Tag: conscious spending

“Get to know and minimize the investing fees you pay”: Michael McCullough, MoneySense contributing editor – MoneySense

_{Image courtesy of Wiley}

Recently, Michael helped to update the Canadian version of Personal Finance for Dummies (7th edition), a comprehensive guide to everything from budgeting and spending to taxes and retirement. Below, he shares his own money experiences and what he thinks is the most underrated financial advice.

Who are your finance or investing heroes?

Maybe John Bogle, who founded The Vanguard Group, an investment firm in the U.S. that created the first index funds for retail investors. He was driven by more than self-interest. He wanted to empower small investors. Bogle also wrote The Little Book of Common Sense Investing, which made it into MoneySense’s list of 25 timeless personal finance books.

How do you like to spend your free time?

Cycling, hiking, running. I live in the Cowichan Valley on Vancouver Island, which has amazing trails right outside your door.

If money were no object, what would you be doing right now?

_{Hiking in Tofino, B.C. Photo courtesy of Michael McCullough.}

Travelling to expensive destinations like Paris, Japan and the South Pacific.

What was your first memory about money?

I seemed to “get” money from a young age. I’d save it and loan it to my teenaged siblings at pretty high rates of interest. This was the late 1970s and early ’80s, when interest rates were sky-high. Then I learned about credit risk!

What’s the first thing you remember buying with your own money?

A K-tel compilation record full of one-hit wonders from the 1970s.

What was your first job?

I sold service-station coupons door-to-door on commission. It was a racket. I quit after two weeks.

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

When I was 22, I got ripped off by a criminal gang in Thailand. I basically had to buy my way out of possible captivity with gold, paid for with an American Express card my dad had given me for emergencies. It took me months to pay my dad back, but I knew even then that it’s only money.

MoneySense Editors

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October 30, 2024
To save money, Canadians are buying more private-label grocery brands – MoneySense

She also said her pre-existing notion that private-label food might be lower quality has been challenged.

“I started to kind of recognize that the store brand, private label isn’t necessarily less quality,” she said.

Consumers’ perceptions of private-label foods have improved considerably since the last time interest in store brands surged, according to CoBank, which was around the time of the 2008 recession.

This means the increased share of private-label products in shoppers’ baskets is likely to have more staying power this time around, the report said.
Empire Co. Ltd., the company behind Sobeys, FreshCo, Safeway and other grocers, said in its 2024 annual report that it plans to continue growing and enhancing its portfolio of store brands.

In its 2023 annual report, Loblaw noted that customers’ increased focus on value “benefited the Company’s sales due to its strength in private label products, discount banners, and personalized promotions.”

The company even launched a new discount grocery banner this year under its No Name brand.

Grocers not only often get a better margin on private-label products but also see them as a sort of “loyalty program” that can keep shoppers coming back, said Chapman.

He thinks retailers will work hard to keep private-label sales strong through new products, marketing, promotions and shelf space.

The Canadian Press

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October 3, 2024
As food costs rise, our grocery shopping habits are changing – MoneySense

Shoppers are switching stores or travelling farther for better deals

For some Canadians, saving money on groceries involves switching stores—something the major grocers have taken note of, as they’ve been expanding their discount store footprints to capture demand for better deals.

Some shoppers are travelling a little farther for their groceries, even going to multiple stores to take advantage of all the available promotions, while others are trying to prioritize spending their money at independently owned grocers.

Craig Treulieb in Kitchener, Ont., said instead of doing the bulk of his shopping at Superstore, he has diversified his shopping trip. He now takes a bit more time, hitting up Food Basics and local independent stores.

“We used to not be super concerned about shopping deals and generally found Superstore’s prices to be OK, good enough. And it was convenient doing one shop,” he said.

Treulieb has also signed up for a weekly farm vegetable box, and is buying more in bulk at Costco.

Michael Ianni in Vancouver said he grew frustrated with the prices at his nearby Safeway, and has started travelling farther to go to independent small stores in his area.

“I go and take a nice stroll on Commercial Drive, and I find other stores, and there’s sometimes cheaper prices or comparable,” he said.

“For me, it just feels better to support them. And sometimes if you look, you can find better deals.”

The Canadian Press

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July 26, 2024
Ellyce Fulmore is putting the personal back into personal finance – MoneySense

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.

MoneySense Editors

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June 10, 2024
How to avoid paying the pink tax on clothes, toys and other everyday items – MoneySense

But when unicorns and hearts make an item more expensive than one with dinosaurs or space ships, her mother draws a line.

“I started buying more gender-neutral colours for my children,” said Maharaj-Dube, who also has an eight-year-old son. “The black, the greys, the reds, orange and yellow—colours that are a bit more gender neutral (and) both my son and my daughter can use.”

Products marketed toward women and girls such as razors, shampoo and even children’s clothes can cost more than their equivalent for men or boys, a phenomenon that’s been dubbed the “pink tax.”

What is the “pink tax”?

“Pink tax was a term coined in the ’70s to describe the difference in pricing between men’s and women’s products,” said Calgary-based Janine Rogan, a chartered professional accountant and author of the book, The Pink Tax.

Disposable razors have been a representative example for years—the same product was priced higher when it came in pink.

Some of that discrepancy has improved in recent years. Along with companies adjusting their prices to become more equal, some jurisdictions around the world have eliminated actual taxes on necessary health products such as menstrual pads and tampons in a bid to level the playing field for those who use them.

However, corporations and marketers still find ways to raise prices for products aimed at women and girls such as shampoos and lotions, Rogan says.

Amrita Maharaj-Dube, second left, is shown with her family, daughter Annapoorna, husband Vishal Dube, and son Aadhavan in this undated handout image from their home in Elmira, Ontario.

Pushing back against the pink tax in Canada

Maharaj-Dube says her daughter is often disappointed with her money-saving choices, so she’s turned to a solution that works for her bank account and keeps her child happy: thrifting.

The Canadian Press

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March 7, 2024
Flow state vs. cash flow: Make better money decisions by discovering your flow state – MoneySense
- 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.
Shaun Maslyk, CFP

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February 27, 2024
How to buy the best washing machine and dryer to save money and the environment – MoneySense

Is it secondhand?

A secondhand washing machine? Yep! Buying a model that is energy efficient and secondhand gives you the power and water-saving benefits down the road, but you are also offsetting the footprint you would have gained from manufacturing and transporting a new machine.

Does it have certifications to back it up?

As always, you want to be on the lookout for greenwashing companies and have the certifications to back up their eco-friendly claims (this goes for dryers, too, by the way). When buying an eco-friendly washer and dryer, consider certifications like Energy Star. AAFA-certified washers also use steam to remove bacteria and dust mites from your clothing; this can be an excellent alternative for anyone with allergies and sensitivities to the toxins in laundry detergent.

What do reviewers say?

I always check the reviews before I buy anything these days. And when doing so, you must consider what is important to you. For example, when reviewing reviews of front-load washers (most eco-friendly washers are front-load), one of the most common complaints is that they tend to develop mildew and a smell faster than top-load agitator washers. While annoying, you can always use a green cleaner to clean your front-load washer and combat smells.

Does the company have transparent reporting?

Be on the lookout if the company you buy from has transparent reporting for their scope 1, 2, and 3 emissions. LG and Samsung are two examples of companies that sell efficient washing machines and are also on the reputable side for reporting carbon emissions.

Is it too big or too small?

Every eco-washing machine has a different width and drum capacity; larger drums use more water and energy with each load. If you have a large family and do laundry quite often, you might opt for a larger size. But stick to a smaller size if you are just one person, and you must fill up your washer to the top before running it.

Am I buying to buy?

As I mentioned, a considerable portion of washing machines’ environmental impact comes from the unit’s manufacturing and delivery. Remember, the second R in the nine Rs of Zero Waste is “refuse.” [The other eight include: rethink, reduce, reuse, renew, recycle, responsibility, replant and restore.] This means that even if you buy a new efficient washing machine, the energy and water savings you will gain might not make up for the emissions produced to get it to your home in the first place. So, with that in mind, only buy a new machine if your old one is beyond repair.

Will it need replacing soon?

I recommend checking out the manufacturer’s repair and warranty policies before you purchase an eco-washing machine. From an environmental standpoint, repairing something broken is always better than buying new ones! For context, a good-quality washing machine should last between seven and ten years.

What about dryers?

When shopping for an eco-friendly dryer, remember that 88 million dryers in the U.S. alone emit over a ton of carbon dioxide annually, equivalent to approximately the emissions produced by driving a car for around 4,800 miles.

Candice Batista

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February 15, 2024
20 free and affordable date ideas across Canada – MoneySense

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…

Maria Rodelo

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February 9, 2024
Money-saving gifts that keep on giving: MoneySense’s 2023 holiday guide – MoneySense

For the friend who loves dining out (but not the prices)

Dining out is getting more expensive, including tip-flation. Treat a friend to home-delivered meal kits—they can choose fast, delicious meals from a weekly menu (and learn a few cooking skills, too). HelloFresh, for example, delivers to 95% of Canada. According to its website, $75 feeds two people with three meals a week, which is on par with or below the average weekly grocery bill in Toronto nowadays, in my experience. Gift card denominations are $75, $90, $125 and $160. —Margaret Montgomery
HelloFresh gift card, $75 to $160

For the home chef

The Always Pan 2.0 boasts 10 functions, from steaming to baking or frying. The pan is made sustainably with 100% recycled aluminum. The 2.0 is a new and improved model since the original launch, which took social media by storm—it’s now oven-safe and non-stick, too. This frying pan will save the home chef on your list plenty of cooking (and washing) time. Plus, we know it’s getting more expensive to eat out, so this gift is perfect for those who want to cook more. Available in three sizes and 11 colours.
—M.M.
Our Place Always Pan 2.0, standard size, $200 (currently on sale at $139)

For the commuter or outdoor athlete who wants to stay warm

Staying warm in the cold isn’t always about the expensive parka. Enter the merino wool base layer. It’s not just warm but cozy, too. Thankfully, Canada isn’t short of great sportswear brands. Here are a few pieces that will keep Jack Frost from nipping at your gift recipient’s nose—or any other body part.
—Lisa Hannam
Kathmandu crewnecks, $110 for men and women; Smartwool base layer bottoms, $140 for men and $150 for women

For the lifelong learner or a friend who’s upskilling

A few years ago, I got a MasterClass membership for my birthday, and it’s one of the best presents I’ve ever received. Give someone special the gift of knowledge, imparted by an entertaining all-star roster of instructors including Annie Leibovitz, Helen Mirren, Yotam Ottolenghi, Martin Scorsese, Serena Williams, Alicia Keys, Chris Hadfield, Garry Kasparov and many more. MasterClass offers 185 video courses, and until Dec. 12, you can buy one membership, get one free. —Jaclyn Law
MasterClass membership, from USD$13 per month (billed annually)

For your newly self-employed friends

In the past few years, thousands of Canadians have started a company or side hustle. Give the entrepreneurs and freelancers in your life a copy of Going Solo: Everything You Need to Start Your Business and Succeed as Your Own Boss (Sutherland House, 2023). Written by long-time freelancers Julie Barlow and Jean-Benoît Nadeau, this savvy guide covers business plans, marketing, pricing, negotiating, contracts, incorporation, taxes, work-life balance and much more. —J.L.
Going Solo (Canadian Edition), paperback $29.95, e-book $9.99

For your book club buddies

Get the avid readers on your list a veritable buffet of books with an e-book and/or audiobook subscription. Prices start at $10 to $15 per month, depending on the platform—a small price to pay for not getting stuck on the library waitlist again. —J.L.
Reading subscriptions (fees are monthly): Kobo Plus, $9.99 for audio- or e-books, $12.99 for both; Audible, $14.95 for select audiobooks and one purchase credit; and Everand, $12.99 for audio- and e-books.

For the person with a green thumb

Fresh herbs can turn a mediocre entree into a show-stopping meal. Yet many people hesitate to buy them at the grocery store. Buying fresh is often expensive, and you can easily end up with a bushel of parsley, coriander or mint when you only need a few sprigs. An easy-to-use indoor garden kit, like this one from SunBlaster, solves this culinary dilemma. Your gift recipient can grow their favourite herbs, plants and microgreens all year long, while also creating less waste and saving money on produce. —Justin Dallaire
SunBlaster LED Indoor Micro Growlight Garden, $127

For the friend who still wears office clothes

Think of the frustration you feel when starting a load of laundry, only to realize one or two items must be dry-cleaned. Now, picture freeing your friends and loved ones from that stress with a super-affordable laundry hack. Mesh laundry bags allow water to permeate, cleaning the clothes inside while preventing them from rubbing up against other items in the wash. They can help preserve delicates, as well as clothes made of wool and silk—those typically labelled “dry clean only.” Fewer trips to the dry cleaner means fewer dollars spent cleaning clothes that can just as easily be handled at home. That’s a win-win. —J.D.
type A Delicates Laundry Wash Bags, 3-piece set at Canadian Tire, $10

For the cost-conscious yogi

If someone you know and love is looking to move their expensive yoga practice from studio to home, then this set is for them. It contains all the good stuff: a bolster, two mini bolsters, an eye pillow, a blanket and two blocks. You could buy them all separately, but this locally made, handmade set is coordinated. All your gift recipient needs is a yoga app to access classes on demand—here are my favourites (fees are monthly): Apple Fitness+, $12.99; Peloton, $16.99; Movement by NM, $15; and Alo Moves, $21. —L.H.
Love My Mat Deluxe Restorative Yoga Bundle, $373 (currently on sale at $349)

For the philanthropist

If you know someone who is passionate about making a difference, consider giving them a charitable gift with a tangible impact. Compassion Canada operates programs that are designed to tackle “multidimensional poverty” around the world. The Income Generation Fund helps equip families living in poverty with the skills, training and resources necessary to earn an income—so it’s really a gift that keeps on giving. Compassion Canada is recognized by Charity Intelligence, which created our lists of top impact charities in Canada. —M.M.
Compassion Canada Income Generation Fund, $50, plus other options

MoneySense Editors

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December 5, 2023
What do de-influencers really do? – MoneySense

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.

Margaret Montgomery

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November 15, 2023
Canadians spending less on gifts (and donations) for the 2023 holiday season – MoneySense
Canadians are already planning to spend less, according to Deloitte Canada’s 2023 Holiday Retail Outlook. This is an annual forecast for retail businesses—but this year, there’s little for them to feel jolly about. According to a survey of 1,000 Canadians, we plan to spend an average of $1,347 over the 2023 holiday season. That’s down 11% from 2022’s forecast of $1,520 and nearly 27% from 2021’s forecast of $1,841. What are we cutting back on this year? Charitable donations (-40%), gifts (-18%) and gift cards (-14%).

Canadians are looking for the best holiday deals—and we’ll switch brands if necessary

Canadians always love getting deals, but we’re going to spend carefully this year and focus even harder on value, says Marty Weintraub, national retail leader at Deloitte Canada. “We’re seeing the money shift to what we call ‘extreme value.’ The top reasons for picking a retailer are: number one, reasonable prices, and number two, value for money,” he says, adding that shoppers plan to spend more at mass merchant retailers and warehouse membership clubs this year.

Other notable findings from the survey, conducted in September:
- One in three Canadians are worried about how they will pay for gifts.
- 48% of Canadians intend to buy only what their family needs this season—up from 41% in 2022 and 35% in 2021.
- 76% of us expect prices to be higher this year, and 73% of us think retailers are raising prices unfairly.
- We’ve become a nation of bargain hunters: 77% of us plan to shop around for the best deals, and 71% of us will switch brands if our preferred one is too pricey.
- We don’t mind putting in the legwork—45% of us will visit multiple stores in the same area to get what we’re looking for. Overall, we’ll visit an average of 16.5 stores and websites (up 37% from 2022).
- To afford holiday purchases, 24% of us will postpone travel plans, and 23% will cut back on our grocery budgets.
On the brighter side, some Canadians are still finding room in their budgets to indulge a little and to spend according to their values. According to the survey findings:
- 26% of us will treat ourselves to an experience such as a concert, sports event, trip or spa day.
- More than half of us (55%), especially younger adults and women, are willing to spend more for products and services that are sustainable.
- We’re planning to spend 11% more money on travel this holiday season than in 2022.
Despite tighter budgets this holiday season, we’re spending more on travel

How is travel spending rising when we’re cutting costs elsewhere? “Post-pandemic, we still have some revenge travel happening this holiday season,” says Weintraub. “Last December, if you went away, it was a gong show at the airport and with the airlines. As a result, some people said, ‘Not for me, I’ll do it later.’ Some of that’s coming back this year, but in the context of inflation hitting travel as well.”

Weintraub himself is taking his family on a trip over the holidays, and he expects to spend more than he would have last year. “I want to provide an experience for my family rather than buy things, and I want to go because I didn’t get to do it in the past couple of years,” he says. “I’m going to borrow from Peter to pay Pauline—take it out of one pocket and put [it] in another—and I’m willing to pay for more it.”

Canadians are worried about debt, high interest and job loss

Deloitte’s findings echo the results of other surveys. In mid-October, the MNP Consumer Debt Index shared that more Canadians are struggling with debt, high interest rates and concerns about job loss. Half of respondents reported that they are $200 or less from being unable to meet their financial obligations.

“There is no mystery as to what is causing Canadians’ bleak debt outlook: it’s getting increasingly difficult to make ends meet,” Grant Bazian, MNP’s president, said in a press release. “Facing a combination of rising debt-carrying costs, living expenses and concern over the potential for continued interest rate and price hikes, many Canadians are stretched uncomfortably close to broke.”
Jaclyn Law

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November 10, 2023