Budgeting for food - MoneySense

Budgeting for food

A new poll suggests Canadians are feeling the pinch of rising food costs. This and more in the daily roundup.

  • The vast majority of Canadians polled for an RBC  report (91%) say they’ll tighten their belts and make smarter decisions at the grocery store to deal with rising food costs. Food inflation rose 2.4%  last year, after increases of 3.8% and 1.4% in 2011 and 2010, respectively. Prices are poised for bigger jumps in 2013, the bank says. The average Canadians spends $411 per month on groceries, the poll found. Fifty-seven per cent are comparison shopping more  these days and 43% have cut back other expenses to make up the difference.
  • This Victoria Day long weekend marks the unofficial start to summer for many Canadians. In fact, some 83% of us are planning to take vacation between May and September spending $3,073 on average, according to BMO estimates. Top destinations include the U.S., Europe and Central and South America. The bank also found that only half of Canadians always buy travel insurance. “While it’s great news that so many Canadians will be taking advantage of the great weather to hit the road and get some rest and relaxation this summer, it’s a concern that so few will be protecting themselves against the unexpected by purchasing travel medical insurance,” said BMO Insurance’s Julie Barker-Merz. A broken leg in the U.S. can cost up to US$20,000 while treatment for decompression sickness in Thailand up to US$40,000. For travel insurance tips on what to buy and how to save, read, “Are you really covered?” from the April 2013 issue of MoneySense.