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Tag: budgeting

  • Ellyce Fulmore is putting the personal back into personal finance – MoneySense

    Ellyce Fulmore is putting the personal back into personal finance – MoneySense

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    What was the biggest money lesson you learned as an adult? 

    The understanding of how big a role your identity plays in your finances. Finance is deeply personal and intersectional, and your money is directly impacted by aspects of your identity such as privilege, race, gender, sexual orientation, mental health, disability, systems of oppression and more. The identities you hold will impact how you view, understand, spend and approach your money. 

    I didn’t fully understand this until I came out as queer and was diagnosed with ADHD. These realizations helped me make sense of a lot of my money behaviours and challenges. For example, I struggled with impulse spending for years, and ended up with $15,000 of high-interest debt because of that. I felt so ashamed of this debt, but I didn’t know that having ADHD makes me four times more likely to impulse spend than someone without ADHD. By understanding who you are, the privilege you hold and/or barriers you face, your lived experience and your trauma, you can begin to change your relationship with money and create a financial plan that makes sense for your life.

    Learning this lesson is what inspired me to write a book and start my financial literacy company, Queerd Co., where our approach to financial literacy goes beyond the conventional, giving folks permission to be full human beings—not just numbers on a spreadsheet. At Queerd Co., our goal is financial equity, and every course we create, resource we recommend, space we hold and discussions we lead will aim to take a shame-free and identity-based approach to money.

    What’s the best money advice you’ve ever received?

    That your financial situation is not your fault, and the shame you feel around money is not solely your shame to carry. I learned this inside of the Trauma of Money certification program, where we spent time examining and unpacking the idea of shame and responsibility when it comes to our money. The reality is that many of us inherit money trauma and learn our financial behaviours and habits from our caregivers. We also have to consider the government policies, financial institutions, and larger societal systems such as capitalism, and how those play a role in the decisions we make and the financial challenges we are subjected to. In the Trauma of Money, we were taught to ask ourselves, “Whose shame is this?” to help call attention to the fact that some of the shame we feel has been placed upon us, despite it not being our shame to carry. This advice really helped me reframe the way I felt about my past financial decisions.

    What’s the worst money advice you’ve ever received?

    I tell this story in chapter 1 of my book, which is all about finding safe spaces: The first time I went to talk to a financial advisor at the bank, the advisor made a misogynistic comment along the lines of, “When you have a husband, he will take care of this for you.” This was his response when I tried to ask questions about some financial terms he had briefly mentioned. This was horrible advice because: a) it was misogynistic; and b) it was encouraging me to not be in control of my own financial situation. I cannot stress enough how important it is to have financial autonomy, even within a marriage. If you ever find yourself in an abusive relationship, having access to your own money will give you the freedom to leave.

    Would you rather receive a large sum of money all at once or a smaller amount regularly for life? 

    It would depend on the amount. If the smaller amount was enough to cover my monthly expenses, then I would choose that option, because it would give me the immense privilege of never again stressing about paying my bills. It would also take a lot of pressure off my business and allow me to explore more creative pursuits. But if the amount wasn’t enough to cover my bills, then I’d prefer the lump sum. I could actually make more money from the lump sum in the long term by investing it, but the first example would be a better decision emotionally. 

    What do you think is the most underrated financial advice?

    Gamify your finances. This is great advice for almost everyone, but especially for anyone who is neurodivergent. If you can make managing your money fun and enjoyable, you’ll be more likely to actually keep up with it, and have greater success with reaching your goals.

    What is the biggest misconception people have about growing money?

    That being “good with money” and building wealth is just a math game, and that all you need to do is manipulate the numbers—it’s so much more than that. Creating the perfect spreadsheet, debt repayment plan or investment strategy will never address the root of your money issues. We’ve been taught that if we follow the formulaic system for success, we will be wealthy and happy. But there’s no magic formula for success, because everyone’s lived experience, values, goals and definitions of wealth are different.

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    MoneySense Editors

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  • How to save on food and drinks at your next sports game or concert – MoneySense

    How to save on food and drinks at your next sports game or concert – MoneySense

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    With foot-long hotdogs roughly $13 and 515-ml premium draft beers nearing $15, the Sarnia, Ont., duo behind the @coupon.couple account started searching for ways to save.

    One of their pals had two words: Dugout Deals.

    The aptly-named concession stand by sections 240 and 537 sells ballpark favourites for a fraction of the price. Before tax, “value” hotdogs, popcorn and 16-ounce soft drinks go for $3.49 each, while a 12-oz. Bud Light is $5.79, the Blue Jays website says.

    “If you got a hotdog and just a pop, it would be, like, under $7,” said Debarros. “That’s awesome compared to $30 at some of the other stands.”

    Researching like Debarros did is just one of the ways she and other sports lovers, festival attendees and concert goers say Canadians can save as the summer event season ramps up and people start to be confronted with eye-popping prices.

    AtVenu, a point-of-sale technology company, said the average fan in Canada and the U.S. spent USD$68 on food and beverages at festivals last year, up from USD$65 in 2022. The firm found prices for food items jumped 21% on average, and drinks spiked by between 7% and 20%, depending on their format and alcohol content. 

    But many eventgoers say there are ways to reduce costs.

    Check if you can bring your own food and drink

    For starters, some venues, including the Rogers Centre, let you bring in food and drinks, though they often must be non-alcoholic and packaged in something other than glass or metal.

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    The Canadian Press

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  • How to beat inflation: First, tackle lifestyle creep – MoneySense

    How to beat inflation: First, tackle lifestyle creep – MoneySense

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    The other day I had to run out to buy cooking oil to make dinner. I knew which brand I wanted because it was a good size and it was cheap—$5 when I bought it about three months ago. I was surprised and annoyed to find out that the same bottle of oil, which was the exact same size and shape with the same type of oil in it, was now $7. 

    It had gone up $2 in the last three months. Now, that doesn’t sound like a lot since it’s “only two dollars,” which shouldn’t affect your budget. But add in other expenses like the cost of gas, other grocery items and rent, and those “tiny” increases add up. Inflation really makes the wallet hurt.

    Lifestyle creep versus inflation

    We spoke to two experts to find out how to deal with increases in household spending, in terms of both practical steps and the emotional side. Nearly 50% of Canadians say that money worries negatively affect their mental health, according to an Ipsos survey. First, we need to look at the difference between inflation and lifestyle creep. Inflation is when prices of goods and services increase with a corresponding decrease in the purchasing power of your money. 

    Lifestyle creep is when your standard of living improves as your income rises and former discretionary or luxury items become expectations. Think having all the entertainment streaming options instead of one or two because now you can afford it.  

    You can control lifestyle creep to an extent through budgeting and being aware of your spending habits. With inflation, there’s only so much you can control. If prices increase for household necessities, you end up spending more, whether you like it or not. 

    You can switch to cheaper items to save money, but at a certain point you may be sacrificing usability for price. Think one-ply toilet paper; it’s cheaper but you go through it faster, leading to spending more money. (Also, it doesn’t feel great.) 

    Since it feels like everything is going up except our salaries, how can you rein in the involuntary lifestyle creep and get some sense of control over your money? 

    How to avoid lifestyle creep and cut costs

    Chantal Chapman, CEO and co-founder of financial literacy education firm The Trauma of Money in Vancouver, says to not let a scarcity mindset sabotage your spending. “If there was a time in your life when your income was low and you really had to restrict [your spending], that actually can lead to compulsive behaviours such as overspending.”

    “It comes down to discipline,” says Elke Rubach, president of Rubach Wealth in Toronto. She admits that it does suck, saying, “I think the only blanket advice we can use for everyone is to sit down and do a reality check, because just feeling the pinch isn’t a healthy thing, because then you’re like pinching, pinching, pinching.”

    She says one way to counteract the pinching is to check what’s causing it. “Is it actually the economy or is it something you can control? Is it eating out? Or is it that you’re buying groceries but things are going to waste? Are you buying the right things?”

    How to save money on groceries in Canada

    Another tactic is to shop at the local stores in your neighbourhood, says Rubach. With the Loblaws boycott proposed for May, she says, shopping local is “a very different approach. It’s not a negative. You’re doing the same action, to be clear, but instead of looking at it as ‘let’s screw Loblaws’—because they’ll just bring in technology and fire employees—look at your typical grocer at the corner of the street. They’re a lot cheaper.”

    She also says shopping every few days can help keep costs down, especially if you live alone or have a small family. That way, you can plan your meals, reduce food costs and waste, and take advantage of sales. 

    Chapman says that even if you can afford price increases, try to contain them by limiting your splurges to certain purchases. 

    She says that while it’s nice and a privilege to be able to afford what you want and need, don’t let that dictate your spending. “You can say, ‘I don’t need to worry about how much I’m spending on my coffees,’ but maybe choose one area versus just applying that to everything if you are concerned about your budget.”

    How to save money on clothes

    Rubach advocates for second-hand clothing, swaps and hand-me-downs, especially when it comes to children. “There’s no need to buy new things every school year,” she says. “I’m guilty of doing that when my first child was born, spending ridiculous amounts of money on clothes.” Facebook marketplace or local FB groups are a good source for clothes and other household goods. Check your local neighbourhood for clothing swaps. 

    When faced with inadvertent lifestyle creep, we can revisit our budgets and attitudes to spending—at least until inflation, prices and interest rates slow down. 


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    The post How to beat inflation: First, tackle lifestyle creep appeared first on MoneySense.

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    Renée Sylvestre-Williams

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  • 11 Tips for Crafting Your Monthly Money-Saving Shopping Plan – Strategies for Smarter Spending – Southwest Journal

    11 Tips for Crafting Your Monthly Money-Saving Shopping Plan – Strategies for Smarter Spending – Southwest Journal

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    To keep your spending in check, adopt smart shopping strategies both in stores and online. Despite the rising cost of living, it’s possible to stretch your budget further. You can maintain your lifestyle while building your savings, Offermate can just help you with that.

    This means actively avoiding unnecessary purchases and ensuring that what you buy is more of an investment than a spur-of-the-moment decision.

    Key Takeaways

    • Cut unnecessary expenses.
    • Use lists and coupons, and buy in bulk.
    • Brew coffee, and use cash-back cards.
    • Have clear, realistic savings targets.
    • Choose no-fee banking options.

    11 Tips For Your Budget

    Guidance to Optimize Your Finances

    1. Look at Your Spending

    Check where your money goes each month. Can you find areas to cut back? For instance, if you’re buying lunch outside every day, think about reducing it to a few times a week.

    Making small changes like this can help you save money in your budget.

    2. Prepare a Shopping List

    To avoid overspending on things you don’t need, create a shopping list before you go out.

    This keeps you on track to buy only what you need, helping to prevent impulse buys.

    3. Check Prices Before Buying

    Always compare prices before making a purchase.

    You might discover the same item is cheaper elsewhere or find a less expensive alternative to what you originally planned to buy.

    4. Use Your Coupons

    Start by collecting coupons from different places to make sure you’re getting the best deals out there. Look in local newspapers, store newsletters, and websites for the latest discounts.

    Concentrate on getting coupons for things you already buy to avoid spending money on items you don’t need, just because they’re on sale dude.

    5. Cut Back on Non-Essential Spending

     Everyone has essential expenses such as food and housing. We often spend money on things we don’t need, like frequent meals out or new clothes when our closets are already full.

    By reducing these types of expenditures, you can save a significant amount of money.

    6. Set Your Savings Goals

    It’s important to establish clear financial goals for each month. This approach turns budgeting into a goal-oriented process, whether it’s accumulating an emergency fund or saving for a big purchase.

    By applying the S.M.A.R.T. criteria—Specific, Measurable, Achievable, Relevant, and Time-bound—to your financial objectives, you create a practical plan that not only keeps you focused but also motivated to save.

    7. Distribute Your Income Wisely

    Once you’ve set your savings goals, the next step is to organize your monthly income to cover all your expenses while still meeting your savings targets. The 50/30/20 budgeting rule is a useful framework here, dividing your income between needs, wants, and savings or debt repayment.

    Always prioritize essential expenses first. After that, you can allot money for personal desires and then set aside funds for savings and paying off any debts. Regularly adjusting how you allocate your money is crucial for dealing with financial shifts and keeping your savings strategy on track.

    8. Take Advantage of Seasonal and Bulk Purchases

    Buying fruits and vegetables when they’re in season can save you money and provide better-tasting produce. Check local seasonal guides to plan your meals around what’s currently abundant.

    Also, buying items in bulk, especially those that don’t spoil quickly or things you use often, can significantly reduce your expenses. Remember to compare prices by the unit to make sure you’re getting a good deal. Keep an eye out for coupons and discounts to stretch your grocery budget even further.

    9. Make Coffee at Home

    Spending $2.50 to $4 daily on coffee from a cafe can add up to $625 to $1,000 a year. This calculation doesn’t even cover more expensive drinks like lattes. However, purchasing a pound of quality coffee for about $15, which makes at least 30 cups, reduces your cost significantly.

    By brewing your coffee at home, your annual expense drops to roughly $125. This change can save you between $500 to $875 yearly, and over $45,000 across a lifetime, not a small amount huh?

    10. Use a Cash-Back Credit Card for Everything

    Take full advantage of credit cards that offer cash-back rewards by using them for all possible everyday expenses: groceries, fuel, bills, dining out, and anything else you regularly pay for. Just ensure you pay off the entire balance each month to avoid interest charges, which can negate the benefits of any rewards earned.

    For instance, if a family puts $2,000 monthly on a card like the Capital One Quicksilver Rewards Card, which offers 1.5% back on purchases, they’d earn $30 monthly. Over 25 years, this adds up to around $19,000 yea, shockingly. Cards like the Citi DoubleCash offer 2% back, potentially increasing savings even more.

    11. Reduce Bank Fees

    Take a closer look at your bank account statements and you might be shocked by the fees you’re paying for some stuff.

    To cut down on these fees, use only ATMs that don’t charge you, make sure you have enough money in your account to cover checks to avoid overdraft fees, and use credit cards or free peer-to-peer payment apps like Venmo instead of withdrawing cash.

    If you’re still getting hit with high fees, think about switching banks. If your current bank isn’t helping you lower your fees, an online bank could be a good alternative. They usually don’t charge monthly maintenance fees or require a minimum balance, and they often offer higher interest rates on savings and CDs.

    Community banks and credit unions can be another option too. They offer many of the same benefits as online banks, like lower fees and higher interest rates, with the bonus of in-person service.

    Bottom Line

    Essential Takeaways Budget-Friendly Shopping StrategyEssential Takeaways Budget-Friendly Shopping Strategy

    In short, smart money management is all about simple steps and smart choices. Keeping an eye on your daily expenses, shopping with a plan, and leveraging financial tools like cash-back credit cards can boost your savings.

    Small habits, like making coffee at home, can lead to big savings over time. Set clear goals, minimize fees, and remember, every little bit helps. Stick with it, and you’ll see your savings pile up. It’s rewarding to watch your financial savvy pay off, so let’s get started on this journey together!

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    Petar Senjo

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  • Don’t get stuck on financial advice that doesn’t ring true – MoneySense

    Don’t get stuck on financial advice that doesn’t ring true – MoneySense

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    Dividends are after-tax profits a company distributes among its shareholders, typically every quarter, and can be paid in cash or a form of reinvestment.

    Heath said a company that pays a high dividend reinvests less of its profit into growth, potentially losing out on opportunities to up its market value. In Canada, stocks with high dividends come from a narrow slice of the stock market—banks, telecoms and utilities. 

    “Ideally, an investor should consider a combination of stocks with high and low dividends to have a well-diversified portfolio,” he said.

    Contribute to RRSP, save on taxes

    “There’s a lot of taxpayers, investment advisers and accountants who really promote the concept of putting as much into your (registered retirement savings plan) as you absolutely can,” said Heath.

    As a financial planner, he thinks the contrary. Heath says using RRSP contributions to get the biggest tax refund possible is not necessarily the best approach for people in low tax brackets and can hurt them in the long run when they withdraw those savings at a higher tax bracket in retirement.

    “Sometimes, it’s OK to pay a little bit of tax, as long as you’re paying at a low tax rate,” he said.

    Instead, tax-free savings account (TFSA) contributions could be better for someone with a low income. 

    It can be wise to use the low tax bracket by taking RRSP withdrawals early in retirement, even though it might feel good to withdraw only from your TFSA or non-registered savings and keep your taxable income low. 

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    The Canadian Press

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  • Dating dilemma: When to talk about finances – MoneySense

    Dating dilemma: When to talk about finances – MoneySense

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    There’s often a stigma around discussing money, but I’ve found it really helpful to have these conversations early and often. My husband and I have monthly budget review chats, and we’re constantly discussing our financial goals and how we can achieve them. Money has never been a taboo topic for us, and we discussed our debt loads, salaries, savings and attitudes towards money shortly after we started dating. It’s a trend that’s continued into our marriage, although now the topics of conversation are things like life insurance, registered education savings plans (RESPs) for our kids, wills and estate planning, and retirement, instead of whether we can afford that weekend trip to NYC.

    I love that money is an easy topic of conversation for us. I didn’t choose my life partner based on his financial footing, but in an increasingly challenging economic climate, financial health may be as important as looks, personality and intelligence when it comes to what people look for in a love interest. (See, for example, the short-lived new dating app exclusively for singles with good to excellent credit.) There’s a hitch, though: many Canadians find it incredibly hard to talk about money with a romantic partner.

    The most difficult topics for Canadian couples

    My husband and I are the co-founders of Willful, an online will platform. We were curious to know how comfortable Canadians are with discussing taboo topics, so, together with the Canada Will Registry, we commissioned an Angus Reid study to find out. It revealed that other than trauma, money is the hardest thing to talk about with a partner for the first time, followed closely by sex and death. This has led to Canadians delaying the discussion. The study, which polled over 1,500 Canadians, found that of the 77% who are in relationships, one-third (33%) didn’t start discussing finances with their partner until after a year of dating. Another 7% said they’ve never discussed their finances with a partner at all, and one-third have never talked about end-of-life planning.

    Avoiding money talk? You’re likely missing key financial details

    Over a third of survey respondents (39%) said they felt or will feel nervous discussing finances with their significant other for the first time. In addition, many respondents said they wouldn’t know how to access key documents and information in the event of an emergency. Over half of those in relationships say they don’t have a will, and even fewer know where their partner’s will is stored.

    This wasn’t surprising to us at Willful—we hear stories daily about people dealing with a loved one’s estate and trying to find key information like passwords to accounts, legal documents like wills, life insurance documents and other key info. In fact, that’s what inspired my husband and I to start Willful. His uncle passed away without having his end-of-life plans organized, and he was the sole breadwinner in the family. We saw first-hand how difficult it is to honour someone’s legacy while trying to find information and end-of-life wishes. That’s why we’re passionate about ensuring that Canadians are now having the important but tough conversations that will save their loved ones burden and conflict down the road.

    4 money moves to make as a couple

    So how do you get more comfortable talking about money with your partner? MoneySense’s articles about money and relationships (see links below) share these strategies:

    • Discussing finances early and often
    • Being upfront about key information like debt load, credit scores and savings
    • Setting a “money date” so you can get into a money mindset at a set date and time
    • Considering combining your finances through joint accounts and other tactics in order to have a shared financial picture and shared goals

    Whether you’re in a new relationship or already married, discussing money with your partner can set the stage for your shared financial success—and help you avoid conflicts over money—in the future.

    Read more about money and relationships:

    This article was created by a MoneySense content partner.

    This is not advertising nor an advertorial. This is an unpaid article that contains useful and relevant information. It was written by a content partner based on its expertise and edited by MoneySense.



    About Erin Bury


    About Erin Bury

    Erin is the CEO at Willful, a company that makes it easy to create a will online in less than 20 minutes. Willful has helped Canadians create over 300,000 documents since 2017.

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    Erin Bury

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  • Flow state vs. cash flow: Make better money decisions by discovering your flow state – MoneySense

    Flow state vs. cash flow: Make better money decisions by discovering your flow state – MoneySense

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    • Emotion regulation: Engaging deeply in an enjoyable activity boosts your mood and generates positive emotions, which in turn strengthens your ability to manage stress and navigate difficult emotions. It helps maintain emotional balance, which is beneficial when making investment and spending decisions. Being calm means you’re less likely to react impulsively with your money, leading to fewer costly mistakes. This emotional steadiness leads to thoughtful financial choices.
    • Fulfillment and happiness: Flow can bring enjoyment to what you’re doing, making the activity rewarding. Csikszentmihalyi’s research indicates that flow can contribute to increased happiness and overall life contentment. Budgeting to have more of these moments can lead to lasting life satisfaction.

    How money can make you happy

    You’ve likely heard that money is a tool. While that’s true, using money as a tool for happiness can be challenging. We attach so many emotions and meanings to money that it can be hard to separate them. However, that shouldn’t deter us from using money to mindfully invest in engaging, joyful activities and experiences that create moments of flow.

    How to use flow for a better relationship with money

    A musician I know named Greg says he’s always been grounded by music. He was born deaf, and a successful surgery at the age of two unlocked sound for him. He has embraced music ever since. By his early 20s, Greg had learned to sing, write music and play the guitar. He performed at local gigs and on international stages. Yet, as he became more and more successful, accomplishing the stardom he always thought would make him happy, he felt drained by his music label’s relentless push for commercial hits, which diminished his drive for creating artful and meaningful music. 

    Greg went to Hawaii for a year-long reprieve and rediscovered flow in music. He looked back at his “best” performances, where he felt deep flow states, and recognized that it didn’t happen at sold-out shows. Instead of pursuing commercial success, he focused on making music at private workshops, writing songs for people, and performing at wellness and yoga festivals.

    Now, more than 20 years later, Greg’s life is filled with flow moments that involve his music. In Hawaii, he built a life with meaning and purpose. It’s no longer about chasing success, money and big hits. 

    His new life comes with challenges, of course, especially when it comes to finances. And when I asked Greg if he would change anything, he responded with a big smile: “Would I like more money? Sure, but I wouldn’t change a thing. My [happiness] bank account is through the roof. I have a great life.”

    How to invest in self-care and flow states

    The takeaways from Greg’s example and Csikszentmihalyi’s research are to integrate more flow states into our lives (and ultimately our finances) by doing the following steps:

    1. Write out the activities you find flow in. What are you doing when you feel in the zone? What captures your full attention? List the activities and think about how to prioritize them in your life.
    2. Budget for flow moments. Dedicate money to these activities you truly love. Think of it as investing in your well-being. Cut out activities you’re doing just because you think you should be doing them. 
    3. Be smart with your self-care choices. Balance flow with your need for financial security—they’re not mutually exclusive. Don’t risk essential expenses for flow states. However, you can still evaluate your expenses (housing, transportation, food, etc.) to discover ways to decrease those costs.
    4. Don’t do it alone. Sharing your flow experiences with others can deepen them. Can you join or create a group aligned with your interests?
    5. Reflect and adjust. Just like you do with your annual budget or investing portfolio, regularly check in on your flows. Reassess how your spending affects your ability to achieve flow. Be flexible and reasonable, and adjust as needed.

    Why should you care about flow? If you care about your money, you will

    When reflecting on our lives, we hope that when our time on this Earth is over, we can say, “I did it. I lived a good life.” Of course, a “good life” doesn’t mean it was easy—life is always full of challenges, obstacles and setbacks. But scientific research shows that the more we invest in our well-being, the more resilience we have during challenging times. Flow states offer us emotional regulation and life satisfaction.

    By intentionally spending time and money on areas in our life that bring flow and happiness, perhaps we can experience not just how money makes the world go around, but also how we can use it to sing and dance a little more. 

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    Shaun Maslyk, CFP

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  • Saving on purchases and for emergency funds, Canada’s extreme couponer shares her secrets – MoneySense

    Saving on purchases and for emergency funds, Canada’s extreme couponer shares her secrets – MoneySense

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    Now, being more budget-conscious, I love using my PC Mastercard. It allows me to earn PC Optimum points on my everyday purchases, everywhere I spend. And the best part is, not only can I redeem those points for free groceries and other essentials, sometimes I like to treat myself and redeem on items that I’ve been vying for, like a cute outfit from Joe Fresh or the season’s hottest perfume scent.

    What’s the best money advice you’ve ever received?

    There’s no way to “get rich quick.” It takes time and planning to grow your money and make it work for you.

    What’s the worst money advice you’ve ever received?

    It’s not necessarily advice, but just the peer pressure to measure up to others. This can cause individuals to make financial decisions that don’t work for them or their lifestyle.

    If you’ve ever experienced this, my piece of advice is whenever you are feeling FOMO (fear of missing out), take a step back and get a better understanding of your personal goals versus what the people around you are doing. 

    Would you rather receive a large sum of money all at once or a smaller amount of money regularly for life?

    Receive a large sum of money all at once. This way I can build a plan around the dollars I receive and make them work for me.

    What do you think is the most underrated financial advice, tip or strategy?

    Couponing. And I’m not only talking about the paper coupons you clip from newspapers. Couponing and budgeting has evolved a lot since, you can find an app for everything! Like the PC Financial app that shows you customized offers based on your spending habits.  

    My strategy is finding programs that fit your spending habits. From loyalty points programs, price matching or cash back apps, I recommend shifting to a strategy that works with your everyday purchases.

    For me, that’s the PC Mastercard and PC Optimum program. I’ve been using this program for years and it’s helped me save hundreds of dollars and save every month. By earning PC Optimum points everywhere I shop using my PC Mastercard, I’m able to fast forward to free and redeem on essentials like groceries, or reward myself with items I want, like face masks and makeup from Shoppers Drug Mart.

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    MoneySense Editors

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  • 20 free and affordable date ideas across Canada – MoneySense

    20 free and affordable date ideas across Canada – MoneySense

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    News

    RBC’s takeover of HSBC: What will happen to HSBC Canada customers?

    HSBC Canada bank accounts, credit cards, mortgages and investments are moving to RBC. What steps should HSBC customers take…

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    Maria Rodelo

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  • How are bonuses taxed in Canada? – MoneySense

    How are bonuses taxed in Canada? – MoneySense

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    Maybe that money is already spoken for. Many Canadians are struggling financially right now, so a bonus or salary increase might simply help cover the rising cost of living or create a bit of breathing room in your budget. But if you’re keeping up with monthly obligations like rent, mortgage payments, household bills and loans, you may have some flexibility in how you allocate those bonus bucks—including saving towards your financial goals.

    “Year-end bonuses are very exciting and tempting,” says Reni Odetoyinbo, a financial influencer in Toronto who shares money tips on her site, Reni, The Resource. “I like to look at all my goals for the year and see if anything needs topping up to decide how I spend the bonus.” (Read her Q&A with MoneySense.)

    Are work bonuses taxed?

    Before you start divvying up your dollars: Know that bonuses are taxed like your other wages, so you may not receive as much as you think. Your employer will also deduct Canada Pension Plan (CPP) contributions and employment insurance (EI) premiums, unless you’ve reached your CPP and EI maximums for the year. 

    If you don’t need that bonus money right away, you could have your employer transfer it directly into your registered retirement savings plan (RRSP), if you have RRSP contribution room. No federal or provincial taxes will be withheld.

    “Of course, the RRSP money is likely going to be stored away for a longer term, so if you have some more immediate needs, these are important to consider,” says Odetoyinbo. On that note, below are five ideas for how to spend a work bonus, plus links to tips and resources for each one.

    Bonuses, RRSPs and taxes

    Most employees get their bonus in February, a detail that matters when it comes to filing your taxes. “Employment income—salary or bonus—is taxable when paid,” says Jason Heath, a Certified Financial Planner and MoneySense columnist. “So, a February 2024 bonus is taxable in 2024, even though it may be tied to 2023 performance by the employee or the company.” 

    This can create an unfortunate mismatch, Heath notes. “Asking your employer to deposit your bonus directly to your RRSP can result in your full pre-tax bonus being invested right away. But watch out. If you do this in the first 60 days of the year, you get to claim the deduction on your previous year’s tax return. But the bonus is taxable in the year that it is received. Unless you do this every year, you could end up with a tax refund one year, but a balance owing the next year.”

    Using this year’s bonus as an example, Heath says that if you direct your February 2024 bonus into your RRSP pre-tax, you’ll get an RRSP receipt for 2023. This could result in a tax refund for 2023; however, the income will be taxable in 2024, with no tax withheld. 

    1. Pay off credit card bills and other high-interest debts

    If you have high-interest debt on credit cards or a line of credit, paying it down with a lump sum could save you hundreds of dollars in interest payments, notes Odetoyinbo. “A payment to your 19.99% credit card debt is one of the best returns you can get.”

    If you’re carrying a balance on one or more cards, use proven strategies to pay it down, such as switching to a low-interest credit card or balance transfer credit card—both can help slow the accumulation of interest. You could also explore consolidating your debt into a single payment plan. 

    2. Pay down your student debt

    Do you still have student debt hanging over your head? If you aren’t carrying any debts that charge higher interest (like credit card debt), consider putting your bonus toward your student loan. For the 2021–2022 academic year, the average Canada Student Loan balance at the time of leaving school was $15,578, according to Employment and Social Development Canada. It also notes that borrowers typically repay the money over nine and a half years—imagine slashing that by a year or two. 

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    Jaclyn Law

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  • 10 SMART financial goals to set for 2024 – MoneySense

    10 SMART financial goals to set for 2024 – MoneySense

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    You may have to book more sessions after your initial visit, or one might suffice to help you get organized. Heath says, it’s ultimately up to you to determine if you need an ongoing relationship that’s valuable to you and justifies the ongoing fee. “Some clients like the peace of mind and discipline,” he says. “Many couples appreciate having an impartial third party to mediate their financial decisions. Plenty of singles benefit from having someone to talk to candidly about finances in lieu of a partner.”

    The best way to prep for a financial planning session is to ask the planner what they require from you, and then have your documents ready to meet with them, Heath says. That way you can get the most out of your time together, and come out with a solid plan. 

    7. Invest in GICs or other investments

    Arguably, the best financial gift you can give your future self is investments. Depending on where you put your money, you could grow it with compounded interest.

    GICs, for example, are low-risk investments that are great for saving towards life goals like tuition or a wedding. Putting your money in a GIC is like making a loan to a financial institution. You deposit your money for a set amount of time like 30 days up to 10 years, depending on the term, and the institution gives you back your money plus the interest earned on your deposit at the end of the period. If you think there’s a chance you’ll need the money sooner, consider a cashable or redeemable GIC. The interest rate will be lower than with non-redeemable GICs, but you can cash out anytime. 

    One thing to note is the risk/return tradeoff with investments. Riskier investments like stocks can come with higher potential returns. Many young investors start out with exchange-traded funds (ETFs), which are a basket of assets like stocks. ETFs have built-in diversification, which helps reduce your portfolio risk. If you’ve never invested before and you’re not sure how to begin, consider speaking with a financial advisor and signing up for the MoneySense Invest newsletter. And keep reading. Find out if investing is right for you and how to get started:

    8. Make a will and powers of attorney 

    An Angus Reid survey found that 80% of Canadians under 35 don’t have a will. If you’re just starting out in your career and haven’t accumulated many assets, you might wonder why you’d need a will.

    If you were to pass away without a legal will, the government would divide up your estate—your bank accounts, possessions, investments and other assets—between your parents or next of kin. It might not be split up in the way you wish it to be, and if you have a common-law spouse, they would likely be left out. This could cause a lot of worry and distress for your loved ones in an already difficult time. 

    If you want to write a will and you don’t have a complicated tax situation, an online will platform like Willful or Canadian Legal Wills could work. However, if your situation is a bit more complicated, you may wish to speak with a financial advisor or lawyer who works with estate plans.

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    Margaret Montgomery

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  • MoneySense’s free Excel template for your monthly budget – MoneySense

    MoneySense’s free Excel template for your monthly budget – MoneySense

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    Download: 

    MoneySense monthly budget Excel template

    Instructions:

    • Click the link above to download the spreadsheet tool.
    • Open the file. Enter your personal and household expenses in the columns titled “Planned” and “Actual.” You can use the “Insert” function to add new rows or the “Delete” function to remove them as needed. The “Budget balance” table will calculate the total automatically, even if you delete rows or cells. Note: Avoid deleting the “Subtotal” row in each table, as this will affect the budget balance calculation.
    • If you customize the spreadsheet, be mindful of the formula in the “Budget balance” section. Remember to update it if you add another category to the budget, for instance.

    It pays to know! Get FREE MoneySense financial tips, news & advice in your inbox.
    SUBSCRIBE NOW

    More on budgeting:

    The post MoneySense’s free Excel template for your monthly budget appeared first on MoneySense.

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    Margaret Montgomery

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  • IT budgets should increase in 2024, but it still could be tough going for startups | TechCrunch

    IT budgets should increase in 2024, but it still could be tough going for startups | TechCrunch

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    I think most people would agree that 2023 was a challenging time to be a startup. There were lots of layoffs as companies struggled to make the transition from growth to profitability. Meanwhile, sales cycles were longer and many startups struggled to grow at a decent pace.

    As we start to see the economic signals improve a bit with inflation letting up, the cost of money dropping, and most currency headwinds decreasing, you would think that 2024 might be shaping up to be a better year.

    Not necessarily.

    We are in a new era, one where money won’t flow so freely, and according to the experts we spoke to, we won’t see a bounce-back again anytime soon. This means that startups that aren’t well capitalized right now could continue to struggle in 2024, and the flipping of the calendar isn’t going to change that.

    What does it all mean for startups entering 2024? It means they have to prove their worth more than ever. It means they need enough cash to ride out long sales cycles. It means they have to fight for their piece of enterprise budgets, and that, possibly, 2024 could look a lot like 2023.

    The budget outlook

    A good starting point for budget discussions is what the proposed budget looks like. Analyst firms like IDC and Gartner predict IT spending each year, although they generally adjust throughout the year as the reality becomes clear.

    IDC is predicting 6.8% growth, which is up from 5% last year. This number looks at hardware, software and services but excludes any telecom spending. Meanwhile, Gartner is predicting a bit higher at 8.2%.

    The overall upward trend has to be good news for startups, which are looking to enterprise buyers to lift their businesses. But John-David Lovelock, a Gartner analyst who looks at IT budgets, says while 2023 was a year of getting more efficient, that doesn’t mean that just ends with the new year.

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    Rebecca Szkutak

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  • When the New Frontier of rescheduling comes, what can Cannabis cultivators learn from microbreweries? – Cannabis Business Executive – Cannabis and Marijuana industry news

    When the New Frontier of rescheduling comes, what can Cannabis cultivators learn from microbreweries? – Cannabis Business Executive – Cannabis and Marijuana industry news

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    When the New Frontier of rescheduling comes, what can Cannabis cultivators learn from microbreweries? – Cannabis Business Executive – Cannabis and Marijuana industry news































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    Dave McManus

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  • How to tell friends and family you’re doing “no gifts” this year – MoneySense

    How to tell friends and family you’re doing “no gifts” this year – MoneySense

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    Yes, gift-flation

    “‘Gift-flation’ is a term we coined to describe the expectation that gifts—along with many other items this year—have increased in price due to factors beyond Canadians’ control,” says Roshan Jhunja, head of retail at Square, which offers a tool for small businesses to process credit card transactions. “What we saw in our survey was that Canadians are bracing for higher prices this year on gifts across the spectrum, which has them in a reflective mood, with 83% planning to be more intentional and thoughtful about their purchases and deal hunting more intensely.”

    This sentiment is echoed by Deloitte Canada, which released its holiday spending report in October. Canadians are planning to spend an average of $1,347 this holiday season, down 11% from 2022. (Is your holiday budget in line with the average Canadian’s? Read MoneySense’s report on Canadians’ spending habits this holiday season.)

    Canadian shoppers are planning to buy local and shop the sales for deals, but another option is managing expectations about gift budgets or not giving gifts at all—without any awkwardness.

    I found myself in this situation recently when I gently explained to one of my niblings (nieces and nephews) that as much as I loved them, I was one person buying for multiple family members, so no, I couldn’t buy the virtual reality (VR) system they wanted. 

    No gifts this year: Why is it so tough to say this?  

    Talking about money is still a taboo subject, says Susy Fossati, owner and director of Avignon Etiquette in Toronto. 

    “Money still falls under what we call conversation stoppers,” she says. “It’s one of those things that you’re either in the ‘haves’ or ‘have-nots,’ and it is still such a very sensitive topic, much like politics, religion and relationships.”

    Photo by Antoni Shkraba from Pexels

    How to say no gifts this year without the awkwardness

    Etiquette, says Fossati, is about putting others at ease, so we always tend to stay away from those sensitive topics. But there are times when it’s necessary to broach a subject, such as gifts and spending.

    Communication is key, she says, recommending a proactive approach. “If you’re in that situation where inflation or the economy has [affected your financial situation], perhaps offer suggestions that might be a little bit more sensitive to everyone in the group whether or not you’ve been in that situation [yourself].”

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    Renée Sylvestre-Williams

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  • 17 Best Books on Saving Money & Personal Budgeting

    17 Best Books on Saving Money & Personal Budgeting

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    There might be affiliate links on this page, which means we get a small commission of anything you buy. As an Amazon Associate we earn from qualifying purchases. Please do your own research before making any online purchase.

    Books on budgeting all seem the same. For the most part, these books cover the budgeting basics and beyond…

    These books discuss the basics of finance:

    • Creating a financial plan.
    • How to make a budget.
    • Becoming debt-free.
    • Savings and investment.

    All of this is really important stuff. no doubt about that.

    But people who struggle to just get by every single week may find it difficult to make the money they have coming in meet their budget requirements.

    That is where these books on saving money and budgeting come into play.

    The point of the books on this list is to give PRACTICAL ADVICE on saving money.

    Every one of these books will not give you the same old advice on how to make the budget. These money saving and budgeting books will show you how to make your limited cash flow stretch to reach your budget needs.

    These are as much books on frugal living as they are personal budgeting and debt relief books. They discuss specifics on “how to save money” not just give you platitudes on spending less money but to give actionable advice on how to get by on a shoestring budget and still pay down any debt.

    ​​​(​IMPORTANT: ​Be sure to check out this blog post that profiles 17 money-saving apps that can help you afford your biggest goals​.)

    That is what makes this collection of books on saving money a bit unique, and very practical.

    Even if you have already read some of the best introductory finance books available, these books still have a lot to teach you. If not about the science of budgeting and saving at least about the art of making your income meet your budgetary needs.

    If you want to learn how to budget, debt proof living, investing and the 7 money rules for life read the complete money makeover by Dave Ramsey. But if you want to make your dollar stretch further, then read any of these books on frugal living, budgeting, saving money and climbing out of debt.

    1. The Simple Dollar by Trent A. Hamm

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    Trent Hamm uses The Simple Dollar: How One Man Wiped Out His Debts and Achieved the Life of His Dreams as a platform to tell about his personal experience with freeing himself from debt slavery, and how the process was able to provide him with some long-lost happiness.

    This account of how Hamm was successful in doing this and the positive changes it brought to his life helps readers use his ideas to achieve his same success.

    This book helps to unclutter people’s financial situations and results in a more rewarding life. Going from debt to wealth himself, Hamm is able to prepare the reader for both the expected and the unexpected complexities of personal budgeting in today’s economic world.

    This book is full of practical tips and tools that the reader can apply to their own life. Its ability to be motivating and empowering helps the reader to proactively create healthier relationships with both money and people.

    Using personal anecdotes, Hamm is able to engage the reader throughout the book and keep them focused. He also gets right to the point without adding in a lot of fluff material, so you never feel like you are wasting your time reading through things that are not important.

    While a lot of the points in this book are already made on his blog, this is still a great place to put his message together to help readers achieve the financial success that he has.

    2. 365 Ways to Live Cheap by Trent Hamm

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    365 Ways to Live Cheap: Your Everyday Guide to Saving Money is certainly a frugal living book. But it also discusses ways to save long-term money. For example, using cold water while washing your clothes can save almost $65 a year, while investing in a deep freezer and buying food in bulk can save on groceries.

    Hamm encourages his readers to take a look at their own lives and to realize that there are many ways to live on less. Offering a multitude of ways to cut costs, this book on saving money still makes sure that you are living a lifestyle that is satisfying for you.

    While some of the tips in this book have been around for a long time, this is a great place to brush up on some money-saving tricks and see what new things you can learn that might help you save.

    This book does a great job in pointing out some of the needless everyday spending that people tend to do. It helps readers identify the extra expenses in their own lives that can be cut for the long-term good.

    3. Couponing for the Rest of Us by Kasey Knight Trenum

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    Couponing for the Rest of Us: The Not-So-Extreme Guide to Saving More is a great book for people who like the idea of couponing, but don’t like the idea of spending their time doing it.

    Trenum is well aware of the fact that people do not want to spend time clipping coupons, but also knows how much money coupons can save families in this tight economy.

    This book helps people find coupons for what their family eats, ways to cut down on Internet bills, how to determine sale cycles, and how to make shopping less stressful.

    The author shows the reader how easy it is to save money on everyday things so that they can have a bit more financial freedom.

    An empowering and honest read, Couponing for the Rest of Us: The Not-So-Extreme Guide to Saving More is also humorous, so it is relatable and easy to read. With the author being a wife and mother, she is able to deeply connect with readers who are also in those same roles.

    One of the best things about this book is that it is not about extreme couponing—it is about manageable things that people can do while they are shopping to help save money.

    4. Money Secrets of the Amish by Lorilee Craker

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    What is it about the Amish that has allowed them to not just survive but actually thrive during times of economic turmoil?

    Money Secrets of the Amish: Finding True Abundance in Simplicity, Sharing, and Saving gets to the bottom of that mystery and presents the reader with many tried and true Amish financial habits that can be related to anyone’s financial reality.

    These habits have been used for generations and can help make cash last longer and accumulate wealth.

    This book is fun to read in the sense that the author provides catchy phrases to live by, such as “use it up, wear it out, make do, or do without” and “repurpose, recycle, and reuse.” The smart money-saving ideas illustrated are practical even for those who do not live a life as sensible as the Amish.

    This book on saving is both touching and humorous while providing an eye-opening account of how the Amish make ends meet. The stories talk about trading for goods and services, bargaining, living with less, staying out of debt, and even stopping the habit of trying to impress others.

    This book isn’t so much about making money as it is about discipline, family, and redefining what it means to be wealthy. It encourages the reader to see more clearly what is really valuable in life, and helps to inspire people to change their views on life.

    This is an easy read that will help anyone minimize their consumerism. While there is not a lot of new advice in here for people who already live frugally, it provides a great look into the lives of a different culture that has been able to be financially successful while others have not.

    5. The Budgeting Habit by SJ Scott and Rebecca Livermore

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    Budgeting is the key to success in personal finance. If you do not have a good grasp of your finances through a budget it is hard to manage your money.

    The Budgeting Habit: How to Make a Budget and Stick to It! gives step-by-step process that will help you master budgeting.

    Let’s face it. Budgets are boring. This is not a flashy topic, like making money, investing or starting a side hustle. It is drab and boring. Like brushing your teeth.

    But what brushing your teeth is to personal hygiene, budgeting is to finance. It may be boring but doing it right is the lynchpin on top of which all financial success rests.

    In this book, we tried to make budgeting as interesting as it possibly could be. But more importantly, we strive to give a practical guide to create a simple, but effective budget. More importantly, this book teaches you how to make a habit out of following your budget, making a budget that much more effective.

    6. Cut Your Grocery Bill in Half With America’s Cheapest Family by Steve Economides and Annette Economides

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    Cut Your Grocery Bill in Half With America’s Cheapest Family: Includes So Many Innovative Strategies You Won’t Have to Cut Coupons is a great book for people who want to save money on their everyday groceries without spending the time that is needed to search for coupons.

    The authors offer tips that can cut down on your shopping trips to once-a-week or less while eating healthier and saving money. Written by a husband and wife who practice what they preach, this is a relatable book with a lot of realistic tips.

    Known as “America’s Cheapest Family,” the authors present strategies and tricks to save money annually by cutting down on grocery bills. One of the best things about this book is that the tips provided are useful whether you live by yourself or have a family of seven.

    This frugal living book is an easy and light read that inspires people to make small changes that can result in large pay-offs. While it may be hard to believe that a family can cut their grocery bill in half, the authors provide step-by-step instructions to do so.

    This page-turner has something to learn in each chapter. The reader does not have to finish the entire book before beginning to save money. The money-saving ideas start right away, and the book is easy to jump around in if you want to skip chapters or go back to reread something.

    Some of the tips in this book are likely repeats for a lot of people, but they are solid pieces of advice that are worth revisiting. Unlike some other books, this one includes recipes and meal suggestions that are great for people living on a budget.

    One of the best frugal living books out there. This book has so many ways to save, and provides a ton of actionable advice to help families meet their budget needs.

    7. You Are a Badass at Making Money by Jen Sincero

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    Jen Sincero had a blockbuster hit with her debut book, You are a Badass. This book helped people to come to terms with the things that were holding them back in life and keeping them from reaching their potential.

    She does the same thing with You Are a Badass at Making Money: Master the Mindset of Wealth. Except she does it for money.

    She helps people to understand the things that are holding them back financially. She helps people reach their money making potential, and shows us the proper mindset to achieve financial success. And she does all this with a unique style and sass that made people love the first book.

    8. The Minimalist Budget by Simeon Lindstrom

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    I love simple things. Far too often books on finance are overly complex. It is more efficient to have short, quick but practical advice. That is what I feel this collection of three budgeting books gives.

    Each “book” is fairly short, but they are all quick and easy reads thoroughly covering different aspects of proper budgeting.

    However, although I liked them because they are easy to follow and logical, I would also have liked more practical examples.

    In many ways The Minimalist Budget BOXED SET – A Practical Guide On How To Spend Less and Live More were as much about forming the proper budgeting mindset as they were about the aspects of how to actually make a budget.

    Of all three “books”, the third section has the most practical advice for how to actually make that budget. So stick around until the end.

    9. 31 Days of Living Well and Spending Zero by Ruth Soukup

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    This step-by-step book may be helpful for you if you feel like your budget has gone off track and you can’t make it to the end of the month without counting your pennies. The author provides advice on how to do a month of no spending to reset your spending habits and get you back on your feet.

    31 Days of Living Well and Spending Zero: Freeze Your Spending. Change Your Life offers a month of daily challenges for spending less money, and, in some cases, no money.

    There are innovative tips on how to gain confidence in planning meals, organizing the home, and becoming more creative without spending money.

    With the instant changes that the author provides, readers are motivated to live a month of zero spending while still finding joy in it. There are new ideas on what to do with old food, and even some budget-friendly ways to repurpose things you already have.

    With anecdotes from people who have successfully completed this challenge, this book offers encouragement and inspiration to its readers. It includes easy tricks for selling things you own and cutting down on your grocery bill.

    It helps change the reader’s attitude about the things that matter the most in life, and that will bring a new level of joy and togetherness to the household.

    This book may not be for you if you live alone and are looking for ways to cut costs, but it is great for families with houses and children who want to save money but don’t think they can.

    10. Living Well, Spending Less! by Ruth Soukup

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    Living Well, Spending Less!: 12 Secrets of the Good Life is all about finding balance in a chaotic life and budget. Ruth Soukup knows firsthand how stressful an unorganized life and budget can be.

    Through her account, the author tells personal stories and provides practical action plans to inspire the reader to make lasting changes to personal finances and goals.

    This may be a great savings book for you if you are looking for encouragement during an overwhelming or stressful time trying to meet tight budget requirements. It is aimed towards mothers who are trying to juggle life’s demands with society’s pressure to keep up with everyone else.

    It is a practical and relatable guide for women who want to get their lives organized but don’t know where to start. It provides an inspiring and practical lesson on how to spend money wisely without compromising a great life.

    While this book does have a largely autobiographic feel to it, some may find this helpful because the author’s personal stories relate to her overall message.

    11. The Year Without a Purchase by Scott Dannemiller

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    The Year Without a Purchase: One Family’s Quest to Stop Shopping and Start Connecting on saving money is an account of one family’s quest to change their outlook on life by stopping shopping and starting to connect with each other.

    It was written by a former missionary who served in Guatemala, and whose family found itself deep in a life of consumption with a never-ending cycle of wanting more but never being satisfied. The family made the drastic change of deciding to not purchase any nonessential items for a whole year.

    Readers may begin this book doubting that they could go an entire year without buying clothes or books, but through the humorous wit and poignant conclusions from the author, this book helps readers see their spending in a new light.

    Full of interesting research, the book looks at modern America’s spending habits, along with the authors’ own experience of highs and lows while dropping out of the consumer culture.

    The book does a great job of revealing what is truly important in life—which has nothing to do with gift-giving or keeping up with the neighbors. The family discovers and shares truths about human nature and what the secret is to finding joy.

    This may be a valuable book for anyone who has ever wanted to reduce the stress in their life by focusing less on material items and living more.

    12. The One Week Budget by “The Budgetnista” Tiffany Aliche

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    The One Week Budget: Learn to Create Your Money Management System in 7 Days or Less! is a workbook for anyone who wants to manage their everyday money without the hassle of figuring out how it is best spent. A fun and empowering read, it shows readers how to make frugal decisions while still living a fabulous life by doing more with less.

    This book helps to debunk some common misconceptions about things, such as consolidating credit cards and paying off debt. It presents a clear and simple system for cutting expenses and maximizing savings to meet financial goals.

    The methods used in this budgeting book are for people of any age, but the book is geared more towards young adults who are climbing out of debt trying to get on their feet.

    13. How to Stop Living Paycheck to Paycheck (2nd Edition) by Avery Breyer

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    This timeless bestseller offers the motivation and knowledge that is needed in order to build up a security net of emergency cash, get out of debt, and avoid the 11 most common but worst budget traps.

    Breyer offers her readers some of the most important things that need to be done to take control of finances and pay off debt. Unlike some of the other books on saving money that you find in this post.

    Avery’s saving moneyThis book teaches a complete budget system that is even appropriate for young adults who are just getting started—and the methods only take 15 minutes each week to maintain.

    This straightforward budget-planning tool helps transform finances to eliminate financial stress. To improve upon the first bestselling book, this edition adds a chapter on money and happiness, which is one of the most important factors when it comes to needless spending.

    How to Stop Living Paycheck to Paycheck (2nd Edition): A proven path to money mastery in only 15 minutes a week! (Smart Money Blueprint) might be one of the best budgeting and savings books for you if you find that your emotions are often tied to your bank account and you have started to lose control of your finances.

    14. How to Manage Your Money When You Don’t Have Any (Second Edition) by Erik Wecks

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    Unlike other money books, How to Manage Your Money When You Don’t Have Any (Second Edition) is written specifically for people who struggle each month paying their bills.

    It talks the reader through a no-nonsense look at the realities of today’s economy and provides an easy path to follow toward financial stability.

    Also, unlike other financial authors, Wecks hasn’t struck it rich. He is able to offer a first-hand account of living on the money you have during rough times. Instead of teaching people how to create wealth, this book urges readers to do the best they can with the income they already have, no matter its size.

    With jargon-free writing, this book saving and budgeting is easy for anyone to pick up, no matter what the financial background. It is opinionated, which may not resonate with all readers, but it also has its moments of humor.

    This is a quick read that is relevant to readers, as it is full of current, everyday references. This is an ideal book for the average reader who is just trying to make ends meet.

    15. Living a Beautiful Life on Less by Danielle Wagasky

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    Written by someone with first-hand experience, Living a Beautiful Life on Less: The Blissful and Domestic Guide to Food, Fun, and Finances shows people how to live happily on a very small amount of money.

    It includes realistic tips and real-life examples to help the reader relate to what the author has been through, and learn from her experiences.

    This book on budgeting is easy to read, as it is written in a casual and conversational tone. It is a funny book while also being encouraging for anyone who needs help navigating their finances and maintaining their budget.

    This book is clearly geared more towards women and mothers who are managing the budgets for their households. It can provide hope to a lot of people who are just starting out on their financial journey.

    16. The Everything Budgeting Book by Tere Stouffer

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    The Everything Budgeting Book: Practical Advice For Saving And Managing Your Money – From Daily Budgets To Long-Term Goals gives a lot of practical budgeting do’s and don’ts. It does live up to its promise of covering everything about budgeting from cradle to grave.

    However, the book was written over 5 years ago and the age has begun to show a little bit. There is still a ton of good info here, just some that is dated. If you know little about budgeting this could be a great book for you.

    This book gives step-by-step instructions on how to handle the most important aspects of personal finance. Such as: How to spend less money. Ways to decrease your common expenses.

    How to keep you finances in order. The importance of planning for the unexpected. Setting financial goals. And of course creating a budget.

    17. The Latte Factor by David Bach and John David Mann

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    In The Latte Factor: Why You Don’t Have to Be Rich to Live Rich, Bach and his co-author cover the three secrets to financial freedom.

    They do this by telling a parable of a young barista struggling to make ends meet as she is drowning in a sea of debt. As the story evolves she discovers the secrets of wealth and learns the few changes she can make to secure her financial future and live a better life.

    I love books like this that blend entertainment and practical knowledge into an enjoyable book. Based on Bach’s other books I am sure that this will be an entertaining and educational book. Find out more in the link(s) below.

    Final Thoughts on Books on Budgeting

    I hope you enjoyed this list of the 17 best books on budgeting, saving money, frugal living. Hopefully, these books will help you stop living paycheck to paycheck and help you climb out of debt.

    I see these books as a practical means to help you heed the advice from many of the best financial books for beginners.  You may even find one of these books to be complete enough that it is the only budgeting book you’ll ever need.

    If you enjoyed this list, why not check out some more great related lists of great books. We have the main “page” of  OVER  250 self help/personal development books. This main page has links to many smaller book lists (just like this one)

    If you are interested in general investing, you may be interested in the best investing books of all time. This is a collection  16 books “must-read” books, investment books that should, frankly, be required reading for any aspiring investor before they make any moves with investing their own money.

    If you are struggling to meet your day to day living expenses. Real estate investment may seem like a dream from your far, far future. But it may not be as far as you think.

    Some of the 16 books below tell you how to start creating an income from real estate investment with little upfront money of your own. Books on budgeting, savings and getting debt free should be first, but real estate investment books may be next on you list.

    And if you’re looking for more resources on books to read, be sure to check out these blog posts:

    best financial books for beginners | best money books | best financial management booksbest financial books for beginners | best money books | best financial management books

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    S.J. Scott

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  • What do de-influencers really do? – MoneySense

    What do de-influencers really do? – MoneySense

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    Wang started her content creator side hustle as a creative outlet when she was a pharmacy student. She posted her OOTD (outfits of the day) snaps on Instagram in 2015. Over time, her approach evolved—and she went viral after posting videos that exposed poor quality materials for a high price tag at popular retail stores. 

    What is de-influencing?

    De-influencing is a social media trend where influencers recommend what viewers should not buy, or debunk popular products. The trend has gained traction, and it makes sense, given that Canadians are dealing with stubborn inflation, leading to climbing prices for consumer goods, and a higher cost of living. Many of us are on the hunt for value. Wang, for instance, visits retail stores and points out certain items and materials that she advises people not to buy because of their quality or value for money. Read more about 2023 shopping trends. 

    “I never planned for or wanted to make content creation my full-time career and I still feel that way,” she says. “The reason being, as a full time content creator or influencer; you’re at the mercy of companies who are writing your paycheque. I like the freedom of being able to be truthful and sometimes critical of retailers without worrying about if they would want to work with me in the future.”

    You might wonder if this method means she might not strike as many deals as an influencer, but she says she is able to bring in substantial income from her side hustle. Wang says her social media earnings come from sponsored content and advertising revenue on YouTube.

    Her goal as a content creator isn’t just to make extra money, though. “Fighting textile pollution caused by fast fashion is a passion of mine and definitely something my content revolves around,” Wang says. “Most environmentalists use guilt as a tactic to stop people from buying fast fashion but this doesn’t work. If guilt-tripping people worked, we would all be vegans.” Instead of guilt-tripping, she strives to show people to skip fast fashion if possible, or at least buy better quality items. She demonstrates that buying garments with better quality can lead to longer-term savings, since she shows in her videos that high-quality items with certain materials have lasted her several years and several wears. 

    “I know that fast fashion is the only option for some, but there are ways to shop fast fashion more sustainably. My hope is for viewers to apply what they’ve learned regardless where they’re shopping.”

    To find out more about Wang’s shopping tips and tricks, and her personal finance lessons, we asked her about what she does as a de-influencer. 

    What’s your best shopping tip? 

    Almost every day, I remind Canadians that a brand name does not always equal good quality. Most people don’t realize that. A lot of Canadians spend their hard-earned money on poor-quality items just because it’s a brand name. Just like we pay attention to the ingredients in our food, we should look at the materials and construction of our clothes instead of relying on brand name to tell us if something is good quality. 

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    Margaret Montgomery

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