A recent survey done for Presidents Choice Financial revealed that while only 44 per cent of millennial parents would have considered regular savings on groceries a high priority before kids, 76 per cent of this group agree grocery savings are highly appealing today. But groceries aren't the only thing they're looking to save money on.
The expectation is that social people will be the ones with zero savings, loads of debt on BMWs and flashy condos that are rented. None of that has to be true! Buying trendy lofts in the "up and coming" areas of the city, budgeting for partying, automating RRSP contributions, and using your ah-mazing charm and whit can get you ahead in a lucrative career. Popular people can be financially savvy too!
People shop at thrift stores for many reasons. I hail from Britain, where second-hand clothing was not a source of shame but a way of life. Here in Canada, our family has a limited budget for clothing, preferring to pay for canoe trips and soccer programs. But the best reason for thrift shopping has less to do with how we look -- and everything to do with the lives we touch.
The Canada Child Benefit is a new program aimed at helping families with the cost of raising children today and into the future. This is the week when the cheques (or direct deposits) are set to arrive. I'm optimistic that the money will prompt some families to open up a Registered Education Savings Plan for their kids.
Living and housing expenses in Canadian cities are pretty heavy right now. If you're a Millennial like me, you're likely paying off a student loan, car payments, your first mortgage, or all three. There often isn't much left over at the end of the month to enjoy the much-needed and all-too-fleeting summer sunshine. So what's a thrifty city dweller to do?
Keeping up with the Joneses is nothing new. But thanks to social media, our friends' lifestyles can be hard to ignore. The need to show off, the desire to have what others have, and the ease at which we can obtain credit, all contributes to the pressure we feel to keep up. It's a pressure felt globally, regardless of income bracket. Have you ever noticed how many celebrities have declared bankruptcy?
If you rent, you know how important it is to stretch your monthly budget in order to get a place you love. The line between 'wants and needs' must be clearly drawn, and once you have your budget, it's time to make the most of it. RentSeeker... is here to help you stretch that budget with 10 tips to save you money so you can maximize your housing budget and find an apartment you'll be excited to call home.
All the tips on budgeting are based on people who get paid on a regular schedule, but if you're an actor, musician, etc., you'll get a chunk of change all at one time and then often have a dry spell. It's so easy to blow through the money that you get paid and then have nothing left for the few months that you're waiting for that next gig.
The birds and the bees may not be the only difficult conversation you'll be having with your kids, discussing money and finances with your children can be just as challenging. Given the lack of mandated financial literacy courses in Canada, parents can fill the void by teaching financial concepts to their children early on.
Sorry to all of the amazingly talented videographers. I'm sure they do an amazing job but let's face it, how often do you think you will watch the wedding video? Sure it's great to have to show the grandchildren someday but does the cost outweigh the value? I suggest taking the money you want to spend on a videographer and put it towards your photographer budget. Photos will always be displayed in your house and in albums. Plus, photos are a much better thank you gift.
Managing a big change in life can be daunting. That's why we need to have a clear understanding of our financial situation. It can't be fuzzy. Banks, for example, regularly conduct stress tests to identify areas of vulnerability. Testing allows for preventative planning to avoid systemic breakdowns or unrecoverable losses.
One of the first things you'll need to do is open a Canadian bank account. This will give you a safe place to deposit and access your money whenever you need it. Canada's banking system can differ from other countries, and it takes time to understand the various types of financial institutions, bank accounts and services available.
The 2015 Sun Life Financial Annual Check-Up found that 66% of Canadians say their debt level is the same or worse than it was at this time last year. Though 67% say they're optimistic about 2016, only 13% note that paying down debt is among their top three New Year's resolutions. Just four per cent rank savings as a top resolution. Now is the time to make that change!