Itâ€™s kind of amazing to see the lengths that some people are going to in an effort to save some money as a result of a new tax that will be introduced here called the HST. The biggest impact it will have I think is on certain grocery items as everything that was normally only subjected to a 5% tax will now be 12%. Some people are actually stocking up in extreme ways because of this.
For example, buying hundreds of dollars in items as if you are buying half a yearâ€™s worth of goods. In my opinion that is a little bit of an emotional reaction and doesnâ€™t help in the long term Iâ€™d say. Like with this I would think if you truly want to save money then maybe itâ€™s time to invest in some tools and resources that would allow you to make your own items.
Itâ€™s too easy to waste more money than intended if you allow yourself to purchase things emotionally in this case just because it sounds right initially. Expect to see a ton of stores too saying how you need to shop from them now before the tax increase comes. Housing will probably be a real tricky one as apparently new houses over about $400,000 or so will be subjected to this new tax. Iâ€™m sure not everyone can just whip out an extra six figure in their bank to buy a home too.
Like most things itâ€™s all about adapting to the situation. While it may be a bad situation for many having to pay more it can also be an opportunity for you to rethink your finances and the type of things you buy that arenâ€™t really necessary Iâ€™d say.