How Do You Stack Up Against The Average Canadian's Spending Habits?
1. How much does the average Canadian spend on clothing? $3,500 per year
If your closet is getting a little too much love, you can follow a few of Kelley's tips to get back on the straight and narrow.
Make a list of 30 things:Of these 30 items, 10 should be free, 10 should be less than $10, and 10 are less than $20. These are to be items that would bring you joy that you can choose from when you feel you really need to go shopping.
One-week shopping detox: Go one full week without buying anything – just one week to see what’s really a need, rather than a want ,and then make a list at the end
Take a 30-minute time out: If you finds yourself at the store, for the next 30 days, you should take at least a 30 minute break before making a purchase to make sure it's a good decision.
2. How much does the average Canadian spend on shelter? $17,100 per year
What do you need to keep in mind when planning your rent or mortgage budget?
Create an emergency fund: Everyone should have an emergency fund for unexpected urgencies that may come up. The recommended amount is 6 months of your salary, held in a separate account.
Talk to a professional: Consider talking to a Certified Financial Planner who can help you create a budget that still allows for fun, but also takes adult responsibilites into consideration. A professional will help you review all of your debts, know your balances, and make sure your interest rates are realistic
3. How much does the average Canadian spend on recreation? $3,800 per year
If you're having a little too much fun, and want to reel it in, try this advice from Kelley:
Kelley’s 30 day anti-budget! Track every dollar you're spending and see where you can trim the fat (like a rarely-used gym membership, for instance).
4. How much does the average Canadian spend on food? $8,100 per year
If you need to reel in your grocery and restaurant bills, try these tricks
Create Your Own Cookbook: Make a proactive list of recipes that you love, store them on your phone and buy a month’s worth of staples in bulk so you always have the ingredients on hand.
Host A Rotating Dinner Night With Friends: Consider “going out” to each other’s homes, rather than restaurants. Make pricey cocktails yourself, and master some new recipes. Choosing a theme for the night is an easy way to make things more interesting. Each week, or month, a different friend hosts the party and saves you on the food bill!