Over a third of BC residents eating less, sharing expenses to save money: Survey

A new Consumer Debt Index finds that BC residents are 38% more likely than any other province to resort to bill-splitting strategies such as cohabiting, car pooling, and sharing subscriptions to save money.

In addition, over half of respondents noted they have tried to save money by grocery shopping more strategically.

Leah Drewcock is a licensed Insolvency Trustee at MNP in Prince George who says people are going to great lengths to keep a little extra cash.

“Even more shocking is that they are eating less healthy and eating less overall splitting as many costs as they can with friends and family members just to save money and cut costs.”

“It’s quite shocking actually.”

“People are having to choose between paying their debts such as their loans, credit cards and sometimes even their vehicle loans and their mortgages. They are choosing between that and putting food on the table,” added Drewcock.

BC residents are also reporting to have an additional $277 more left over on average at the end of the month, the highest increase when compared to other provinces.

“I don’t know that it is always the same people saying that they are struggling to pay for groceries as the same people who are increasing their savings. The survey does ask a lot of questions and the percentage who answered the survey saying they have more savings aren’t necssiarily the same people who are struggling to put food on the table.”

“However, it is good to hear that some British Columbians are putting money into savings and part of that could be interest rates were good for a time and they were able to get some interest on their savings account.”

This significant jump increases British Columbians’ money left over each month to $1093 – the largest amount of money British Columbians have had after all expenses in the last five years, and more than any other province.

Nearly two in five (37%, -10pts) British Columbians say they are $200 or less away each month from financial insolvency – dropping a significant 10 points since last quarter.

British Columbians and Albertans are the most likely (35%) to say they have even resorted to eating less to save money, with more than a third admitting to this as a cost-saving measure.

British Columbians’ Top Money-Saving Strategies For the Next 12 Months 

Bill Splitting – 31% Co-habitation – 21% Creating a Budget / Recording All Expenses – 18% Cancelling Subscriptions – 16% Stopping Eating in Restaurants or Getting Takeout – 15% Reducing Utility Consumption – 14% Going Thrift Shopping – 14% Cutting Vices – 13% Moving Somewhere More Affordable – 12% Finding Free or Low-Cost Entertainment – 12% Avoiding Impulse Purchases – 11% Negotiating Bills – 11% Splitting Grocery Costs / Buying in Bulk with Roommates, Friends, or Family –11% Grocery Shopping Strategically – 9%