Two killed after collision with truck on Hwy. 417 near Limoges, Ont.
Ontario Provincial Police say two people were killed after a car and a transport truck collided in the westbound lanes of Highway 417 near Limoges, Ont. on Tuesday afternoon.
With inflation reaching a 40-year high of 7.7%, many Canadians have been left in a state of worry. Not only about the rising prices of consumer goods, but whether or not they should continue to save money.
It’s a stressful time right now, financially, for many people. The stock market has been tanking, and real estate looks like it might finally start falling due to high interest rates. On top of that, inflation has been running rampant and everything is more expensive.
I had a friend ask me this recently: “What’s the point of saving money right now since my money will be worth almost 8% less in a year?”
Well, there’s a lot to unpack here. It’s not such a simple question, and it depends greatly on your circumstances. Let’s take a closer look.
Situation One: If you are in debt
Situation Two: If you have no savings
Situation Three: If you are planning to purchase something in the near future
Situation Four: Deciding between investing and saving
If you believe in the stock markets or whatever you are investing in, and think the markets will turn around and rise again, then you should consider investing. However, it might be better to save if you’re unsure of what to do or are hesitant to invest during these uncertain times. It depends on yourself and your risk tolerance. You might want to consider getting a financial assessment done by a professional, or there are several free online ones available.
I’m in situation four. I have plenty of emergency savings and investments. I have excess cash every month. I am choosing to invest in the stock market. I have a higher risk tolerance and am confident that the markets will turn around in the long term.
Though it’s not wrong to want to save money in a savings account, which I have considered. A savings account is still a good idea for a couple of reasons:
Some pro tips for saving money in Canada:
In summary, I don’t think right now is the wrong time to be saving money for anyone. Unless inflation gets significantly worse and raising interest rates doesn’t fix it, I would say to continue saving.
Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers on his Wealth Awesome website.
Ontario Provincial Police say two people were killed after a car and a transport truck collided in the westbound lanes of Highway 417 near Limoges, Ont. on Tuesday afternoon.
High waters flooded neighborhoods around Houston on Saturday following heavy rains that have already resulted in crews rescuing hundreds of people from homes, rooftops and roads engulfed in murky water.
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Electric scooters (e-scooters) have been gaining popularity in the capital and this season comes with some changes and updates.
Crucial witnesses took the stand in the second week of testimony in Donald Trump's hush money trial, including a California lawyer who negotiated deals at the center of the case and a longtime adviser to the former president.
A Chinese truck driver was praised in local media Saturday for parking his vehicle across a highway and preventing more cars from tumbling down a slope after a section of the road in the country's mountainous south collapsed and killed at least 48 people.
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
York Regional Police say they are continuing to search for a suspect in an auto theft investigation who was captured on video running over a police officer in Toronto last month.
Montreal's Felix Auger-Aliassime has advanced to his first ATP Masters final, and he hasn't had to play all that much tennis to do it.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Three men in Quebec from the same family have fathered more than 600 children.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.