The annual measurement of viable income by the Institut de recherche et d’informations socioéconomiques (IRIS) in Quebec highlights the increasing cost of living in 2024. This study reveals not just the financial demands for basic necessities but also the broader economic realities many face today.
Solo Struggles
For solo individuals, who make up 35% of Quebec households, the cost of living is a significant burden. In Montreal, a single person now needs a disposable income of $38,000 to maintain a decent standard of living, a 19.3% increase from last year. In Trois-Rivières, a cheaper area, $31,000 suffices. However, in Sept-Îles, where public transport is lacking, a viable income rises to nearly $44,000 due to the necessity of owning a car.
Housing
- Shared Living Arrangements: consider roommates or shared housing to reduce rent and utility costs.
- Downsizing: move to a smaller apartment or a less expensive neighbourhood.
- Energy Efficiency: lower energy bills by making your home more energy-efficient with simple fixes like weather stripping, energy-saving bulbs, and unplugging unused electronics.
Food
- Meal Planning and Budgeting: plan meals weekly to avoid unnecessary purchases and minimize food waste.
- Bulk Buying: purchase non-perishable items in bulk to save money in the long run.
- Discount Stores and Coupons: shop at discount grocery stores and use coupons or cash-back apps to reduce costs.
Transportation
- Public Transport: use public transportation where available, or carpool with colleagues or friends to save on fuel and maintenance.
- Biking or Walking: if feasible, biking or walking can eliminate transportation costs entirely.
- Vehicle Maintenance: regular maintenance can prevent costly repairs and keep your car running efficiently.
Family Finances
For families, especially those with young children, the financial demands are more significant. A family of four in Quebec needs about $79,000 annually. With essential expenses like groceries and housing rising, saving money becomes a critical task.
Childcare and Education
- Subsidized Programs: look for government-subsidized childcare programs or community support services.
- Second-Hand Items: consider buying second-hand clothing and toys, which can be much cheaper than new.
- Educational Resources: utilize free or low-cost educational resources and community programs for children’s activities and learning.
Food and Nutrition
- Home Cooking: cooking at home is usually cheaper and healthier than eating out. Involve the family in meal preparation to make it fun and educational.
- Community Gardens: participate in community gardens or start your own to grow fresh produce at a lower cost.
- Nutrition Assistance Programs: explore local food banks and nutrition assistance programs that can help supplement your food budget.
Transportation Troubles
For single parents and families, especially in areas like Saguenay where public transport is inadequate, transportation costs can be a significant burden.
Car Expenses
- Car Sharing: share a vehicle with a neighbour or friend to split costs.
- Fuel Efficiency: drive more efficiently by maintaining a steady speed and avoiding unnecessary idling to save on fuel.
- Used Vehicles: consider purchasing a reliable used vehicle instead of a new one to save on upfront costs.
Beyond the Basics
The viable income must also cover additional expenses such as healthcare, telecommunications, and modest recreational activities. With living expenses rising, financial anxiety is increasing, pushing more people to rely on food banks.
Seeking Support
Amidst financial challenges, individuals and families may feel overwhelmed by debt burdens. Licensed insolvency trustees offer valuable guidance on navigating debt solutions such as consumer proposals and bankruptcies. Recognizing signs of financial distress is crucial for regaining stability. With professional assistance, individuals can develop sustainable financial plans and move towards a brighter future.
