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New year, new spending habits
– moneysense.ca
Money-wise, it’s been a challenging year for Canadians but the new year is also a chance to build better strategies around how you spend money. Steer clear of these three common pitfalls for financial success in 2023.
Money mistake #1: Not paying off debt quickly
If you’re in the red, you’re not alone. In 2022, Canada’s mortgage load experienced the biggest year-to-year jump in more than a decade, and everyone is feeling the pinch as inflation raises the price of everything from groceries to holiday gifts. Budgets are tight, which makes paying off bills trickier.
Not all debt is created equal. Some debts, like a low-interest line of credit or a student loan with an interest-free grace period, might not be as pressing as those with higher interest rates. Overall, though, debt reduction is always a good strategy. That’s because, of course, over time the interest owing on a loan will really add up. In fact, an estimated 41% of Canadians carry a growing credit card balance every month…
Peak Money
If you’re looking for a quick read that of offers advice and tips about saving, earning and investing, consider signing up for Peak Money. The twice-weekly newsletter is delivered on Tuesdays and Thursdays at noon, so you know when to keep an eye on your inbox. Each edition opens with a summary of what you’ll find inside, as well as an estimated reading time—a handy feature considering time is money! What can you expect from this newsletter? A “Big Story” section covering the most significant issues in finance, “Quick Wins” with suggestions on how to earn, save and invest better, a look at how much you need to buy Canadian real estate, and much more…
