the prize or have a plan in place, those distractions become outside noise,” she says. “If we put a plan in place, and we do it strategically, we can afford for these increases to happen, and they don’t necessarily affect us in the same way as someone who flies by the seat of their pants and react accordingly.”

Gryba says that while personal financial planning is pretty easy, it can get overwhelming. In these cases, she suggests that someone work with you to break down each part of the planning process.

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