Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
As spring shifts into summer, seasonal spending habits can take a toll on your savings. But one personal finance expert offers advice on how to avoid overspending this year.
“People are coming out of their houses, socializing, starting to be out in the world,” money expert Robyn Thompson told CTV’s Your Morning on Tuesday. “When they do that, often you have a ‘freshen-up’ of (your) wardrobe. You have a ‘freshen-up’ of some items in the house, and you start to spend some money on things that make you feel great.”
Thompson explained that the added pressure of social media can trap us in a cycle of spending desires that are difficult to dismiss.
“We live in an influence culture, so we start to see on our feeds everything that people are spending money on, buying, doing, all their experiences, and that could cause a bit of insecurity in our own life, psychologically,” she said.
“(Fear of missing out) is rampant in our culture. So it’s really about getting an understanding of how we’re spending money, what it looks like, and does it support our longer term goals?”
Thompson pointed out that behavioural research has shown more discomfort in consumers “shelling out hard cash” than those using other ways to pay, such as debit or credit cards.
“We live in a digital currency,” she said, explaining that this could lead to more impulsive spending that clears the way to “increased debt and reduced savings.”
Thompson suggests combatting this through maintaining further transparency with monthly expenses.
“You want to take a look at your spending,” she said. “You want to download and track your expenses. So make a column. What are your expenses you need to actually have the lights on?”
Along with assessing fixed expenses, Thompson also suggested evaluating discretionary spending: “Do those discretionary expenses actually fit in your lifestyle?”
She recommends reviewing discretionary costs for the last two months, which will lead to a “clearer idea of how to actually achieve your goals.”
To do this, Thompson suggests creating a categorized spreadsheet that can illuminate the spending habits that digital currency often casts in the dark.
“You’d be surprised of what you’ll actually find when you start to deep dive into it,” she said.
More of Thompson’s advice includes setting spending boundaries, bookmarking desired purchases for another time, and taking 15 minute grace periods to mull over big buying decisions.
“Be clear about what it is your buying for,” she said.
For more advice from Thompson, watch the video above.
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
It was evident to the federal government as early as last fall that Loblaw and Walmart might be holdouts to the grocery code of conduct, jeopardizing the project's success.
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.
A recent decision to restrict consular services for fighting-aged Ukrainian men has made a Ukrainian man in Canada feel less certain of his next steps — and worried he could be pulled back to the war.
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
The practice of giving sedatives to people detained by police has spread quietly across the U.S. over the last 15 years, built on questionable science and backed by police-aligned experts, an investigation led by The Associated Press has found.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.