ctv logo

Coming Up

Fri 24 Fab Finds Flash Sale with Alexis Honce

You are watching:

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!

Share your thoughts below


Smart Ways To Pay Off Your Mortgage Faster

No matter what stage of repayment you are at, there are ways to make speed up the process

Never Buy These Foods Unless They Are On Sale

You don't need to be an extreme couponer to save big at the grocery store

Three Products You Need To Know About That Are Made By Canadian Moms

From garage tools, to kitchen and beauty essentials, these women are about to take the business world by storm

The Best Money Advice From Successful Entrepreneurs

Our panel of experts share how they grew their empires from very humble beginnings

Monday, January 30, 2017

Coming Up

Fri 24 Fab Finds Flash Sale with Alexis Honce