Saving money becomes more of a challenge as summer starts to creep up on us. The days are getting longer, the weather is getting warmer, and the need to spend money is getting stronger.
With the average Canadian already spending $1.65 for every $1.00 of their income, it’s time we tighten our belts (our budget belts that is).
Debit Credit Transactions
Moneris Solutions, one of North America’s largest processors of debit and credit payments, released a report on consumer spending. According to the report, credit and debit purchases in the third quarter of 2016 had an overall increase of 4.77% compared to 2015.
Interesting enough, contactless transactions for 2016 increased by 85.11% and contactless spending for 2016 increased by 145.06% compared to the third quarter in 2015. A Contactless transaction is made by waving your debit or credit card over a payment terminal. This can also be done by using your phone.
Canadians Saving Money
According to a BMO summer spending report for 2016, about one third of Canadians spend more than they expect during the summer. Another third of Canadians have a hard time getting themselves financially organized once the summer is over. And, half of Canadians end up paying off less debt than anticipated over the summer.
Looking back at the spending patterns of summer 2016, you should start saving money right away. After researching many financial advice articles, we have created a list of the 3 most impactful tips to get your finances back on track.
1. The number one financial advice tip that all the critics rave about is to create a budget. This has been repeated many times over, so that must mean there is some truth to this tip. Its understandable a few individuals prefer to live life in the moment. Unfortunately, the very process of saving money, is something that is planned. Write out your income, then write out your expenses, and then do the math.
2. Planning to go away on a summer trip? Maybe consider somewhere local. With the Canadian dollar valued at $0.74 USD, you will definitely get a better value by traveling with in Canada. Also, consider booking your trips in advance. The chances of getting a deal or a discount by booking your accommodations early is significantly higher.
3. Leave your credit cards at home. The debt that is accumulated with credit is considered to be bad debt. Instead of making unnecessary interest payments, work on paying off what your already owe. By sticking with cash, not only can you keep better track of how much you have spent, but you also limit the amount you can spend.
Financial Help is Here
Summer is almost here, so make this season more enjoyable by having more control over your finances. The path to financial success starts with awareness.
We are Licensed Insolvency Trustees that have extensive experience in addressing financial issues and challenges such as those noted above as well as all the questions you may have, including managing credit.
Feel free to email us at email@example.com, call us at 416 736 4357 (HELP), or fill out the contact form on this website, to book a free, no-obligation consultation with one of our debt solutions experts.
Make an appointment today, and we will provide some solutions specifically tailored to your situation. We look forward to assisting you.