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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.
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
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