|  How Canadians are fighting off inflation With inflation at its highest levels in decades, Canadians are finding new ways to cut back and offset the higher cost of, well, everything. As part of the Global News series Sticker Shock, where we look at ways to help Canadians afford the staggering cost of living, we spoke to new mom Sandy Yong about how she’s handling inflation while bringing in a reduced salary on maternity leave. Her strategy includes turning to Facebook Marketplace to both source gently-used furniture like a crib as well as offload household items she and her family are not longer using to bring a bit more money in. She also says she’s been changing her grocery shopping habits and opting for a 50-50 split in buying name brand diapers and discount versions to make ends meet as a new mom. Polling from Ipsos conducted exclusively for Global News shows that Canadians are largely cutting back on dining out, putting off new purchases like clothes and, in some cases, delaying or not renewing their prescriptions to offset inflation. Global News reporter Craig Lord has more tips here on what you can do cut costs and save your money. Check out our special interactive inflation calculator to see the real impact of the rising cost of living on your personal finances.  How to bid in a cooling housing market The housing market in many Canadian cities is cooling down as interest rates rise and some buyers shift to the sidelines. While brokers say that’s reduced the number of bidding-war homes in the spring market, it’s complicated the question of how to properly price a bid. Realtor Pritesh Parekh with Century 21 in Toronto says that when buyers see a list price that’s accepting offers at any time, it’s likely a genuine price. When a seller is accepting offers on a particular date, they might be trying to drum up a bit of competition to push their list price higher, he explains. "You can see how this is so confusing," Parekh says. “When a consumer sees a house listed for $1 million, they have no idea if it’s worth $900,000 or if it’s worth $1.1 million or if it’s actually just worth what it says on the sticker." But as markets slow from their pandemic highs, there’s more room for negotiation, and conditional offers with inspections are often back on the table, experts tell Global News. Read more here to learn about how to craft a smart bid amid market uncertainty.  Crypto and tech stocks feeling the burn The stock market has been going through a rough patch the past week in an already tough 2022, with tech stocks and cryptocurrencies among those taking the hardest hits. Bitcoin’s tumble has seen it lose more than half its value from its peak last November. Shares of Canadian tech darling Shopify are down almost 80 per cent since its highs around that time as well. Much of the market’s movement has been attributed to the recent interest rate hike from the U.S. Federal Reserve. Market watchers are concerned there's a recession coming, says Ottawa-based portfolio manager Derek Dedman, which is driving investors away from so-called "growth stocks" like tech companies with higher valuations. These stocks are the ones that tend to pull back "the farthest and the quickest when you-know-what hits the fan," he told Global News. Read more about the impact on your portfolio and how to weather the current storm. ________________________ – THE QUESTION – “I'm a parent of four kids — two are now young adults and two are now teens. Online apps were not an option for my oldest kids, but I now wonder if we should be looking at apps to help the younger ones develop healthy spending/saving habits. What might be the benefits or drawbacks to using such apps?” — A Money123 reader “Giving your kids a regular allowance, whether tied to chores or as a money management tool, lets them learn to make choices with their money (to earn, save, spend, share or invest) and live with the consequences. It allows them to make mistakes when the stakes are low. But since we live in an increasingly digital world, where the use of cash in daily transactions has been on a long, steady decline, many parents aren't in the habit of having cash on hand. At the same time, mobile phone use among kids is widespread. That's where family fintech apps come in. They let you: Pay your kids' allowance digitally Encourage them to earn it by doing chores Monitor your kids' spending Teach them about money According to research, digital tools have the potential to be a catalyst for financial education, particularly among young people, who are avid users of apps. Kids want to learn about money, and not just from apps, school, and the school of hard knocks! Research show that kids want their parents to teach them. A recent study by the OECD found that teens who talked with their parents about finances — even just once a week — scored higher on a test of financial skills than those who didn't. Whether you choose to use an app or not, the best solution is the one that sparks ongoing conversations with your kids about earning, saving, spending, sharing and investing.“ -Robin Taub, CPA, CA, author of The Wisest Investment: Teaching Your Kids to Be Responsible, Independent and Money-Smart for Life ___________________________ Want your money question answered by an expert? Get in touch! | 
