The Impact of Living Expenses on Your Health

The Impact of Living Expenses on Your Health

In recent months, many have experienced sticker shock during trips to the gas station or while perusing grocery store aisles. Statistics Canada reports that June 2022 marked the first occasion in nearly four decades where the annual inflation rate surpassed 8 percent.

In April 2022, Canada saw its annual inflation rate reach 6.8 percent. Grocery prices surged due to disruptions in the supply chain and shortages in transportation, food, and labor. Notably, the most significant price hikes in 2021 occurred in chicken, pork, and seafood, while vegetable prices declined. However, economic analysts forecast substantial price increases in 2022 across dairy products, vegetables, bakery items, and restaurant meals, projected to rise by 5 to 7 percent.

Eating Well on a Budget

Faced with these economic pressures, how can you maintain a healthy diet while safeguarding your finances? We consulted an expert for tips to help you stay nourished without overspending.

Understand Your Food Spending

If you’re feeling financial strain, Danielle Corcoran, a money coach from The Corcoran Coaching Group in London, Ontario, recommends starting by assessing your financial landscape. Review your bank and credit card statements from the last three months to categorize your spending.

“People are often astonished at how much they spend on food—groceries, dining out, alcohol, and even daily coffees and snacks,” Corcoran explains.

Create a Budget and Monitor Your Spending

Corcoran suggests setting a specific budget for groceries and dining out and keeping a close watch on your expenses. “Once your budget is exhausted, you have to wait until your next payday to spend again,” she advises.

Opt for Cash

Tap-and-go payments can lead to overspending, according to Corcoran. “When you use cash, you can visually track how quickly it diminishes, which makes you more mindful of your spending,” she asserts.

Plan Your Meals Wisely

Corcoran recommends taking inventory of what’s already in your fridge and using those items first. “Many people end up throwing away food they forgot they had and then buy it again,” she notes.

Plan your meals around current sales, check flyers, or shop at discount stores. It’s helpful to understand seasonal sales, so you can make the most of price reductions.

Consider Bulk Purchases

Buying in bulk can save you money, but Corcoran warns against doing so without carefully evaluating prices.

When shopping, always calculate the unit price (cost per mL, kg, etc.) to determine if bulk purchasing is truly a better deal, or if it’s more cost-effective to buy at your local store.

Reduce Shopping Trips

Corcoran suggests limiting bulk shopping trips to once a month. “The more frequently you shop, the more you will likely spend,” she explains.

Grow Your Own Organic Produce

Starting your own mini garden for organic vegetables can significantly cut down your expenses. You don’t need much space—just a few pots on a windowsill or porch for your favorite veggies will do.

Buying organic produce in season is advantageous as well; online seasonal produce guides can help. Additionally, frozen organic produce can often be cheaper than fresh alternatives.

Utilize Your Freezer

You can freeze items like lemons, yogurt, potatoes, vegetables, herbs, and berries when they’re on sale or in season, saving them for later. Corcoran also suggests preparing meals such as chili or lasagna in advance and freezing them for quick use.

The Benefits of Eating Well

A balanced diet plays a crucial role in preventing chronic diseases, such as heart disease, type 2 diabetes, and certain types of cancer.

Beyond disease prevention, a healthy diet supports your immune system, contributes to healthy skin, teeth, and eyes, strengthens bones and muscles, aids digestion, and helps maintain a healthy weight. It could even contribute to longevity.

In fact, poor dietary choices are the leading risk factor for death and the second leading cause of disability in Canada.

The Consequences of Treatment Delays

Unfortunately, prolonged wait times for medical treatment—intensified by the suspension of non-emergency procedures during COVID—can have severe implications for our health, affecting both ourselves and those we care for. These delays can lead to…

  • lost wages
  • decreased workplace productivity
  • increased costs associated with caregiving
  • higher risks of mortality or adverse health events due to treatment delays

This highlights the importance of maintaining a consistent schedule of herbs and supplements, alongside a healthy diet, for optimal health and prevention. Common nutritional deficiencies among Canadians include…

  • magnesium
  • calcium
  • vitamins D and A

Considering additional supplements like…

  • multivitamins
  • omega fatty acids
  • vitamin C
  • zinc
  • echinacea
  • elderberry

The Personal Impact of Wait Times

A study in 2021 assessed the economic cost of time lost while awaiting medical care. When accounting for evenings and weekends, excluding eight hours of sleep each night, waiting for treatment was estimated to cost individuals approximately $8,706 each.

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