2022’s year in Review: The financial highs, lows and what’s in store for 2023 + MORE Dec 22nd

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The best TD credit cards in Canada
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The best TD credit cards in Canada 2022

By Keph Senett and Courtney Reilly-Larke on  December 21, 2022

Formed through a merger between financial giants Bank of Toronto and The Dominion Bank in 1955, TD is one of Canada’s big five banks. It offers a wide array of financial services including an impressive portfolio of more than two dozen credit cards. We’ve broken down the TD credit cards into five categories so that whether you’re looking for cash back, flexible travel points, a co-branded travel card, no-fee cash back, or low interest, you’ve got the inside information to make your choice…

Investors started 2022 celebrating the record highs of 2021. The S&P 500, Dow Jones and NASDAQ were all up double digits. The S&P 500 achieved the greatest gains in 2021, ending the year up nearly 27%. The feeling was “onward and upward”—then macro issues took over and that changed everything. Inflation, interest rates and economic policy are the big-ticket items of 2022—a year that took investors on yet another wild ride, catching new investors, in particular, off guard. Before we look forward to 2023, let’s look back at this year.

What happened in 2022 to affect our finances

Let’s break down the highs and lows of 2022.

1. War

In late February, when Russia invaded Ukraine, inflation—which had been almost non-existent for decades—was already on the rise, thanks to COVID. Disrupted supply chains and nearly full employment were pushing up food prices and wages. Russia’s invasion of Ukraine led to a spike in oil prices, taking inflation to levels higher than it likely would have hit, if there were no war…

“But you’re getting married! You have to!” That empty statement is on the other end of everything from wedding cakes to bachelorette parties, lace veils, engagement photo shoots and selfie stations. It seems that from the very minute you are betrothed, everyone and their mother (perhaps especially your mother) has opinions about what you should do at your wedding. The notion that couples will only have their big day once is also used to justify tossing their financial goals out the window, and the results aren’t very romantic.
According to a survey from BMO Financial Group, Canadian couples dip into their savings and investments to front more than half (60%) of their wedding costs. For most North American couples, it is almost accepted that getting married is going to end in a sizeable debt and some serious financial stress. Does that have to be the case?
Say it with us now: It is not worth it. No wedding is worth stress breakouts, zero sex drive, fighting with your partner, or going into debt over…