Worried About Your Finances? Get Tips To Save Money As Costs Soar

Highlights:

• Canadians are struggling with debt despite reduced spending: Even though Canadians are spending less on credit cards, more than 1.4 million are struggling to pay their debts, as reported by Equifax Canada in May 2025.

• Actionable strategies for cost-saving across essential categories: Negotiate savings with service providers, bundle services, and use coupon apps to find savings on groceries.

• The critical importance of credit management for financial health: Effectively managing credit scores and reports, including making timely payments and regular monitoring for accuracy and fraud, is crucial for navigating financial difficulties.

If you’re worried about your personal finances, you’re not alone. Consumers in Canada are spending less but are also having a hard time paying down their debt, according to the Equifax Canada Market Pulse Consumer Credit Trends and Insights, released in May 2025.

The report found the average monthly credit card bill fell by $107 in the first three months of 2025, as Canadians are being more careful with their spending. However, missed payments continued to rise across most credit products during that time. In total, more than 1.4 million consumers had missed at least one credit payment in the first quarter of 2025.

What Are Some Ways To Save Money On Your Bills? 

• Negotiate with providers: Call your internet, phone, or insurance providers to request better rates or explore competitor offers.

• Switch to energy-efficient habits: Use LED bulbs, unplug electronics when not in use, and lower thermostat settings to cut hydro bills.

• Bundle services: Combining home, auto, and travel insurance or telecom services can unlock discounts.

• Track usage: Monitor your utility usage through apps or online accounts to spot unusual spikes and adjust accordingly.

What Are Some Ways To Save Money At The Grocery Store? 

• Plan meals and stick to a list: Avoid impulse purchases by shopping with a weekly meal plan.

• Buy in bulk and cook at home: Purchase pantry staples in bulk and prepare meals rather than eating out.

• Use coupons and price-matching apps: Coupon apps can help you find weekly deals across stores.

• Shop store brands: Generic or store-brand products are often significantly cheaper than name brands with little difference in quality.

Understand Your Credit Scores And Reports

There are other actions you can take to help you during tough financial times. Having a better understanding of how credit reports and scores work can help you navigate your financial decisions. Small behaviour changes like paying bills on time every month can have a positive impact on your credit scores. 

Checking your credit reports to make sure the information is up-to-date and correct is another good financial habit. With Equifax Complete^TM Premier, you’ll get alerts when there are key changes to your Equifax credit report and score, which can help you detect fraud.