Like I said last year, each year, the cost of living increases and it is getting harder to live in the City.
Four major increases will be affecting me this year:
1. My local monthly public transit fares hiked up $5/mo when last year it was $2.50/mo. It was $117.50 and now it is $122.50 per month. It is getting harder and harder to justify their cost increase where I know it the increase is for their salary than anything else. $5 x 12 months = $60
2. My home insurance went up $50/mo. That is insane! They said it was because there was a flood back in the summer and now I have heard there will be another increase because of our recent ice storm. $50 x 12 months = $600
3. A major price increase for Canada Post that I can't believe is happening. Effective March 31, 2014, stamps for letter mail will cost $0.85 if they are bought in coils or booklets. $1.00 each if they were bought individually an for commercial rates if they are using postage meters at a rate of $0.75 per letter.
4. They also said my Property Taxes will increase this year by 2.5% where they said 1.4% goes to inflation, 0.5% to fund our public transportation, and 0.6% for enhanced services. What! 1.4% for inflation. My salary was slashed by XX% and it has been that way since the market crash...so it is totally unfair where there are so many strikes and fees increase where my after tax money is declining.... I think the increase will be around $50 or so...
Other increases will be either affecting me or others.
Rent - maximum of 8% increase is allowable in Ontario in 2014 - see guideline here
Bell service fees increased November 1, 2013
Increase in EI & CPP premiums - less take home pay
Camps, after school programs, Day Cares
Food - the usual fruit, meat, and eggs
And the list could go on and on.
What does this mean? Either I get a better job or start cutting more things from our lifestyle and trying find ways to help me save. If your wages/salary increases each year - that is great but un-lucky me and many others that I know - it does not. In 2013 I have decreased my land line bill but my internet bill actually increased and they couldn't give me a discount. Hopefully in March I could negotiate and get a better rate and if not, it is about time I find a different supplier. I have cancelled my cable which helped me save close to $50 a month.
Which increases will affect you the most?