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Tag: spend

  • Wise card Canada review 2024 – MoneySense

    Wise card Canada review 2024 – MoneySense

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    Is the Wise card a credit card?

    Often referred to as the Wise credit card, the Wise card is actually a prepaid card available to residents of Canada and dozens of other countries. To use the card, you must have funds loaded into your Wise account. What makes Wise appealing is that it allows you to hold multiple currencies. That means you could potentially purchase some foreign dollars when the exchange rate is in your favour and then spend it as needed when you’re abroad. 

    No additional fees apply when making purchases with a currency you currently hold in your Wise account. However, if you don’t hold the currency in which you’re making a purchase, Wise will automatically deduct the funds from the currency in your account with the lowest conversion fees. That said, when making a purchase abroad and given the option to be charged in the local currency or Canadian dollars, always choose the local currency for the best exchange rate.

    The Wise card also allows you to withdraw money from ATMs while abroad. Think of it as a Wise debit card, since you can use it for purchases and ATM withdrawals. Oddly enough, you can’t use the card within Canada.

    The first two ATM withdrawals are free, up to a cumulative value of CAD$350 per calendar month. Any additional withdrawals will cost you $1.50 each, and a 1.75% fee will be added to amounts over $350. Also, note that the ATM provider may charge its own fee when you withdraw cash. Wise withdrawal fees and third-party ATM fees count towards your withdrawal limits—so plan accordingly.

    How long does it take to get a Wise card?

    You must have a Wise account if you want to apply for a Wise card. The registration process only takes a few minutes and is done completely online. Once your account is active, you need to add funds. Doing so is simple, as you have many options including Interac e-Transfer, direct debit from your bank, and wire transfer. 

    Each loading method has a fee. Interac e-Transfer typically has the lowest fee, and your money will arrive in about five minutes. How much you’ll pay in fees depends on the currency and how much you’re loading.

    To order your Wise card, log into your account and click on Wise Card on the side bar. The physical card will arrive within 14 days, and you also get a digital card you can use immediately. While the digital option is convenient, it won’t help people who are travelling soon and may need ATM access.

    Wise card pros and cons

    The Wise card is a unique option that many people will naturally be attracted to. That said, you should consider the pros and cons before you open an account.

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    Barry Choi

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  • No tickets for Taylor Swift in Toronto or Vancouver? See the costs of an international show – MoneySense

    No tickets for Taylor Swift in Toronto or Vancouver? See the costs of an international show – MoneySense

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    It’s no surprise that in 2023, Swift was the most-searched artist on Stubhub, where fans from more than 110 countries bought tickets to the Eras Tour. (For its role, Stubhub takes a hefty sales fee based on the ticket price.) Toronto was a top international travel destination for American travellers, who get a favourable exchange rate on the price of tickets in Canada. (As of late April 2024, USD$1 is worth CAD$1.37.)

    Canadians are following suit—except they’re heading to Europe. According to Stubhub, for Swift’s remaining shows in 2024, some of the most popular international Eras Tour destinations for Canadian fans are Paris, Lisbon, Amsterdam, Warsaw and Vienna. 

    Fandom doesn’t come cheap, though. In this new world of post-pandemic “revenge travel” and a newfound craving to create special experiences in our lives, in terms of dollars and cents, is the Eras Tour worth it?

    The power of Swiftonomics 

    “Swiftonomics” and its effect on the economy is staggering. The Eras Tour is the highest-grossing concert tour of all time, and the first to gross USD$1 billion. Everywhere the tour touches down, the local economy gets a major boost. 

    According to the CBC, the estimated economic impact of Swift’s three shows in Vancouver is $700 million. And a study in Denver—where Swift played two shows last summer—found that the average amount an Eras Tour concert-goer spent was USD$1,327 (about CAD$1,800) on expenses such as tickets, travel, merchandise, lodging and food. That adds up to more than USD$200 million in direct consumer spending.

    Source: @teach.kids.money

    How to save money on Taylor Swift tickets and more

    Woods’ advice is to take advantage of last-minute ticket releases. To find out about these sales, follow all the legitimate local ticket sellers and promoters on social media, especially in the days leading up to the show. “Any place where you can get a cheap ‘obstructed view’ seat with last-minute releases is the best place to go,” he says. “You could easily fly to a nearby European city—for Swift’s upcoming tour dates—and take the train or a flex bus to lower costs if airfare is expensive, as it’s quick and easy to travel between European cities.” 

    For accommodations, hotels and Airbnbs will likely be pricey or even sold out. Try work-arounds: Do hotels have a waiting list in case of cancellations? Can you rent a room rather than a whole apartment, or find lodgings farther from the city centre? Alternative accommodations like hostels, B&Bs and non-hotel accommodations are possibilities as well. 

    Woods found a house-sitting opportunity in Melbourne, which meant his accommodation was free. (Score!) If you’re willing to take care of a home and possibly a pet in exchange for a free stay, start with one of the leading house-sitting networks, Nomador. If you don’t mind staying outside of a city centre, check out homestay.com, which connects independent travellers and students with host families. You could save a lot of money and experience more of the local culture. 

    Photo courtesy of Ryan Thomas Woods

    Woods also advises taking advantage of Swift-related activities, discounts and promos. In Sydney and Melbourne, he says, “your ticket to Taylor gets you free public transit.” And in Melbourne, “the Queen Victoria market had a Swift-themed night market, and one of the booths was a make-your-own-friendship bracelet.” (Swifties make these and trade them at concerts. It’s also how she met her boyfriend, Travis Kelce, who plays football for the Kansas City Chiefs.) 

    What about Eras Tour official merchandise? Concert-goers can buy everything from T-shirts and sweaters to tote bags and glow batons. Prices can vary depending on exchange rate, and due to strong demand, tour merch is usually sold the day before the shows. But many fans are also making their own outfits, and as Woods says, “It could be as simple as doing artwork with a marker on a plain T-shirt.” 

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    Natalie Taylor

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  • Grocery inflation in Canada: New report for spring 2024 – MoneySense

    Grocery inflation in Canada: New report for spring 2024 – MoneySense

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    Spring 2024 outlook on grocery food inflation for Canada

    The outlook for food and beverage manufacturers this year is more positive than last year, FCC said, though some sectors still face headwinds amid elevated interest rates and tighter household budgets. “However, population growth and stabilizing—in some cases, falling—input costs are providing optimism for margin improvement for 2024.”

    The organization’s annual food and beverage report offers up forecasts for consumer spending, as well as specific food items such as sugar and flour.

    What is Canada’s inflation on food?

    Canada’s annual inflation rate was 2.8% in February, and grocery prices were one of the main factors pushing it lower. Grocery inflation was 2.4% that month, down from 3.4% in January, as the cost of many items declined year over year. However, slowing inflation doesn’t mean prices overall are dropping. Statistics Canada noted in its latest inflation report that between February 2021 and February 2024, grocery prices rose 21.6%.

    How are Canadians dealing with rising food prices?

    As they grapple with higher prices, not just on food but on shelter and other daily costs, Canadians have been trying to cut back their spending on food and beverages, FCC said. They have been buying more items on sale, gravitating toward less expensive brands, buying more canned and frozen foods, shopping more at discount retailers and simply buying less food.

    “Many consumers say the impact of high interest rates are just beginning to affect their spending,” FCC said.

    As shoppers have become more price sensitive, FCC said processors have been responding by modifying package sizing and substituting less expensive inputs.

    Canadians have also been cutting back on alcohol, the report said. It forecasts a decline in alcohol sales and manufacturing volumes this year.

    Will food prices go down?

    The report said some food products are expected to go down in price this year, such as flour, after a sharp increase over the last couple of years. This will translate to lower bakery and tortilla manufacturing selling prices by the end of the year.

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    The Canadian Press

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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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  • How to buy the best washing machine and dryer to save money and the environment – MoneySense

    How to buy the best washing machine and dryer to save money and the environment – MoneySense

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    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. 

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    Candice Batista

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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 Canadians can save money on gas, grocery, cellphone and other home bills – MoneySense

    How Canadians can save money on gas, grocery, cellphone and other home bills – MoneySense

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    Electricity and hydro savings tip: Are the lights on?

    You already turn off the lights when you leave a room or turn down the thermostat at night, right? In addition to that, Barry Walker, residential business development manager for efficiencyns.ca, says to check lightbulb packaging for LED wattage: “For example, it may read seven watts LED and say it’s equivalent to 60 watts of an incandescent light. So you’re only using a fraction of the energy to get the same amount of light.” He says that can save you 25% of the cost of lighting on your electricity bill. 

    Other cheap and cheerful ways to save on lighting and other energy costs: Buy motion sensors, smart power bars and electrical timers. “These are small things, but they’re inexpensive and they will pay for themselves very, very quickly.”

    Electricity and hydro savings tip: Consider a heat pump

    The biggest cost on Candians’ electricity bills is home heating, and heat pumps are becoming popular among Canadians because of government incentives to help with the costs. Walker installed a heat pump 20 years ago to replace his oil and electric heating in his 60-plus-year-old home in Halifax. “I’m a good old Scotsman and I kept every bill—my total energy costs dropped 40%,” he says. “I use thermal storage for my backup, and that heat pump is paying for itself three-fold now.” 

    Water savings tip: Get efficient 

    Plus, the heat pump can help save on the second biggest cost on your electricity: hot water. “Your payback will depend largely on the volume of hot water your household uses,” Walker says. “If you’ve got teenagers taking three showers a day, then the payback on that heat pump hot water tank will be fairly quick.” If a heat pump is too big of a commitment, you can opt for a more energy efficient hot water heater (even if you rent yours), says Walker. 

    Also, use cold water detergent to wash clothes and check for leaky taps. If you pay for municipal water, where you pay based on how much you use, that could be a sinkful of money a day going down the drain, he says. 

    How to save on internet and cable bills: Renegotiate service agreements

    Renegotiate or bundle internet and cable services, and examine your home insurance and auto insurance, suggests Scorgie. Also talk about usage, too. You might be in the wrong plan, as things have changed since 2020, and you might not need as much as you did during the lockdowns. Keehn says: “That’s hundreds of dollars a year. People may say, ‘But I’m going to have to sit on hold with the phone company for hours.’ Maybe you will, but just sit on hold while you’re watching Netflix,” she suggests. (Speaking of Netflix, here are the best streaming services in Canada.)

    How to save on cell phone bills: Check your bill and cut what you don’t need

    Check your phone bill: Has a signup bonus promotion expired because you forgot to renew it, resulting in higher fees? Are you paying for directory listings you don’t use? Those charges add up, notes Keehn. Also, look into family plans and getting rid of services you don’t use, like international calls for example. Also, in your settings, check for the apps that are running in the background, which can eat up a ton of data unknowingly when you’re out and about not connected to wifi. 

    How to save on car expenses and maintenance

    We don’t need to tell you that owning a vehicle is expensive. There’s maintenance, gas and more.

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    Wendy Helfenbaum

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  • Canadians spending less on gifts (and donations) for the 2023 holiday season – MoneySense

    Canadians spending less on gifts (and donations) for the 2023 holiday season – MoneySense

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    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.”  

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    Jaclyn Law

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